Speak up! Yi Huiman delivered a speech to increase the proportion of direct financing! Six key tasks
Yi Huiman delivered a speech to increase the proportion of direct financing!
Six key tasks
The "Guide Book" of the "Proposals of the Central Committee of the Communist Party of China on Formulating the Fourteenth Five-Year Plan for National Economic and Social Development and the Long-Term Goals for 2035" was published recently. The book published the title of "Improving Signed article of "Proportion of Direct Financing".
Yi Huiman pointed out in the article that during the "14th Five-Year Plan" period, to increase the proportion of direct financing, it is necessary to implement the new development concept, center on creating a standardized, transparent, open, dynamic and resilient capital market, and strengthen the function of the capital market. Direct financing channels, promote the coordinated development of investment and financing, and strive to increase the inclusiveness and coverage of direct financing.
Six key tasks to increase the proportion of direct financing
Fully implement the registration system for stock issuance and broaden the entrance of direct financing
Improve the multi-level capital market system with Chinese characteristics and enhance the inclusiveness of direct financing
Promote listed companies to improve their quality and consolidate the cornerstone of direct financing development
Deepen the innovation and development of the bond market and enrich direct financing tools
Speed up the development of private equity funds and highlight the strategic role of innovative capital
Vigorously promote the entry of long-term funds into the market, and abundant direct financing sources
Development of direct financing is an important mission of the capital market
Yi Huiman pointed out that the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China proposed to fully implement the registration system for stock issuance, establish a normal delisting mechanism, and increase the proportion of direct financing.
This is the strategic goal and key task for the capital market to achieve high-quality development during the "14th Five-Year Plan" period.
He said that developing direct financing is an important mission of the capital market.
In recent years, the reform and development of my country's capital market has accelerated significantly. The establishment of the Science and Technology Innovation Board and the pilot registration system have been successfully implemented. A number of major reforms such as the Growth Enterprise Market and the New Third Board have been launched. The opening up continues to deepen and direct financing has shown a positive trend of accelerated development.
Statistics show that as of the end of September 2020, my country's direct financing stock reached 79.8 trillion yuan, accounting for about 29% of the stock of social financing.
Among them, during the "13th Five-Year Plan" period, new direct financing was 38.9 trillion yuan, accounting for 32% of the increase in social financing over the same period.
The article pointed out that increasing the proportion of direct financing is an urgent requirement for the service innovation-driven development strategy, a key measure to improve the market-oriented allocation of factors, a due meaning to deepening the structural reform of the financial supply side, and building a higher-level open economy. An important way of the system.
The "14th Five-Year Plan" period is the first five years that my country has embarked on a new journey of comprehensively building a modern socialist country.
Increasing the proportion of direct financing is of great significance for deepening the structural reform of the financial supply side, accelerating the construction of a new development pattern, and achieving higher-quality, more efficient, fairer, more sustainable and safer development.
Determine the six key tasks of developing direct financing
Yi Huiman pointed out that during the "14th Five-Year Plan" period, to increase the proportion of direct financing, we must implement new development concepts, center on creating a standardized, transparent, open, dynamic and resilient capital market, and strengthen the function of the capital market to unblock direct financing channels. , Promote the coordinated development of investment and financing, and strive to increase the inclusiveness and coverage of direct financing.
He specifically proposed six key tasks:
1. Fully implement the registration system for stock issuance and broaden the entrance of direct financing
Adhere to respect for the basic connotation of the registration system, learn from international best practices, reflect Chinese characteristics and development stage characteristics, summarize the experience of the pilot registration system on the Sci-tech Innovation Board and ChiNext in a timely manner, and steadily implement a registration system centered on information disclosure in the entire market.
At the same time, comprehensively promote the reform of basic systems such as issuance, listing, and continuous supervision of transactions, and urge all parties to return to their positions to make the market pricing mechanism more effective, truly give the choice to the market, and support more high-quality enterprises to develop financing in the capital market.
2. Improving the multi-level capital market system with Chinese characteristics and enhancing the inclusiveness of direct financing
Scientifically grasp the positioning of the capital market at all levels, improve the differentiated institutional arrangements, smooth the transfer mechanism, and form a market system of misplaced development, complementary functions, and organic connections.
Effectively run the science and technology innovation board and continue to promote key system innovation; highlight the characteristics of the growth enterprise board to better serve the development of growing innovative entrepreneurial enterprises; promote the reform of the main board (small and medium board); deepen the reform of the new three board to improve the ability to serve small and medium-sized enterprises; steadily develop the region Pilot equity market system and business innovation, standardize the development of over-the-counter markets; actively and steadily develop financial derivatives markets, improve risk management mechanisms, expand market depth, and enhance development resilience.
3. Promote listed companies to improve their quality and consolidate the cornerstone of direct financing development
Continue to optimize refinancing, mergers and acquisitions, equity incentives and other mechanism arrangements to support listed companies in accelerating their transformation and upgrading, becoming better and stronger; further improving the delisting system, smoothing multiple exit channels, establishing a normalized delisting mechanism, and strengthening the survival of the fittest; promoting listed companies Reform and improve corporate governance, improve the transparency of information disclosure, better play the exemplary role of innovation leaders and industry leaders, and lead more companies to use direct financing to achieve high-quality development.
4. Promote the innovative development of the bond market and enrich direct financing tools
Improve the bond issuance registration system, deepen the interconnection of the exchange and inter-bank bond market infrastructure, and further support banks to participate in the exchange bond market; intensify the innovation of asset securitization products, and expand the pilot scope of publicly offered real estate investment trust funds in the infrastructure sector, Form a demonstration effect as soon as possible; expand the coverage of intellectual property securitization, and promote the accelerated transformation of scientific and technological achievements.
5. Speed up the development of private equity funds and highlight the strategic role of innovative capital
Further intensify support, actively broaden the sources of funds, unblock all aspects of fundraising, investment, management, and withdrawal, and encourage private equity funds to invest in small, early, and technology; and introduce interim regulations on the management of private equity funds to guide them to continuously improve their specialization Operational level and awareness of compliance operations; accelerate the establishment of a private equity risk handling mechanism with inter-ministerial linkage and central-local collaboration, and effectively solve the outstanding problems of "false private equity, similar private equity, and random private equity", and promote the healthy development of the industry.
6. Vigorously promote the entry of long-term funds into the market, and abundant direct financing sources
Accelerate the construction of a market environment where long-term funds are "willing to come and be retained", strengthen professional asset management institutions, vigorously develop equity fund products, and continue to promote various medium and long-term funds to actively allocate capital markets; increase policy tilt and guidance, Steadily increase long-term performance-oriented institutional investors and return to the important concept of value investment; encourage outstanding foreign securities and fund institutions to do business in China to promote healthy competition in the industry.
Increasing the proportion of direct financing is a systematic project
Yi Huiman pointed out that increasing the proportion of direct financing is a systematic project. It is necessary to strengthen overall planning from the perspective of the economic and financial situation, and effectively bring into play the joint efforts of market entities, regulatory agencies, macro management departments, and news media.
One is to promote the coordinated development of direct financing and indirect financing.
It is necessary to improve the market-based interest rate formation and transmission mechanism, improve the effectiveness of financial asset pricing, and increase the attractiveness of direct financing.
The second is to further improve the direct financing supporting system.
Strengthen the top-level design and improve basic systems and key policies such as accounting, auditing, fiscal and taxation that are conducive to expanding direct financing and encouraging long-term investment.
Promote the high-level opening of the market, broaden the channels for foreign investors to enter the stock and bond markets, and enhance the convenience of foreign investment.
Improve the statistical system, build a hierarchical, classified, and scalable direct financing statistical indicator system to better reflect the true composition and development trend of social financing.
The third is to build a good market ecology that is conducive to increasing the proportion of direct financing.
Adhere to the market-oriented rule of law, implement the "zero tolerance" requirement, improve the three-dimensional and organic system of administrative law enforcement, civil recovery, and criminal punishment that connect and support each other, increase investor protection, enhance investor confidence, and promote a virtuous market cycle .