(Economic Observation) China's capital market and the world are "dancing", where are the new steps?
China News Service, Beijing, September 7 (Reporter Xia Bin) "Opening up and cooperation is an inevitable trend for the integration and development of global capital markets." Said in his speech.
In the past few decades, China has actively promoted reform and opening up. The financial sector has gradually integrated with the outside world and moved on to the international stage. Nowadays, the capital markets of various countries are by no means an island. Companies, financial institutions, and investors are all integrated into the process of internationalization, and they can be said to share weal and woe and interdependence.
From Yi Huiman's point of view, the capital markets of countries and regions learn from each other and merge with each other, and they have become an inseparable and interdependent whole.
China's capital market will continue to "dance" with the world. Where will the new pace take?
The future direction can be seen from Yi Huiman's speech.
One is firm and open.
Yi Huiman revealed that the China Securities Regulatory Commission is studying and launching relevant measures to further expand opening up in accordance with the country's new round of unified deployment of high-level opening up.
Specific directions include continuing to broaden the scope of the Shanghai-Shenzhen-Hong Kong Stock Connect, expanding and optimizing the Shanghai-London Stock Connect system, expanding the supply of internationalized commodities and financial futures, and promoting the establishment of qualification certification mechanisms for overseas practitioners, etc., and participating in Chinese capital for overseas institutions and investors. The market provides more fair, efficient and convenient services.
"These measures will add impetus to China's steady advancement of the two-way opening of the capital market." Zhao Xijun, co-director of the China Capital Market Research Institute of Renmin University of China, said that at present, China's cross-border two-way investment is becoming more active.
He pointed out that on the one hand, foreign investment continues to flow into the Chinese market, and foreign investors continue to allocate RMB assets. In 2020, the net inflow of foreign investment in Chinese securities will reach US$254.7 billion, a record high; on the other hand, domestic investors are actively deploying overseas In the market, China’s foreign securities investment in 2020 will reach US$167.3 billion.
The China Securities Regulatory Commission has previously released restrictions on the foreign shareholding ratio of securities, funds, and futures operating institutions one year in advance. Foreign institutions have achieved national treatment in terms of business scope and regulatory requirements. Currently, there are JP Morgan Chase, UBS Securities, Goldman Sachs Gao Hua, Fu 11 foreign-controlled or wholly-owned securities, funds, and futures companies have been approved one after another.
Zhao Xijun further stated that in the next stage, it is necessary to improve the system and rules of financial opening to achieve institutional and systematic opening, accelerate the integration of relevant systems with international standards, continue to improve supporting systems such as financial accounting and supervision, and strengthen the unified rules of top-level design, especially to promote The capital market system will open to the outside world, coordinate development and security, steadily introduce policies and measures to further expand the opening up of the capital market, and actively strengthen the construction of regulatory capabilities under open conditions.
The second is to strengthen cooperation.
At present, the global epidemic is not fully controlled, and the special policies introduced by the epidemic are also facing the risk of exit. In this context, regulatory agencies in various countries and regions should abandon the zero-sum game thinking and work together to face common challenges.
Yi Huiman bluntly stated that we will adhere to the principles of mutual respect, effective communication, mutual benefit and win-win results, and carry out pragmatic cooperation with relevant parties in areas such as China concept stock supervision, cross-border audit supervision, and law enforcement cooperation, so as to strive for greater progress and proactiveness. Results.
In recent years, the China Securities Regulatory Commission has established a multilateral and bilateral supervision cooperation mechanism with overseas securities regulatory agencies, and has actively carried out securities supervision and law enforcement cooperation to jointly crack down on cross-border securities illegal and criminal activities, protect the legitimate rights and interests of investors, and maintain market fairness.
At present, the China Securities Regulatory Commission has signed a number of bilateral regulatory cooperation memorandums of understanding with securities regulatory agencies in more than 60 countries or regions.
Tian Lihui, Dean of the Institute of Financial Development of Nankai University, said that the China Securities Regulatory Commission has always emphasized that cross-border regulatory cooperation is based on mutual respect and mutual benefit.
Capital market supervision needs to be open, fair and just. Regulatory agencies in all countries and regions should work together to promote the high-level opening of financial markets.
(over)