Our reporter Zhu Huichun
China's economy is thriving, with GDP exceeding 114 trillion yuan in 2021, a year-on-year increase of 8.1%, and per capita GDP exceeding 12,000 US dollars.
On the basis of such an excellent economic background, the scale of equity and debt financing in the capital market in 2021 will reach a record high, achieving a good start to the "14th Five-Year Plan".
The latest data shows that in 2021, 481 companies in Shanghai and Shenzhen will be listed for the first time, a year-on-year increase of 22%; among them, a total of 361 companies will be listed on the Science and Technology Innovation Board and ChiNext, more than 70% of the total market volume, and factor resources will accelerate to technology. Agglomeration of innovation fields.
546 listed companies completed refinancing, with a combined IPO and refinancing scale of 1.5 trillion yuan.
The management scale of public funds exceeded 25 trillion yuan, of which equity funds reached 8.9 trillion yuan, a year-on-year increase of 26% and 31% respectively.
The scale of private securities funds reached 6.1 trillion yuan, a year-on-year increase of 62%.
The annual average daily trading volume of A shares exceeded 1 trillion yuan, a year-on-year increase of 25%; the Shanghai Composite Index fluctuated by 12% during the year, and the volatility was the lowest in history. The total amount of equity and debt financing achieved throughout the year exceeded 10 trillion yuan, and the scale of equity and debt financing reached a record high. A record high, serving the real economy to achieve both quality and quality improvement.
From the perspective of the global market, my country's stock market market value ranks second in the world. The size of the A-share market is getting closer to my country's total GDP, showing increasing resilience and anti-risk capabilities. It is increasingly attractive to international investors. Steady inflow, the net inflow of foreign capital into the A-share market for the year was 384.6 billion yuan, the highest level in the past five years.
The development of my country's capital market has increasingly matched my country's status as the world's second largest economy.
Promote the stable and healthy development of the market
At present, the internal and external environment is becoming more complex and severe, but my country's economy has remained stable and sound in the long run. The capital market is undergoing more positive structural changes, and the market has a solid foundation for stable and healthy development.
In 2021, the market is deeply impressed. The capital market is completing further marketization, legalization, internationalization, and reforms that are more in line with the requirements of the registration system. The construction of the basic system has handed over a bright transcript.
For example, the establishment of the Beijing Stock Exchange has taken important steps to create a main position for serving innovative small and medium-sized enterprises; positive results have been achieved in improving the quality of listed companies, high-risk companies have continued to decline, and the normalized delisting mechanism has accelerated; "Opinions on Strictly Crackdown on Illegal Activities in Securities in accordance with the Law", the special representative litigation system for securities disputes has been implemented, and the first "Kangmei case" was awarded 2.459 billion yuan in compensation to investors. Major breakthroughs have been achieved in other aspects, enhancing the sense of gain for the majority of investors.
The development and growth of the capital market has its own laws, and it will inevitably go through a process of progress and continuous evolution in exploration.
The China Securities Regulatory Commission proposed that in the practice of reform and development supervision, it is necessary to deepen the understanding of the regularity of the work of the capital market; adhere to political leadership and further strengthen the party's overall leadership over the capital market; follow the laws of economic and financial development, and adhere to the idea of reform. To solve development problems, stabilize market expectations, activate market development momentum and endogenous stability mechanisms, it not only reflects the general development law of mature markets, but also conforms to the characteristics of China’s national conditions and development stages, and unswervingly follows the path of capital market development with Chinese characteristics. Good "four overall plans" to achieve high-quality development in a comprehensive balance.
Coordinate "stable" and "progress".
"Stable" is the foundation and the overall situation, and "progress" is the goal and direction.
The China Securities Regulatory Commission proposed that in this year's capital market work, efforts should be made to achieve "three stability and three advancements".
The "three stability" refers to highlighting the stability of the market, the stability of policies, and the stability of expectations.
"Three Advances" means that "progress" should be reflected in reform, opening up and serving the high-quality development of the real economy, so as to promote stability and improve stability.
Coordinate development and safety.
Unbalanced and insufficient development is still the main contradiction in my country's capital market.
The current and future period is still a period of high incidence of financial risks. In the process of opening up to the outside world, it is necessary to simultaneously strengthen the building of supervision capacity, and always achieve "openness, clarity, and control."
Coordinate current and long-term.
Taking the implementation of the "14th Five-Year Plan" and the outline of the long-term goals for 2035 as an opportunity, we should strengthen the research and thinking on major strategic and fundamental theoretical and practical issues in the capital market, and do more work that lays the foundation and benefits the long-term.
Coordinate the big picture and the details.
Adhere to the overall situation, from the details.
In 2022, we must adhere to the stability of the word and earnestly maintain the stable operation of the market.
Strengthen macro research and judgment.
Continue to strengthen the joint supervision of the futures and spot markets, and effectively maintain the smooth operation of the futures market.
Vigorously promote the overall balance of investment and financing.
We will promptly introduce measures for the supervision of public fund managers, steadily expand the supply of equity funds, and promote the entry of various medium and long-term funds into the capital market.
Promote the implementation of the policy of personal pension investment in public funds as soon as possible.
Do a good job of the main board reform as the top priority
The Central Economic Work Conference clearly stated that it is necessary to do a good job in the pilot program of the comprehensive reform of the market-based allocation of factors, and fully implement the stock issuance registration system.
The full implementation of the registration-based system reform will involve a wider range of issues and be more difficult. The reform will have many "hard bones" to grapple with. We must use the courage and determination to overcome difficulties to carry out the major reforms deployed by the central government well and stably.
The China Securities Regulatory Commission emphasized that the full implementation of the stock issuance registration system should be the main line to further promote the reform of the capital market.
The registration system reform has "four key points": unifying the registration system arrangement and implementing it in the whole market, coordinating and improving the multi-level market system, promoting the reform of the basic system, and improving the construction of the CSRC system itself.
Focus on the top priority of the main board reform, and integrate the power of the whole system to implement the reform.
Implement the entire chain of issuance and listing regulatory requirements, urge issuers, market players and other relevant parties to fully adapt to the requirements of the registration system, and promote the formation of a good market ecology that is conducive to the full implementation of the registration system.
Further improve the registration-based arrangement centered on information disclosure.
Based on the current rules of the pilot registration system, we will integrate and formulate unified IPO registration management measures and other rules and regulations, and accelerate the formation of a scientific and complete registration system.
After the reform of the registration system, the number of companies will continue to increase, the ecology and environment of the capital market will undergo profound changes, and the company's business format and governance model will become more complex, which puts forward new and higher requirements for the accuracy, pertinence and timeliness of company supervision.
In 2022, under the background of the registration system reform, we will focus on synergy and synergy, and focus on realizing regulatory transformation in four aspects: company regulation, institutional regulation, inspection and punishment, and technology regulation.
It is necessary to improve the three-dimensional anti-corruption risk prevention mechanism for issuance and listing, and increase supervision and discipline accountability.
At the same time, strengthen the construction of scientific and technological supervision, and improve the level of digital and intelligent supervision.
"Three more prominent" services grow steadily
In 2022, China's economy will adhere to the principle of "maintaining stability and seeking progress while maintaining stability".
The China Securities Regulatory Commission stated that in 2022, stable growth and risk prevention should be placed in a prominent position, and the reform and opening-up will continue to be deepened in an all-round way.
To highlight "steady growth" and continuously improve the ability to serve the high-quality development of the economy, we must focus more on identifying the positioning and strength of the capital market, study and introduce more policies and measures that are conducive to stabilizing growth and stabilizing expectations, serve major national strategies, and help Realize a virtuous circle of economic stability and financial stability; more emphasis is placed on the functioning of the market, and the steady improvement of quantity and continuous optimization of quality shall be promoted in a coordinated manner; more emphasis shall be placed on improving the quality of listed companies and play the role of the "barometer" of the capital market.
Steady growth in services will stabilize foreign investment confidence and market expectations, and help prevent the risk of large inflows and outflows of foreign capital.
The China Securities Regulatory Commission emphasized that it is necessary to firmly open to the outside world and deepen the interconnection of domestic and foreign markets.
Actively and prudently deal with the risks of China concept stocks.
Continue to firmly and orderly support eligible enterprises to list overseas in accordance with laws and regulations.
In terms of risk prevention, it is necessary to guide the standardized development of capital, and emphasize that industry supervision and securities supervision should form a joint force; do a good job in risk prevention and resolution in key areas, including bond defaults, private equity funds, and regulatory vacuums.
Emphasis is placed on supporting the reasonable financing needs of real estate enterprises and promoting a virtuous circle of real estate and finance.
We will steadily resolve the risk of bond default, and improve the market-based and legal-based bond default disposal mechanism.
Steadily promote the classification and rectification of private equity fund risks.
Carry out in-depth rectification of "pseudo private equity" and "pseudo gold exchanges", strengthen division of labor and cooperation, and eliminate the regulatory vacuum.
At the same time, continue to strengthen the supply of the rule of law in the capital market, and further promote the improvement of the basic rule of law construction.
Promote the introduction of futures and derivatives laws.
Cooperate with the revision of the Company Law and the Bankruptcy Law, solidly promote the formulation of administrative regulations such as regulations on the supervision of listed companies, effectively strengthen the joint efforts to crack down on illegal and criminal activities in securities, and continuously improve the investor rights protection system.
Currently, it is an important window period for comprehensively deepening the reform of the capital market.
This is a fundamental, in-depth and long-term reform battle, which will lay a solid foundation for the long-term and healthy development of my country's capital market and accumulate strength. It will help improve the matching degree between the financial structure and the economic structure, and strongly support the high-quality development of China's economy. .