Coordinate, stabilize growth, prevent risks, and maintain the stable operation of the capital market (authoritative interview)

　　Finance is the core of the modern economy, and the capital market plays an important role in the financial operation.

Since the beginning of this year, the stable operation of my country's capital market has faced new challenges. How to view the current development situation of my country's capital market, and how to maintain the stable operation of the capital market in the next stage?

The reporter interviewed Wang Jianjun, vice chairman of the China Securities Regulatory Commission.

　　Focus on stabilizing expectations, stabilizing market players, stabilizing capital, and stabilizing market behavior, and continue to consolidate the foundation for the stable operation of the market

　　Reporter: What considerations does the CSRC have in maintaining the smooth operation of the capital market?

　　Wang Jianjun: Since the beginning of this year, the A-share market has experienced relatively large fluctuations, mainly due to the influence of various internal and external factors such as the Ukraine crisis and the new crown pneumonia epidemic.

In general, the impact of various risk factors on the A-share market is objective, but the impact is controllable, and there is a solid foundation for the stable operation of the market.

　　From a fundamental point of view, since the beginning of this year, my country's economic operation has achieved a stable start on the whole, and the fundamentals of stability and long-term improvement have not changed.

From a policy perspective, the policy effect of "stabilizing growth" is accelerating, which is conducive to stabilizing the expectations of all parties.

From the perspective of the capital market itself, the performance of listed companies has grown steadily. In recent years, the comprehensive deepening of the reform of the capital market has continued to advance, the market ecology has improved, and the market vitality has increased.

At present, the scale of leveraged funds in the market is limited and the risks are controllable. The public funds are generally subscribed on a net basis, and there is no centralized redemption.

We firmly believe that short-term market volatility will not change the long-term positive trend of my country's capital market.

Investment in the capital market should adhere to value investment and long-term investment, and should focus on the quality of life.

　　In the next step, the CSRC will adhere to the policy of "system building, non-intervention, and zero tolerance", focus on stabilizing expectations, stabilizing market entities, stabilizing funds, and stabilizing market behavior, and continue to consolidate the foundation for the stable operation of the market.

　　The first is to insist on promoting development and stability through reform.

Steadily promote the reform of the registration system for stock issuance, strictly control market access, support eligible platform companies to list domestically or overseas, accelerate the launch of the market maker system on the Science and Technology Innovation Board, expand the scope of pilot projects for infrastructure public offering REITs, and study the launch of Beijing Jiaotong University. Indexed and hybrid trading systems.

　　The second is to give full play to the role of the internal stability mechanism of the market.

Together with the State-owned Assets Supervision and Administration Commission, the All-China Federation of Industry and Commerce and other departments, we encourage listed companies to repurchase, increase their holdings by major shareholders, increase dividends, and support listed companies to resume work and production.

At the same time, promote the exchange bond market to support the reasonable financing needs of enterprises, and encourage public funds and securities companies to subscribe for their asset management products with their own funds.

　　The third is to actively introduce medium and long-term funds.

Promote social security, insurance, bank wealth management and other institutions to increase the proportion of equity investment, and accelerate the implementation of the relevant system for personal pension investment in public funds.

　　The fourth is to maintain the stable operation of the futures market.

We will work closely with relevant ministries and commissions to strengthen the joint supervision of futures and spot goods, enrich and improve futures varieties, give full play to the role of futures market price discovery and risk management, and serve the work of ensuring supply and stabilizing prices.

　　Fifth, strengthen communication and collaboration across ministries and commissions.

Regarding policies that may have a significant impact on the capital market, the China Securities Regulatory Commission will strengthen communication and coordination across ministries and commissions, cooperate with them to do a good job in argumentation and evaluation, and strive for policy coordination.

　　The sixth is to improve the bottom line plan.

Formulate work plans to prevent and resolve risks in key areas of the capital market, and maintain the bottom line of no systemic risks.

　　Continue to promote the high-level opening of the capital market, and take multiple measures to help the development of listed companies

　　Reporter: How is the foreign investment in and out of the capital market recently?

How to further promote the high-level opening of the capital market?

　　Wang Jianjun: Judging from the trading situation of Shanghai and Shenzhen Stock Connect this year, there was a net inflow of foreign capital in January and February, a net outflow in March, and a net inflow in April.

Judging from historical experience, it is normal for foreign capital to flow in and out, and there has been no fundamental change in foreign capital flows and transactions recently.

From a structural point of view, allocation-type and long-term funds have maintained a net inflow this year.

This shows that foreign investors are optimistic about the long-term investment value of A-shares, and it also reflects foreign investors' confidence in the long-term improvement of China's economy.

In general, my country's capital market has opened up in a safe and orderly manner, with controllable risks.

　　In the next step, the CSRC will launch more practical measures to expand the opening of the capital market.

The first is to optimize and expand the interconnection of domestic and overseas capital markets, broaden the scope of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, expand and optimize the Shanghai-London Stock Connect mechanism, and promote the issuance and listing of interconnected depositary receipts by listed companies.

The second is to promote the implementation of new regulations on the supervision of overseas listing of enterprises, and support all kinds of qualified enterprises to list overseas in Hong Kong, the United States, Europe and other places.

We also welcome qualified overseas companies to list on A-shares.

The third is to enrich the product supply of cross-border investment and risk management, promote the implementation of the system for foreign institutional investors to participate in the exchange bond market, and steadily expand the international varieties of commodities and financial futures.

The fourth is to strengthen the building of regulatory capacity under the conditions of opening up, deepen cooperation with overseas regulatory authorities, strengthen communication with international investors, and build a good and predictable international environment for the high-level opening of my country's capital market.

　　Reporter: How is the production and operation of listed companies this year?

How will the CSRC support the development of listed companies in the next step?

　　Wang Jianjun: Listed companies generally maintain a momentum of stable development.

From the first quarterly report of this year, the listed company achieved operating income of 16.6 trillion yuan, a year-on-year increase of 11.2%; net profit of 1.4 trillion yuan, a year-on-year increase of 5.1%.

Among them, the net profit growth rate of entity listed companies exceeded 10%, and R&D investment increased by 14.8% year-on-year.

　　In recent days, the complexity, severity and uncertainty of my country's economic development environment have increased, affected by the triple pressure of demand contraction, supply shock, and weakened expectations. In addition, the spread of the epidemic has affected the production and operation of some listed companies. The company's costs have risen, and the operating difficulties of privately held and small and medium-sized listed companies have increased significantly.

Recently, the central government has made a series of important deployments to stabilize market players, ensure smooth logistics, and promote the stability of industrial and supply chains. Listed companies are resuming work and production as soon as possible, and production and operation conditions are improving.

　　In the next step, the China Securities Regulatory Commission will take multiple measures to help market entities such as listed companies tide over the difficulties.

The first is to thoroughly implement the 18 measures taken by the capital market to support and invigorate the operation of the industrial economy, help stabilize the industrial chain and supply chain, and reduce costs and increase efficiency for listed companies.

The second is to implement the 15 measures of the capital market to support the healthy development of small, medium and micro enterprises to help them.

The third is to focus on improving the financing environment of private enterprises.

Fair treatment of private enterprises' issuance, listing and refinancing.

Improve the bond financing mechanism of private enterprises, launch technologically innovative corporate bonds, give play to the role of market-oriented credit enhancement, facilitate private enterprise bond repurchase financing, and encourage industry institutions to increase investment in private enterprise business.

The fourth is to optimize regulatory services, support the Shanghai and Shenzhen Stock Exchanges and the Beijing Stock Exchange to reduce or exempt listed companies' annual fees and other related fees, so as to reduce the burden on listed companies.

Fifth, research and introduce new policies and measures to support listed companies to overcome the impact of the epidemic through refinancing, mergers and acquisitions, and other means.

　　Actively introduce long-term investors, and strive to create a market environment where medium and long-term funds are "willing to come and can be retained"

　　Reporter: What new measures will the CSRC take to introduce long-term investors?

　　Wang Jianjun: Promoting the entry of medium and long-term funds into the market has always been the focus of the CSRC.

After long-term efforts, domestic professional institutional investors such as public funds, social security funds, insurance funds, and corporate annuities in my country's capital market account for nearly 20% of the stock market value, but the proportion is still low.

　　We will work with relevant ministries and commissions to actively create conditions and strive to create a market environment where medium and long-term funds are "willing to come and can be retained".

The first is to promptly sort out the policy demands of social security, banks, and insurance institutions, coordinate relevant parties to get through the pain points, and support medium- and long-term funds to increase the proportion of equity allocation.

The second is to accelerate the high-quality development of the public fund industry, vigorously develop equity funds, strengthen investment research and risk control capacity building, improve the classification and supervision of fund managers, enrich product types, improve the long-term assessment mechanism, and promote institutional investors to play a good role as professional buyers. effect.

The third is to conscientiously implement the "Opinions on Promoting the Development of Individual Pensions", and promptly introduce supporting regulatory rules for individual pensions to invest in public funds to better serve the pension investment needs of different groups of people.

The fourth is to consolidate the system and mechanism of investor protection, strengthen communication with various investors, "zero tolerance" to crack down on various market violations, and effectively protect the legitimate rights and interests of investors.

Our reporter Zhao Zhanhui