China News Service, March 6 (China News Business Reporter Xie Yiguan) "I haven't been to this position for a full month yet. Now I am still learning while working, focusing on learning."
On March 6, at the economic-themed press conference of the second session of the 14th National People’s Congress, Wu Qing, chairman of the China Securities Regulatory Commission, opened the conversation with these words.
When answering questions from Chinese and foreign reporters, Wu Qing responded to hot issues related to the capital market.
The scene of the economic press conference of the Second Session of the 14th National People's Congress.
Photo by China News Service reporter Yang Huafeng
Protecting the legitimate rights and interests of investors is the most important central task of the China Securities Regulatory Commission
"Because there are many differences among market participants in terms of capital, technology, information, etc., regulators must pay special attention to fairness issues and regard openness, fairness and justice as the most important principle. In a market like ours where small and medium-sized investors account for the vast majority , even more so." Wu Qing said.
"Therefore, protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is the most important central task of the China Securities Regulatory Commission. This is also a direct reflection of the political and people-oriented nature of capital market supervision," he pointed out.
The next step of supervision will focus on two words: strong and strict.
Regarding how to do a good job in capital market supervision, Wu Qing mentioned that the next step is to highlight two words, one is strong and the other is strict.
"To be strong means to strengthen the foundation and foundation." Wu Qing said that we must treat investors sincerely and well, better serve investors, further strengthen the protection of investors from the legal, institutional, regulatory, law enforcement and judicial aspects, and enhance investors' Market confidence and trust attract more investors, especially medium and long-term funds, to participate in the market.
"Regarding strictness, it means strict supervision and management, strict supervision of the market in accordance with the law, and strict management of the team in accordance with disciplines." He pointed out that we will keep our eyes open, strengthen early correction of problem institutions and enterprises, and deal with various risks early , crack down on all kinds of illegal activities when they surface, and crack down hard on major illegal activities in key areas, especially those that touch the bottom line, such as counterfeiting, fraud, market manipulation, insider trading and other illegal activities.
Data map: China Securities Regulatory Commission.
Photo by China News Service reporter Zhang Hao
Make every effort to keep counterfeiters out of the capital market
Faced with a reporter's question on "how to improve the quality of listed companies and allow investors to obtain better returns," Wu Qing said that entrances should be strictly controlled.
"Enterprise IPO listings must not be for the purpose of 'making money', and no counterfeiting or fraudulent listings are allowed. Therefore, all aspects of review and registration must be in accordance with laws and regulations, and be stricter, urging issuers to truly, accurately and completely disclose information, and make every effort to Counterfeiters are blocking the capital market."
He said that in the next step, we must double and significantly increase the coverage, further intensify the investigation and punishment of clues found in violations of laws and regulations, and insist on taking responsibility for reporting. This will force issuers to further improve the quality of reporting, and also force intermediaries to further improve their reporting quality. Improve professional and service standards and be diligent and responsible.
System loopholes must be further plugged for "technical" divorces, etc.
In terms of paying close attention to daily life and strengthening post-listing supervision, Wu Qing pointed out that three things are currently highlighted: first, preventing and combating counterfeiting; second, standardizing shareholding reduction; and third, promoting dividends.
"For those who reduce their holdings illegally through 'technical' divorce, securities lending, refinancing, etc., we must further plug system loopholes. For major shareholders, actual controllers, etc. who reduce their holdings illegally, we must severely crack down on them in accordance with the law," he said. .
Wu Qing also mentioned, "For companies that have not paid dividends for many years, or whose dividend ratio is low, we will also take hard measures based on different situations, including restricting controlling shareholders from reducing their holdings, implementing ST risk warnings, etc. We will also promote conditional The company pays dividends multiple times a year, and especially encourages dividends before the Spring Festival, so that everyone can celebrate the New Year happily."
Once the market seriously deviates from fundamentals, it is time to take action decisively
"The market operation has its own rules and should not be interfered with under normal circumstances." Wu Qing pointed out that once the market seriously deviates from the fundamentals and experiences extreme situations such as irrational violent fluctuations, liquidity depletion, market panic, and serious lack of confidence, the market will Take action decisively to correct market failures.
"In this regard, we already have some effective practices, and we will also improve relevant mechanisms and resolutely prevent systemic risks." (End)