Zhongxin Finance, May 15 (Reporter Xia Bin) According to news on the 14th, the second session of the International Financial Forum (IFF) Greater Bay Area Report and the 7th anniversary of the listing of the Guangzhou Nansha New Area of the Guangzhou Free Trade Zone were recently held in Nansha, Guangzhou.
At the report meeting, Nie Qingping, an academic member of IFF and former chairman of China Securities Finance Corporation Limited, delivered a speech, saying that the establishment of a dynamic and resilient Chinese capital market is an important response to preventing systemic financial risks.
Nie Qingping believes that the reform of China's capital market is gradually deepening, but its function of resource allocation and serving the real economy is still not fully utilized.
In 2015, due to the existence of leveraged funds, especially over-the-counter funds, the A-share market showed abnormal fluctuations in the superposition of liquidity crisis, leverage crisis, procedural trading crisis and structural crisis.
Nie Qingping emphasized that the reform of the registration system is the institutional basis for the vitality and resilience of the capital market.
China's stock market has experienced issuance systems such as quota system, number of companies, channel system, sponsorship system, approval system, etc. Compared with the previous stock issuance system, the registration system has a significant impact on the level of sponsor's practice, IPO pricing and placement, and the roles of directors, supervisors and senior managers. Higher requirements are put forward in terms of responsibilities and other aspects. A suitable sponsor can provide the issuer with securities sales services and at the same time provide valuable suggestions on the company's development strategy and business restructuring.
At the same time, the registration system reform also needs to carry out more profound reforms in three aspects: the marketization of stock issuance, the legalization of the information disclosure system and the standardization of the corporate governance system, in order to give full play to the role of resource allocation.
Nie Qingping analyzed financial innovation and the risk of shadow banking through the 2008 US financial crisis.
He pointed out that the U.S. financial system was pushed to the brink of crisis by the overconfidence of U.S. financial institutions in the market’s ability to repair and self-regulate, as well as excessive borrowing, venture capital and a lack of transparency.
After China experienced abnormal fluctuations in the stock market in 2015, the new asset management regulations issued by the regulatory authorities laid the foundation for the transition to a mature capital market by regulating wealth management products, eliminating layers of “nesting”, reducing financing leverage, and strengthening centralized statistical monitoring and other combined measures. A solid foundation has played an important role in preventing systemic financial risks.
Nie Qingping also combined with the financial crisis in Japan, South Korea and emerging markets, and pointed out that the opening of the capital market needs to be carried out prudently.
He analyzed and pointed out that although the market share of existing foreign investment in China's capital market is relatively small, it already has a certain market influence in terms of absolute scale, and its potential investment scale cannot be ignored.
Nie Qingping emphasized that China's economy is in a critical period of transition from emerging markets to mature markets. Judging from the experience and lessons of global emerging markets, preventing stock market bubbles is a key part of this period.
In this process, institutional investors can adhere to the concept of value investment and form a stable value investment mechanism, which is an important factor to avoid financial market crises.
The IFF Greater Bay Area report is also one of the important celebrations for the seventh anniversary of the listing of the Nansha New Area of the Guangzhou Free Trade Zone.
In recent years, Guangzhou's financial system has focused on the three major tasks of serving the real economy, preventing and controlling financial risks, and deepening financial reforms, grasping the major opportunities of the "Belt and Road", "Dual-regional Construction" and "Two-City Linkage", and solidly promoted the joint construction of international finance in the Greater Bay Area. hub.
While developing and cultivating the capital market, Guangzhou has also achieved good results in promoting the pilot projects of investment and financing facilitation, guiding enterprises to standardize the use of capital market financing for development, being approved to be included in the capital market financial technology innovation pilot, and risk prevention and resolution in key areas.
Since 2017, Nansha District has introduced and continuously refined special financial support policies to create a favorable policy environment and expand the coverage of financial support policies.
As of the end of March this year, there were 11 domestic and overseas listed companies in Nansha, with a total market value of 88.555 billion yuan and a cumulative financing of over 10 billion yuan; 8 companies listed on the New Third Board, with a total market value of 1.858 billion yuan, and a cumulative financing of over 683 million yuan; Guangdong stocks There are 102 listed companies in the center.
In the future, Nansha District will take the opportunity of high-level opening-up pilots to make greater efforts to promote the development of cross-border investment, and strive to build an open platform that connects the Bay Area and faces the world, so as to better serve and integrate into the new development pattern.
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