China News Agency, Beijing, April 9 (Reporter Wang Enbo) "The Opinions of the Central Committee of the Communist Party of China on Constructing a More Perfect Factor Market Allocation System and Mechanism" (hereinafter "Opinions") was announced on the 9th. The "Opinions" propose to promote the market-based allocation of capital elements, including the steady promotion of RMB internationalization and RMB capital account convertibility.

In terms of improving the basic system of the stock market, the "Opinions" stated that it formulated and issued opinions on improving the basic system of the stock market. Adhere to the direction of marketization and rule of law reform, reform and improve the stock market issuance, trading, delisting and other systems. Encourage and guide cash dividends of listed companies. Improve the investor protection system and promote the perfection of the securities civil litigation system with Chinese characteristics. Improve the market construction of the main board, the science and technology board, the small and medium-sized enterprise board, the growth enterprise board and the national small and medium-sized enterprise share transfer system (new third board).

In terms of accelerating the development of the bond market, the "Opinions" propose to steadily expand the scale of the bond market, enrich the variety of the bond market, and promote the interconnection of the bond market. Unify corporate credit bond information disclosure standards and improve the bond default settlement mechanism. Explore the implementation of the issuance registration management system for corporate credit bonds. Strengthen the unified access management of bond market rating agencies and regulate the development of the credit rating industry.

In terms of increasing the effective supply of financial services, the "Opinions" mentioned that the multi-level capital market system should be improved. Build a multi-level, wide coverage, differentiated, reasonable division of labor among large, medium and small banking institutions, optimize the allocation of financial resources, relax market access for the financial services industry, promote the in-depth development and utilization of credit information, and increase financial services for small and micro enterprises and private enterprises supply. Establish an incentive and restraint mechanism for county-level banking financial institutions to serve the “three rural issues”. Promote green financial innovation. Improve the market-oriented and legalized exit mechanism of financial institutions.

The Opinions also stated that the financial sector should be actively and orderly opened to the outside world. Steadily promote RMB internationalization and RMB capital account convertibility. Gradually promote the two-way opening of the securities and fund industries to the outside world, and orderly promote the opening of the futures market to the outside world. Gradually relax the access conditions for foreign-funded financial institutions, and promote domestic financial institutions to participate in international financial market transactions. (Finish)