Three key words behind China's official announcement of the establishment of the Beijing Stock Exchange

(Economic Observer) The three key words behind China's official announcement of the establishment of the Beijing Stock Exchange

　　China News Service, Beijing, September 3 (Reporter Xia Bin) The Beijing Stock Exchange is here!

Chinese President Xi Jinping said in a video speech at the 2021 China International Trade Fair Global Service Trade Summit that China will continue to support the innovative development of small and medium-sized enterprises, deepen the reform of the New Third Board, set up the Beijing Stock Exchange, and create a service-innovative type. The main position of SMEs.

　　On the basis of the two major exchanges in Mainland China, Shanghai and Shenzhen, under the background of the government's vigorous implementation of capital market reforms and the construction of a multi-level capital market, in the process of frequently introducing policies to support SME financing, many experts are accepting The reporter from Xinshe mentioned three key words of the birth of the Beijing Stock Exchange in the interview.

　　One is to release dividends.

Among the "genes" of the Beijing Stock Exchange, the most distinctive thing is to firmly adhere to the market positioning of serving innovative SMEs, respect the development rules and growth stages of innovative SMEs, and enhance the inclusiveness and accuracy of the system.

　　"The establishment of Beijing Securities Exchange has very strong practical significance. On the one hand, it is to implement the national innovation-driven development strategy. On the other hand, it is to better support the development of innovative small and medium-sized enterprises. "Little Giant" is a major benefit for the company." said Tian Lihui, Dean of the Financial Development Research Institute of Nankai University.

　　The second is dislocation development.

The outside world is very concerned about the relationship between the Beijing Stock Exchange and the two major exchanges of Shanghai and Shenzhen and the New Third Board?

　　The China Securities Regulatory Commission pointed out that the Beijing Stock Exchange, the Shanghai and Shenzhen Stock Exchanges, and regional equity markets insist on dislocation development and interconnection, and give full play to the function of listing on the transfer board; and insist on overall coordination and system linkage with the existing innovation layer and basic layer of the New Third Board. The market structure is balanced.

　　Zhao Xijun, co-dean of the China Capital Market Research Institute of Renmin University of China, said that the key “customers” of the Beijing Stock Exchange are specialized and new small and medium-sized enterprises. Form differences and achieve dislocation development.

　　According to Yang Delong, chief economist of Qianhai Kaiyuan Fund, China's construction of a multi-level capital market is beginning to take shape, including the main board, the ChiNext board, the science and technology innovation board, and the new third board. The multi-level capital market is important to support China's economic transformation and economic development. aspect.

The establishment of the Beijing Stock Exchange will greatly stimulate the vitality of the New Third Board, increase the attention and performance of the New Third Board, and further improve the tolerance and accuracy of supporting innovation while creating a good market ecology.

　　The third is to promote reforms.

At this stage, China's capital market has entered the deep water zone of the registration system reform. As the pilot registration system is rolled out to the entire market, a series of major issues still need to be improved.

　　The "simultaneous pilot securities issuance registration system" is one of the main ideas for establishing the Beijing Stock Exchange.

Pan Helin, executive dean of the Institute of Digital Economy, Zhongnan University of Economics and Law, said that the Beijing Stock Exchange will implement a registration system and realize a tiered trading market. Delisting and listing will be more convenient, which will promote current capital to a certain extent. Market reform.

　　The China Securities Regulatory Commission pointed out that one of the goals of establishing the Beijing Stock Exchange is to build a set of basic institutional arrangements that fit the characteristics of innovative SMEs, covering issuance and listing, trading, delisting, continuous supervision, and investor suitability management. The shortcomings of the development of inclusive finance in the multi-level capital market.

　　The industry also regards the simultaneous pilot registration system of the Beijing Stock Exchange as an important arrangement before the market-wide reform of the registration system.

Deng Haiqing, chief investment officer of AVIC Fund Management Co., Ltd., said bluntly that the industry is currently very concerned about whether the Beijing Stock Exchange will make a major breakthrough in system construction. Once the reform can be advanced, it will be a major benefit for China's primary market funds.

(over)