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The latest announcement from the China Securities Regulatory Commission: The policy framework of "1+

Date: 2023-09-11
Views: 3

On September 6th, Jiao Jinhong, the chief lawyer of the China Securities Regulatory Commission, stated at the 2nd Financial Street Asset Management Forum that currently, the Commission has focused on high-quality development and the construction of a modern capital market system with Chinese characteristics, and has preliminarily formed a policy framework of '1+N+X'. This marks the beginning of a new round of deepening reform and opening up in the capital market.

There are two 'N's' among them, Jiao Jinhong said. One' N 'is to formulate and implement an action plan for the reform of the capital market investment side, and the other' N 'is to formulate and implement an action plan for the construction of a modern industrial system through capital market services.

Two options are pending

According to Jiao Jinhong, the focus of the action plan for capital market investment side reform is to persistently and vigorously develop equity funds, focus on improving professional capabilities, promote industry rate reform, further enhance investors' sense of gain and satisfaction, continue to guide various types of pension, insurance funds and other medium and long-term funds to increase their entry into the market, and comprehensively optimize the investment ecology of the capital market, Create a market environment where various types of funds are willing to come and can be retained, and introduce more sources of fresh water to serve the real economy in the capital market.

The focus of the action plan for the construction of a modern industrial system through capital market services is to closely focus on the construction of modern industries, agriculture, service industries, and infrastructure. Through differentiated institutional arrangements, priority will be given to supporting 'chain owners' and specialized, refined, and innovative enterprises in the industrial chain supply chain to become bigger and stronger, assisting in the construction of world-class enterprises, creating strategic modern industrial clusters, promoting the transformation and upgrading of traditional industries, and promoting industrial intelligence and greening Integration.

Jiao Jinhong stated that the China Securities Regulatory Commission is currently working on formulating a plan and promoting its implementation. With the implementation of the '1+N+X' policy system and key measures, the quality and efficiency of capital market services for the real economy and the construction of a modern industrial system will be further improved through collaborative efforts and joint promotion between investment and financing.

Continuously advancing capital market reform

Since the Central Politburo meeting on July 24th made important arrangements for capital market work and clearly stated 'to activate the capital market and boost investor confidence', the capital market has started a new round of deepening reform.

Firstly, it is announced to reduce the payment ratio of settlement provisions, reduce the requirements for the number of stock fund declarations, study the introduction of ETFs into the fixed price trading mechanism after the market, and introduce a system of inquiry transfer and allocation reduction on the Growth Enterprise Market; Subsequently, it adjusted the issuing rhythm of IPO and refinancing, standardized shareholders' shareholding reduction and reduced the proportion of financing margin; Recently, the 'Opinions on the High Quality Construction of the Beijing Stock Exchange' have been issued, and the market's attention to procedural trading has been standardized. A series of reform measures aim to stabilize the market and boost investor confidence.

The two 'N' plans mentioned above are the key points in the package of policies proposed by the China Securities Regulatory Commission.

Among them, the action plan for the reform of the capital market investment side is to make systematic arrangements in promoting the high-quality development of the public fund industry, continuously optimizing the market investment ecology, and increasing the introduction of medium and long-term funds. Vigorously developing equity funds is an important part of investment side reform, with key measures including: firstly, relaxing the registration conditions for index funds, improving the efficiency of index fund development, and encouraging fund managers to increase product innovation efforts. The second is to promote the comprehensive implementation of the reform of public fund fees and reduce the level of management fees. The third is to guide top public fund companies to increase the issuance ratio of equity funds, and promote the overall increase and structural optimization of public funds. Fourthly, guide public fund managers to increase their efforts in self purchasing equity funds under their umbrella. Fifth, establish a 'countercyclical layout' incentive and constraint mechanism for public fund managers to reduce procyclical resonance. Sixth, expand the investment scope and strategies of public funds, and relax the investment restrictions on public funds' investment in stock index options, stock index futures, treasury bond futures and other varieties.

The development and implementation of a high-level action plan for technological self-reliance and self-improvement in capital market services is the establishment and improvement of a 'green channel' for the listing and financing, bond issuance, and mergers and acquisitions of technology-based enterprises that break through key core technologies.

According to the deployment, the measures taken by the China Securities Regulatory Commission to deepen reform in this round also include appropriately extending the trading hours of the A-share market and exchange bond market; Research and improve the systematic long-term dividend constraint mechanism. By guiding listed companies with stable operating cash flows to distribute mid-term dividends and strengthening information disclosure constraints on low dividend companies, investors can share the performance dividends of listed companies earlier and more; Deepen the market-oriented reform of mergers and acquisitions of listed companies; Further promote the construction of a valuation system with Chinese characteristics; We will launch 'green light' cases of overseas listing of enterprises, further promote the normalization of REITs issuance, and other content. We will also launch practical measures in the future.

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