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Zhao Xijun is the co-director of the China Capital Market Research Institute of Renmin University of China and a senior researcher of the Chongyang Institute of Financial Research. This article was published Jiemian News on March 19.

Zhao Xijun

On the morning of March 19, the 2021 Qilu Forum for High-Quality Development of Capital Markets officially opened in Qingdao. The forum used high-end think tanks to interpret core policies and strategies for capital market development and provide oriented Knowledge service practice and reflections on the “14th Five-Year Plan” strategic consulting research.

At the forum, Zhao Xijun, co-director of the China Capital Market Research Institute of Renmin University of China, took "Capital market reform supports technological innovation under the new pattern" as the theme, focusing on capital market reform and the new pattern, how to use the power of capital An in-depth analysis of three aspects including strengthening technological innovation and the changes in the capital market under the registration system is full of useful information.

Zhao Xijun said that in the medium and long term, in order to achieve high-quality development of the capital market, it requires long-term and unremitting reforms and efforts in multiple aspects. First of all, there is still a lot of room for improvement in the scale and depth of my country's capital market serving the real economy. It is necessary to continuously increase the proportion of direct financing and reduce the financing costs of real enterprises.

Secondly, continue to increase the capital market’s support for technological innovation. The capital market has great potential in four aspects. First, actively promote the registration system reform and consolidate the institutional foundation for the capital market to serve the development of enterprises. The registration system reform is an important part of the basic system reform of the capital market. Taking the registration system reform as the leader, we will coordinate the promotion of key system innovations such as transactions, delisting, refinancing, mergers and acquisitions, improve supervision in various fields and links, and strive to improve the quality of listed companies. , is of great significance to laying a solid foundation for the stable and healthy development of the market.

Second, vigorously promote the development of the Science and Technology Innovation Board to assist the implementation of national technological innovation projects. The development of the Science and Technology Innovation Board will help more scientific and technological innovative enterprises enter the capital market through the Science and Technology Innovation Board and smooth the financing path for science and technology enterprises, thereby promoting a virtuous cycle of science and technology, capital and the real economy.

Third, actively promote the development of the New OTC Market and serve the listing and financing of small and medium-sized enterprises. In particular, it is necessary to further explore and improve the NEEQ transfer mechanism, achieve seamless connection between multi-level capital markets, open up channels for the growth and expansion of small and medium-sized enterprises and private enterprises, and increase direct financing support for small and medium-sized enterprises and private enterprises.

Fourth, focus on promoting the digital development of the capital market to serve the new needs of the digital economy. China's economy has entered a new era of digital economy. The capital market must seize the opportunity of the times, do a good job in research on the digital development of industries, gradually promote the digital transformation of relevant systems, guidelines and other rules, adapt to the new characteristics of enterprise digitalization and industrial digitalization, and better Meet the needs of the digital economy.

Third, it is necessary to continuously increase the proportion of institutional investors in my country's capital market and guide more medium and long-term funds into the market; fourth, it is necessary to continuously improve the asset management capabilities of institutional investors to meet the wealth management needs of residents. ; Fifth, vigorously develop the exchange bond market, continuously enrich varieties, improve term structures, enhance the effectiveness of credit ratings, and optimize the market-based resolution mechanism for bond defaults; Sixth, promote high-level two-way opening of the capital market, and continuously optimize and enrich foreign investment. Paths and products of the domestic capital market, unblocking channels for domestic capital investment in overseas markets, strengthening cross-border regulatory cooperation, improving cross-border regulatory capacity building, and enhancing global financial resource allocation capabilities.

At the same time, we should also note that the capital market can play a great role in supporting technological innovation, industrial upgrading, and the stability and security of industrial and supply chains. However, at the same time, around the registration system reform, we should also deal with the reasonable requirements of various technological innovation enterprises. Make institutional arrangements for positioning, financing needs, output cycle, evaluation standards, risk control, etc. This is not an easy task. The China Securities Regulatory Commission proposed to improve the evaluation standards for scientific and technological innovation attributes, strengthen the supervision of shareholder information disclosure of companies planning to be listed, effectively strengthen supervision and risk prevention, and resolutely prevent the disorderly expansion of capital. Prevent all kinds of "pseudo-technology" and "pseudo-innovation" from taking the opportunity to "trap money" and "cut leeks" and harm the interests of investors and the market.

Finally, in order for the capital market to serve the overall economic and social development and scientific and technological innovation, it must ensure that measures are implemented, implemented and results are achieved, and measures are prevented from being "big waves" and actions "sloganized". Only by following the development laws of the capital market and deeply understanding the characteristics of market supply and demand, especially the phased characteristics, can we come up with measures that closely follow the key development tasks and meet the needs of the market, and use this to gather more and greater political awareness. To improve the IPO and refinancing systems, implement the delisting system, promote the reform of the exchange bond market, and improve the financial futures and options system, we must fully consider the needs of the real economy, the stable expectations of market entities, and the safe and orderly operation of the market. Reform, development, and Stability and law enforcement are unified.

/ / Renmin University Chongyang

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RDCY

Renmin University of China Chongyang Financial Research Institute (Renmin University Chongyang) was established in 2013 On January 19, 2019, it was a major funding project for Chongyang Investment to donate to Renmin University of China and establish an education fund operation.

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