First, deregulate and vigorously develop the direct financing market system. Continue to deepen the market-oriented reform of the issuance system, deregulate, weaken administrative examination and approval, strengthen information disclosure, establish a system of post-event accountability and civil compensation, lay a solid foundation for the normal operation of the market mechanism, promote issuers, intermediaries and investors to return to their duties, and gradually realize the full marketization of the stock issuance system; Accelerate the development of the national unified OTC market, and accelerate the expansion and development of the national unified OTC equity market by establishing a strict investor suitability system, relaxing the standards of listed companies, strengthening the self-discipline system for market participants to return to their due positions, and establishing and improving the organic links between markets at all levels; Vigorously develop the bond market, promote the interconnection between banks and exchange bond markets, explore the establishment of cross-market law enforcement mechanisms, and gradually build a standardized and unified bond market.
Second, actively promote asset securitization and steadily develop the financial derivatives market. At present, China's financial risks are highly concentrated in the banking system, and the financial system itself urgently needs risk management and risk dispersion functions. It is suggested to actively promote asset securitization, steadily develop the financial derivatives market, and provide effective risk allocation and management tools for the financial system. Specifically, it is suggested to speed up the improvement of asset securitization laws and regulations system and supporting tax policies, establish a unified securities issuance and trading platform, and steadily introduce financial instruments such as interest rate derivatives and credit derivatives such as treasury bonds futures.
Third, take the implementation of the new Fund Law as an opportunity to actively cultivate professional institutional investors. The improvement of China's financial structure means that the proportion of financial markets in the financial system will gradually increase and financial instruments will be more abundant. In this process, it is necessary to cultivate a strong and diverse team of professional institutional investors, provide diversified asset management services for families with different risk preferences and risk-taking abilities, and realize the docking with financial instruments with different risk characteristics and varieties. At present, the new Fund Law has been formally implemented. It is suggested to take this opportunity to relax the restrictions on the establishment or filing of various fund management institutions, clarify tax policies, avoid repeated taxation, and vigorously develop professional institutional investors through active guidance and cultivation.