Measures to help stabilize the economic market have gradually landed.
Fang Xinghai said that since the beginning of this year, faced with the influence of multiple factors, the CSRC has made continuous efforts to stabilize expectations, capital and market behavior, and adopted a series of measures in a timely and decisive manner. Scientifically and reasonably maintain the normalization of IPO and refinancing. In the context of the general downturn in equity financing in major global markets, in the first seven months of this year, there were 78 IPO/KLOC-0 companies listed on the Shanghai and Shenzhen Stock Exchanges, with a total financing of 345.9 billion yuan, ranking first in the world in both quantity and amount. Refinancing totaled 382.5 billion yuan, maintaining a high level. The CSRC will strengthen the joint supervision of futures and spot markets with relevant parties to prevent excessive speculation and effectively prevent and control the risk of rising prices of basic industrial products such as thermal coal and crude oil. Successfully dealt with the spillover risk of the extreme "short" market of nickel futures in the international market to the domestic nickel futures market. The introduction of CSI 1000 stock index futures and options has activated the trading of "specialized and innovative" listed companies. The futures market has maintained a stable operation, effectively helping to ensure supply and stabilize prices.
"With the joint efforts of many parties, the capital market has withstood severe tests, transactions have remained active, and their functions have played a good role, which has played an important role in stabilizing the macroeconomic market and social expectations." Fang Xinghai said.
In addition, the capital market opening measures have gradually landed, and the opening up situation is improving. Fang Xinghai said that since the beginning of this year, the China Securities Regulatory Commission has conscientiously implemented the requirements of the State Council and the CPC Central Committee, and the capital market has made new achievements in opening up.
First, deepen the interconnection of domestic and foreign capital markets and broaden cross-border investment and financing channels. Broaden the scope of Shanghai-Shenzhen-Hong Kong Stock Connect and officially launch ETF transactions under interconnection. Optimize the trading calendar arrangement of Shanghai-Shenzhen-Hong Kong Stock Connect and increase the trading days. Optimize and expand the business of Internet Depositary Receipts, and expand to Shenzhen Stock Exchange at home and Switzerland and Germany abroad. Five domestic listed companies went to Switzerland and Britain to issue global depositary receipts (GDR), with a total financing of about 2.27 billion US dollars. Establish and improve the system of foreign institutional investors participating in the exchange bond market, and allow foreign institutional investors entering the inter-bank bond market to directly invest in the exchange bond market.
The second is to promote the integration of China's capital market with the international market and improve the market-oriented, rule-based and international business and investment environment. China and the United States successfully signed an agreement on cooperation in auditing and supervision of cross-border listed companies, which removed obstacles for China enterprises to go public in the United States for many years and took an important step. Drawing lessons from the common practices in the international market and combining with the actual situation in China market, we will steadily push forward the reform of DVP, which will help improve the confidence of international investors in the efficiency of domestic settlement and the safety of funds. The Futures and Derivatives Law, which came into effect in August this year, made clear institutional arrangements for accelerating the two-way opening of the futures market.
Third, do a good job in communication and publicity of the open policy to stabilize market confidence and expectations. The CSRC has strengthened communication with international investors, timely transmitted policy information and stabilized foreign investment expectations, and achieved good results. Foreign capital shows obvious resilience in China's capital market.
Steadily promote all-round institutional opening up and strengthen pragmatic cooperation between the mainland and Hong Kong capital markets.
"With the deepening of opening up, the operation quality and international influence of China's capital market have also been significantly improved. At present, China's capital market has grown into the second largest market in the world, and its openness is increasing, attracting more and more international investors to actively participate. " Fang Xinghai said that in the next step, the China Securities Regulatory Commission will make overall plans for development and security, fully support the stability of the economic market, and introduce more active and in-depth opening-up measures to promote the high-quality development of the capital market.
First, we will continue to steadily promote the all-round institutional opening of markets, institutions and products. Promote the legislative process of new regulations for overseas listing, and make preparations for the construction of supporting rules and systems after the implementation of the reform. Expand and optimize the business of Internet Depositary Receipts, and support more listed companies to issue Internet Depositary Receipts and go public. Further optimize and improve the Shanghai-Shenzhen-Hong Kong Stock Connect mechanism and make substantial progress in promoting the interconnection of the exchange bond market. We will steadily expand the international varieties of commodities and financial futures, support the authorized cooperation of futures product settlement prices, and realize the diversification of the opening path of the futures market.
The second is to further strengthen the construction of regulatory capacity and risk prevention capacity in an open environment. Adhere to the requirements of "openness, clarity and controllability", strengthen the monitoring of cross-border capital flows, and keep the capital market running smoothly. Implement the Sino-US cross-border audit supervision cooperation agreement and build a predictable international supervision environment for the high-level opening of the capital market. Continue to strengthen communication with overseas institutional investors, continuously improve the convenience of A-share investment, and continuously enhance the confidence of overseas investors in investing in China capital market.
Third, it will further strengthen the pragmatic cooperation between the mainland and Hong Kong's capital markets. The CSRC attaches great importance to the complementary advantages and coordinated development of the capital markets of the two places, promotes the higher and deeper cooperation between the capital markets of the Mainland and Hong Kong, and supports Hong Kong in maintaining its status as an international financial center.
"In the next step, the CSRC will work with Hong Kong and relevant departments to launch the following three new measures to expand pragmatic cooperation in the capital markets of the two places." Fang Xinghai said that the first is to expand the Shanghai-Shenzhen-Hong Kong Stock Connect. Promote the inclusion of qualified stocks of major foreign companies listed in Hong Kong and more listed companies in Shanghai and Shenzhen into the target range. Second, support Hong Kong to launch RMB stock trading counters. Study the establishment of RMB stock trading counters in Hong Kong Stock Connect to help RMB internationalization. Third, support Hong Kong to launch treasury bonds futures. Study and support Hong Kong to launch treasury bond futures, speed up the opening up of the domestic treasury bond futures market, and realize the coordinated development of the two places.