Several Opinions of the State Council on Promoting the Reform, Opening up and Stable Development of the Capital Market
The people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, and the ministries and commissions and agencies directly under the State Council:
Since the issuance of the "Notice of the State Council on Further Strengthening the Macromanagement of the Securities Market" (Guofa [1992] No. 68), my country's capital market has developed rapidly and achieved world-renowned achievements. The capital market is beginning to take shape, market infrastructure continues to improve, the legal and regulatory system is gradually improved, and market standardization is further improved. It has become an important part of the socialist market economic system, optimizing resource allocation for the reform and development of state-owned enterprises and financial markets, It has made important contributions to promoting economic structural adjustment and economic development. In order to implement the spirit of the 16th National Congress of the Communist Party of China and the Third Plenary Session of the 16th Central Committee of the Communist Party of China, and to actively promote the reform, opening up and stable development of the capital market around the strategic goal of building a moderately prosperous society in an all-round way, the following opinions are hereby put forward.
1. Fully understand the importance of vigorously developing the capital market
Vigorously developing the capital market is an important strategic task, which is important for our country to achieve a quadrupling of the national economy in the first 20 years of this century. strategic goals are of great significance. First, it is conducive to improving the socialist market economic system, giving greater play to the function of the capital market in optimizing resource allocation, and effectively transforming social funds into long-term investment. Second, it is conducive to the structural adjustment and strategic reorganization of the state-owned economy and accelerates the development of the non-state-owned economy. Third, it is conducive to increasing the proportion of direct financing, improving the financial market structure, improving financial market efficiency, and maintaining financial security.
my country's capital market has gradually developed along with the process of economic system reform. Due to unmatched reforms and limitations in institutional design in the early stages of establishment, there are still some deep-seated problems and structural contradictions in the capital market, which restrict the effective performance of market functions. These problems are encountered in the development of the capital market and can only be gradually solved during development. The 16th National Congress of the Communist Party of China put forward the strategic goal of building a moderately prosperous society in an all-round way. The Third Plenary Session of the 16th Central Committee of the Communist Party of China adopted the "Decision of the Central Committee of the Communist Party of China on Several Issues Concerning the Improvement of the Socialist Market Economic System" and made arrangements for the development of the capital market. It points out the direction for the reform, opening up and stable development of my country's capital market. We must recognize the situation clearly, seize opportunities, change concepts, vigorously develop the capital market, increase the proportion of direct financing, create and cultivate a good investment environment, and give full play to the role of the capital market in promoting capital formation, optimizing resource allocation, promoting economic structural adjustment, and improving companies governance structure and other aspects, making new contributions to the sustained, rapid, coordinated and healthy development of the national economy and the comprehensive construction of a well-off society.
2. The guiding ideology and tasks of promoting the reform, opening up and stable development of the capital market
The guiding ideology and tasks of promoting the reform, opening up and stable development of the capital market are: based on Deng Xiaoping Theory and the "Three Represents" "Important thought as the guide, fully implement the spirit of the 16th National Congress of the Communist Party of China and the Third Plenary Session of the 16th Central Committee, follow the principles of "openness, fairness and impartiality" and the policy of "legal system, supervision, self-discipline and standardization", and persist in serving the overall situation of the national economy, Achieve coordinated development with the national economy; adhere to the rule of law and protect the legitimate rights and interests of investors, especially public investors; adhere to the market orientation of capital market reform and give full play to the role of market mechanisms; adhere to the intensity of reform, the speed of development and the Unify the market's affordability, properly handle the relationship between reform, development, and stability; insist on using development methods to solve problems in progress, and properly handle the relationship between accelerating capital market development and preventing market risks; adhere to step-by-step progress, and continuously improve the level of opening up to the outside world.
The task of promoting the reform, opening up and stable development of the capital market is to: with the goal of expanding direct financing, improving the modern market system, and giving greater play to the fundamental role of the market in resource allocation, build a transparent, efficient, and A capital market with reasonable structure, sound mechanism, complete functions and safe operation. Focusing on this goal, we must establish an efficient capital market system that is conducive to various types of enterprises raising funds and meeting various investment needs; improve the market-oriented product innovation mechanism, and form a balance between price discovery and risk management, stock financing and bond financing. A capital market product structure that is coordinated with financing; cultivate listed companies and market intermediary groups that are honest and trustworthy, have standardized operations, and have sound governance mechanisms; strengthen the restraint of market entities and the survival of the fittest mechanism; and improve market supervision with clear responsibilities, effective risk control, and adequate coordination and cooperation. system to effectively protect the legitimate rights and interests of investors.
3. Further improve relevant policies and promote the stable development of the capital market
The stable development of the capital market requires corresponding policy guidance and support. All departments must further improve relevant policies to create a good environment for the stable development of the capital market.
Improving the approval system for securities issuance and listing. Improve the mechanism that facilitates all types of high-quality enterprises to equally utilize the capital market and improve the efficiency of resource allocation.
Pay attention to the return on investment in the capital market. Practical measures should be taken to change the situation of some listed companies that focus on listing, focusing on restructuring, focusing on financing, and ignoring returns, improve the overall quality of listed companies, and provide investors with opportunities to share the fruits of economic growth and increase wealth.
Encourage compliance funds to enter the market. Continue to vigorously develop securities investment funds.
Support insurance funds to directly invest in the capital market in various ways, and gradually increase the proportion of funds invested in the capital market such as social security funds, corporate supplementary pension funds, and commercial insurance funds. It is necessary to cultivate a group of honest, law-abiding and professional institutional investors so that institutional investors, mainly fund management companies and insurance companies, become the leading force in the capital market.
Broaden financing channels for securities companies. Continue to support qualified securities companies in publicly issuing stocks or issuing bonds to raise long-term funds. Improve the management measures for securities companies' pledged loans and access to the interbank market, formulate review standards for securities companies' acquisitions, mergers and securities underwriting business loans, and create favorable conditions for securities companies to use loan financing funds on the premise of improving the risk control mechanism. Steadily carry out financing pilot projects for fund management companies.
Actively and steadily resolve the issue of shareholding split. Regulate the transfer of non-tradable shares of listed companies to prevent the loss of state-owned assets. Steadily solve the problem of circulation of shares of listed companies that cannot be listed and circulated. When solving this problem, we must respect the laws of the market, be conducive to the stability and development of the market, and effectively protect the legitimate rights and interests of investors, especially public investors.
Improving capital market tax policies. Study and formulate tax policies that encourage public investment, improve the management methods for turnover tax and income tax collection of securities and futures companies, and implement centralized income tax collection and management for qualified securities and futures companies.
4. Improve the capital market system and enrich securities investment varieties
Establish a multi-level stock market system. On the basis of overall consideration of the rational layout and functional positioning of the capital market, we will gradually establish a multi-level capital market system that meets the financing needs of different types of enterprises, study and propose corresponding securities issuance and listing conditions, and establish a supporting company selection mechanism. Continue to standardize and develop the main board market and gradually improve the structure of listed companies on the main board market. Promote the construction of the GEM market step by step, improve the risk investment mechanism, and expand financing channels for small and medium-sized enterprises. Actively explore and improve the share transfer system under unified supervision.
Actively and steadily develop the bond market. On the basis of strict risk control, qualified enterprises are encouraged to raise funds through the issuance of corporate bonds, changing the relatively lagging development of bond financing, enriching the varieties of the bond market, and promoting the coordinated development of the capital market. Formulate and improve rules and regulations for corporate bond issuance, trading, information disclosure, and credit ratings, and establish and improve debt repayment guarantee mechanisms such as asset mortgages and credit guarantees. Gradually establish a bond market with centralized supervision and unified interconnection.
Steady development of the futures market. Under the premise of strictly controlling risks, commodity futures varieties that provide price discovery and hedging functions for commodity producers and consumers will be gradually introduced.
Establish a market-led variety innovation mechanism. Research and develop new varieties and derivatives related to stocks and bonds. Increase the development of fixed-income securities products with lower risks and provide investors with alternative securities investment products for savings. Actively explore and develop asset securitization varieties.
5. Further improve the quality of listed companies and promote standardized operations of listed companies
Improve the quality of listed companies. The quality of listed companies is the source of investment value in the securities market. Directors and senior managers of listed companies should take maximizing the interests of shareholders and continuously improving profitability as the starting point and end point of their work. It is necessary to further improve the stock issuance management system, implement a securities issuance and listing sponsorship system, support the issuance and listing of companies with strong competitiveness, standardized operations, and good benefits, and improve the quality of listed companies from the source. Encourage listed companies to carry out market-led mergers and acquisitions and reorganizations that are conducive to the company's sustainable development. Further improve refinancing policies and support high-quality listed companies to use the capital market to accelerate development and become better and stronger. Standardize the operations of listed companies. Improve the corporate governance structure of listed companies, and truly form a check and balance mechanism between power agencies, decision-making agencies, supervisory agencies and business managers in accordance with the requirements of modern enterprise systems. Strengthen the integrity responsibilities of directors and senior executives and further improve the independent director system. Standardize the behavior of controlling shareholders and hold accountable those controlling shareholders who harm the interests of listed companies and small and medium-sized shareholders. Strengthen the responsibilities of listed companies and other information disclosure obligors to ensure the authenticity, accuracy, completeness and timeliness of information disclosure. Establish and improve the incentive and restraint mechanism for senior executives of listed companies.
Improve the market exit mechanism. Effective measures should be taken to further improve the market exit mechanism in conjunction with the construction of a multi-level market system. While realizing the survival of the fittest in listed companies, we should establish an accountability mechanism for the dereliction of duty by senior executives of delisted companies and effectively protect the legitimate rights and interests of investors.
6. Promote the standardized development of capital market intermediary service institutions, improve professional standards, and build securities and futures companies into competitive modern financial enterprises. In accordance with the principle of prudent supervision, the market access system for securities and futures companies will be improved. Urge securities and futures companies to improve their governance structures, standardize the behavior of their shareholders, and strengthen the integrity responsibilities of boards of directors and managers. Reform the management system of securities and futures customer transaction settlement funds, and study and improve the custody mechanism of customer transaction settlement funds. It is strictly prohibited to misappropriate customer assets and effectively safeguard the legitimate rights and interests of investors. Securities and futures companies must improve their internal control mechanisms and strengthen centralized and unified management of branches. Improve the risk monitoring indicator system with net capital as the core, and urge securities and futures companies to implement sound financial policies.
Encourage securities and futures companies to become better and stronger through mergers, reorganizations, optimization and integration. Establish and improve the market exit mechanism for securities and futures companies.
Strengthen the management of other intermediary service agencies. Standardize the development of securities and futures investment consulting agencies and securities credit rating agencies, strengthen the management of accounting firms, law firms and asset appraisal agencies, and improve the professional service level of intermediary agencies.
7. Strengthen the construction of the legal system and integrity, and improve the level of capital market supervision.
Improve the capital market regulatory system and strengthen the construction of integrity. In accordance with the overall plan to vigorously develop the capital market, we will improve the regulatory system that is conducive to the stable development of the capital market and the protection of investors' rights and interests. It is necessary to clean up administrative regulations, local regulations, departmental rules and policy documents that hinder market development, and create a good legal environment for vigorously developing the capital market. In accordance with the requirements of improving the social credit system of a modern market economy, we must formulate capital market integrity guidelines, maintain the order of integrity, and resolutely implement market ban measures against institutions and individuals that seriously violate laws and regulations, and seriously dishonor.
Promote administration according to law and strengthen capital market supervision. In accordance with the requirements of deepening the reform of the administrative approval system and implementing the "Administrative Licensing Law", improve the quality and law enforcement level of law enforcement personnel. Establish a regulatory concept that keeps pace with the times, establish and improve regulatory methods that are consistent with the development stage of the capital market, improve regulatory methods, and improve regulatory efficiency. We will further enrich our supervisory capabilities, integrate supervisory resources, and cultivate a supervisory team with excellent political and professional qualities. Through the implementation of effective market supervision, we strive to improve the fairness, transparency and efficiency of the market, reduce market system risks, and protect the legitimate rights and interests of market participants.
Give full play to the role of industry self-discipline and public opinion supervision. It is necessary to give full play to the self-regulatory management role of securities and futures exchanges, registration and clearing companies, securities and futures industry associations, lawyers, accountants, asset appraisal and other industry associations. It is necessary to guide and strengthen the news media's publicity and supervision of the securities and futures markets.
8. Strengthen coordination and cooperation to prevent and resolve market risks
Create a good capital market development environment. Risk prevention in the capital market is related to the country's financial security and the healthy development of the national economy. All regions and departments must care about and support the standardized development of the capital market. When promulgating policies and measures involving the capital market, they must fully consider the sensitivity, complexity and particularity of the capital market, and establish information sharing and communication A convenient coordination and cooperation mechanism with clear responsibilities creates a good environment and conditions for the stable development of the market.
***To prevent and resolve market risks. All regions and departments must effectively perform their duties stipulated in the "Company Law" and other relevant laws and regulations, and take effective measures to prevent and promptly correct the false capital contributions of promoters and the misappropriation of assets of listed companies by major shareholders or actual controllers; all regions and relevant supervisors Departments must strengthen the management of delisted companies in accordance with the law to ensure smooth and smooth delisting work. For securities and futures companies that have major operating risks and must withdraw from the capital market or take other administrative measures, local people's governments, financial regulatory authorities, public security, judicial and other departments must strengthen coordination and cooperation, and take active measures in accordance with laws, regulations and relevant policies. Take effective measures to deal with risks. All regions and departments must establish a rapid response mechanism to respond to capital market emergencies and a long-term mechanism to prevent and resolve risks.
Severely crack down on illegal activities in the securities and futures markets. All regions must implement the relevant spirit of the State Council on rectifying and standardizing the market economic order, and strictly prohibit the illegal issuance of securities, illegal establishment of securities and futures operating institutions, illegal agency securities and futures trading, illegal or disguised establishment of securities and futures trading venues and other securities and futures in the region. Illegal activities. Government departments such as finance, public security, auditing, industry and commerce, and state-owned assets supervision and administration agencies must strengthen coordination and cooperation, intensify crackdowns, and maintain the order of the capital market.
Ninth, conscientiously sum up experience and actively and steadily promote opening up to the outside world
Strictly implement my country’s commitment to the opening up of the securities service industry after joining the WTO. Encourage qualified overseas securities institutions to invest in securities companies and fund management companies, and continue to pilot the qualified foreign institutional investor system.
Actively utilize overseas capital markets. Follow market rules and international practices and support qualified mainland companies to issue and list securities overseas. Support qualified mainland institutions and personnel to engage in service business related to capital market investment and futures hedging business overseas. Carefully study the qualified domestic institutional investor system.
Strengthen exchanges and cooperation. Implement closer economic and trade cooperation arrangements with Hong Kong and Macao. Further strengthen contact and cooperation with relevant international organizations and overseas securities regulatory agencies.
Vigorously developing the capital market is an important decision made by the Party Central Committee and the State Council based on the overall situation and strategy. All regions and departments must attach great importance to it, establish an overall concept, fully understand the importance of developing the capital market, and strengthen confidence , seize opportunities, pioneer and innovate, and jointly create conditions for the development of the capital market, actively promote the reform, opening up, and stable development of my country's capital market, and contribute to the grand goal of building a moderately prosperous society in an all-round way.
The above are the nine opinions of the State Council, referred to as the "Nine National Opinions"