Zhao Xijun is the co-dean of China Capital Market Research Institute of China Renmin University and a senior researcher of Chongyang Financial Research Institute. This article was published in March 19 interface news.

Zhao Xijun

On the morning of March 19, 202 1 Qilu Forum on High-quality Development of Capital Market officially kicked off in Qingdao. The forum interprets the core policies and strategies of capital market development with high-end think tanks, and provides knowledge service practice and thinking for the "14 th Five-Year Plan" strategic consulting research.

At the forum, Zhao Xijun, co-dean of China Capital Market Research Institute of China Renmin University, made an in-depth analysis on the capital market reform and new pattern, how to use capital to strengthen scientific and technological innovation, and the reform of the capital market under the registration system with the theme of "capital market reform supporting scientific and technological innovation under the new pattern". Dry goods are full.

Zhao Xijun said that in the medium and long term, it will take a long time to realize the high-quality development of the capital market, which requires unremitting reforms and efforts in many aspects. First of all, there is still much room for improvement in the scale and depth of China's capital market serving the real economy. It is necessary to continuously increase the proportion of direct financing and reduce the financing cost of entity enterprises.

Second, continue to increase the support of the capital market for scientific and technological innovation. The capital market is promising in four aspects. First, actively promote the reform of the registration system and consolidate the institutional foundation of the capital market to serve the development of enterprises. The reform of registration system is an important link in the basic system reform of capital market. Taking the reform of registration system as the leading factor, it is of great significance to promote key institutional innovations such as trading, delisting, refinancing, mergers and acquisitions, improve supervision in various fields, strive to improve the quality of listed companies, and lay a solid foundation for stable and healthy market development.

The second is to vigorously promote the development of science and technology innovation board and help the implementation of national technological innovation projects. The development of science and technology innovation board will help more science and technology innovative enterprises to enter the capital market through science and technology innovation board, and smooth the financing road of science and technology enterprises, thus promoting the virtuous circle of science and technology, capital and real economy.

Third, actively promote the development of the New Third Board and serve the listing and financing of small and medium-sized enterprises. In particular, it is necessary to further explore and improve the transfer mechanism of the New Third Board, realize the seamless connection of multi-level capital markets, open up channels for the growth 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 the digital development of the capital market and serve the new needs of the digital economy. China economy has entered a new era of digital economy. The capital market should seize the opportunity of the times, do a good job in the research on the digital development of the industry, and gradually promote the digital transformation of relevant systems and guidelines, so as to adapt to the new characteristics of enterprise digitalization and industrial digitalization and better meet the needs of the digital economy.

Third, we should continuously increase the proportion of institutional investors in China's capital market and guide more medium and long-term funds to enter the market; Fourth, we should constantly improve the asset management ability of institutional investors to meet the wealth management needs of residents; Fifth, vigorously develop the exchange bond market, continuously enrich varieties, improve the term structure, enhance the effectiveness of credit rating, and optimize the market-oriented disposal mechanism for bond default. Sixth, promote the high-level two-way opening of the capital market, continuously optimize and enrich the paths and products for overseas investment in the domestic capital market, smooth the channels for domestic capital to invest in overseas markets, strengthen cross-border supervision cooperation, enhance cross-border supervision capacity building, and enhance the global financial resource allocation capacity.

At the same time, we should also see that the capital market can make great achievements in supporting scientific and technological innovation, industrial upgrading, stability and security of industrial chain and supply chain. At the same time, around the reform of the registration system, institutional arrangements are made for the reasonable positioning, financing needs, output cycle, evaluation standards and risk control of various scientific and technological innovation enterprises. This is not an easy task. The CSRC proposes to improve the evaluation criteria of scientific and technological attributes, strengthen the supervision of shareholders' information disclosure of listed companies, 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 "circle money" and "cut leeks" and harm the interests of investors and the market.

Finally, in order to serve the overall situation of economic and social development and scientific and technological innovation, the capital market must be pragmatic, solid and effective. The preventive measures are "big waves to wash sand" and the actions are "slogans". Only by following the law of capital market development and deeply understanding the characteristics of market supply and demand, especially the stage characteristics, can we come up with measures that are closely related to the key tasks of development and meet the market demand, so as to gather more and greater consensus. To improve the IPO and refinancing system, implement the delisting system, promote the reform of the exchange bond market and upgrade the financial futures option system, we should fully consider the needs of the real economy, the expected stability of market participants and the safe and orderly operation of the market, and unify reform, development, stability and law enforcement.

//National People's Congress Chongyang

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RDCY

Chongyang Financial Research Institute of Renmin University of China (NPC Chongyang) was established on 20 13 10.09. It is a major funded project donated by chongyang investment to Renmin University of China, and an education fund was established.

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