The capital market is based on the real economy, and the stock market has always been a barometer of the economy. As China's economy enters the new stage of the Twelfth Five-Year Plan, the new industrial structure will inevitably put forward new requirements for the capital market. Therefore, the reform, opening-up and stable development of China's capital market has also stood at a new historical starting point, bearing a new mission.
The Fifth Plenary Session of the Seventeenth Central Committee held last year clearly put forward the task of developing the capital market in the next five years, demanding "accelerating the construction of a multi-level capital market system and significantly increasing the proportion of direct financing. Actively develop the bond market and steadily develop the OTC market and futures market. " As an important part of China's socialist market economy, capital market has become an important platform to promote the transformation of China's economic development mode and structural adjustment.
"At present, both Japan and China are facing the problem of economic growth mode transformation, but overall, Japan's transformation is to improve competitiveness, while China's economic transformation is to achieve sustainable development." Liu Hongru, the first chairman of China Securities Regulatory Commission, said this not long ago. He believes that the capital market plays an irreplaceable role in realizing the strategic adjustment of the economic structure.
China's economy in a critical period inevitably needs the capital market to play an important role. International experience shows that an effective and sound capital market plays an important role in promoting the successful economic transformation. From the practice of our country, vigorously promoting the development of the capital market has accelerated the reform process of the economic and financial system, and provided strong support for promoting the adjustment of industrial structure and enhancing the endogenous power of economic development.
According to statistics, since the 16th National Congress, the domestic capital market has raised a total of 4.9 trillion yuan, which has provided strong financial support for the development of related enterprises and the merger and reorganization of related industries.
In recent years, the capital market, as an important platform for implementing the strategy of an innovative country, has effectively guided various elements and resources to flow into the fields of high-tech and applied technology, and promoted the rapid development of high-tech enterprises such as information, biology, medicine and new energy in China, as well as the technological transformation and upgrading of machinery manufacturing, steel and cement industries.
In the process of China's economic transformation, the capital market undoubtedly plays a very important role. However, as an important platform to optimize the allocation of resources, capital market can provide a set of aggregation mechanism to guide the flow of resources, innovation mechanism to promote technology transformation, cultivation mechanism to encourage venture capital, and screening mechanism to realize the survival of the fittest. In the process of accelerating the transformation of economic development mode, the capital market is facing rare opportunities for development.
In the process of changing the development mode of service economy, the capital market also has a problem of changing the mode and adjusting the structure. Only by constantly improving the operating mechanism of the market itself and constantly solving the problems that affect the stable and healthy development of the market can we better support and serve the social and economic development.
Under the structure adjustment of the world economy, China's existing economic structure, which is dominated by traditional processing and manufacturing industries, is also unsustainable due to the constraints of resources, environment and exports. The key to adjusting the economic structure is to give play to the basic role of the market in resource allocation. Establishing and perfecting a capital market system with rich levels, reasonable structure and perfect functions, and giving full play to the function of capital market in optimizing resource allocation, can not only promote the optimization and upgrading of traditional industries and enhance the core competitiveness of China's manufacturing industry, but also reasonably guide enterprises to merge and reorganize, eliminate backward production capacity, promote the concentration of high-quality resources to advantageous enterprises, and improve industrial concentration, thus providing an important platform and support for economic restructuring.
In the report of the 20 1 1 conference on securities and futures supervision, China Securities Regulatory Commission also made it clear that during the Twelfth Five-Year Plan period, we should continue to strengthen market infrastructure, cultivate and improve market mechanisms, strengthen and improve market supervision, continuously improve market efficiency, change supervision concepts, optimize reform and development paths, innovate supervision modes, and give full play to the due role of China's capital market in national economic construction and social development.
In terms of specific measures, this year, the CSRC will focus on strengthening the market function, on the basis of consolidating the existing market level, accelerate the construction of the OTC market and the bond market, expand the market coverage, and build a market system that complements, promotes and coordinates each other. At the same time, by deepening the reform of the issuance system, promoting market-oriented mergers and acquisitions, improving the delisting system and other measures, we will cultivate and improve the market mechanism and improve the efficiency of market resource allocation. (Hou) according to