Yao Gang, vice chairman of the China Securities Regulatory Commission, pointed out at the second China-India Financial Development Forum that in recent years, the China Securities Regulatory Commission has vigorously strengthened the construction of market infrastructure, implemented a series of comprehensive reform measures, and actively and steadily promoted the opening-up policy, resulting in a turning point in China's capital market:

First, the market scale has been significantly expanded and the trading varieties have been gradually improved. By the end of April 2008, there were 1576 listed companies in China, and the total market value of Shanghai and Shenzhen stock markets reached 24.02 trillion yuan, which was a huge increase compared with 3 trillion yuan before the share-trading reform in 2005. At present, the total market value of stocks in the two cities is equivalent to 95% of GDP in 2007, the total number of investor accounts reaches 1.44 billion, and the average daily trading volume of stocks in Shanghai and Shenzhen stock markets exceeds 1. At the same time, the variety of market transactions has gradually improved. At present, there are stocks, funds, corporate bonds, convertible bonds, warrants and other trading varieties, as well as more than a dozen commodity futures varieties such as copper, gold, fuel oil and soybeans. Preparations for the launch of stock index futures are also progressing in an orderly manner.

Second, the structure of listed companies has improved significantly and their profitability has steadily increased. In recent years, a large number of blue-chip companies such as Industrial and Commercial Bank of China (60 1398, Stock Bar) and China Petroleum (60 1857, Stock Bar) have been listed on A-shares one after another. China Ship (600 150, Guba) and China Ocean Shipping (60 196544). In 2007 and the first quarter of 2008, the overall performance and earnings per share of listed companies increased significantly. Net profit increased by 49% and 32% respectively, and earnings per share increased by 34% and 46% respectively. The profitability of listed companies has improved steadily, and the role of capital market as a barometer of the national economy has gradually emerged.

Third, the overall competitiveness of securities institutions has been significantly enhanced, and the investor structure has been continuously improved. By the end of April 2008, there were 106 securities companies with total assets of about10.8 trillion yuan and net capital of about 310 billion yuan. In 2007, the net profit was130.6 billion yuan, an increase of 4 13% compared with the net profit in 2006, and the profitability of securities institutions was steadily improved. There are 60 fund management companies and 359 securities investment funds, with fund assets reaching 2.54 trillion yuan. At present, institutional investors such as securities investment funds, insurance funds, social security annuities, QFII, etc. Holding nearly 50% of the circulating market value, the role of institutional investors in the market has been significantly enhanced.

Fourth, the market structure was gradually improved, and the construction of a multi-level capital market system was steadily advanced. In recent years, China Securities Regulatory Commission has actively guided high-quality large-scale enterprises to be listed on the exchange, expanded the main board market, and actively promoted the development of small and medium-sized enterprise boards, greatly improving the market's resource allocation and financing functions. In 2007, the domestic stock market IPO raised 459.5 billion yuan, ranking first in the global market. Since the launch of SME board in 2004, 232 enterprises have been listed and traded. According to the State Council's policy of "accelerating the construction of GEM", the preparations for GEM are progressing steadily. At the same time, China Securities Regulatory Commission vigorously develops the corporate bond market. Since the promulgation of the Pilot Measures for the Issuance of Corporate Bonds in 2007, nine companies have been approved to issue corporate bonds, and eight of them have actually completed the issuance, raising a total of 22.8 billion yuan.

At the same time, in recent years, the degree and scope of China's capital market opening to the outside world have been deepening. China Securities Regulatory Commission has always adhered to the principle of gradual, mutual benefit and win-win opening, actively and steadily promoted the opening of the securities market, and adopted a series of opening measures to promote the healthy and stable development of China's capital market:

First, earnestly fulfill the promise of opening up the securities industry after China's entry into WTO. By the end of April, 2008, China Securities Regulatory Commission had approved the establishment of 7 Sino-foreign joint venture securities companies and 365,438+0 Sino-foreign joint venture fund management companies, of which 65,438+05 joint venture fund companies had foreign equity accounting for 49%. Shanghai Stock Exchange and Shenzhen Stock Exchange each have three special members, including 465,438+0 and 65,438+09 overseas securities institutions directly engaged in B-share trading.

Second, actively implement the Qualified Foreign Institutional Investor (QFII) system and the qualified domestic institutional investor (QDII) system. At present, the QFII investment quota has been increased to 30 billion US dollars, 54 overseas institutions have obtained QFII qualification, and the allowed investment quota is about 654.38+005 billion US dollars, and another 5 foreign banks have been allowed to carry out QFII custody business. In terms of QDII, 2 1 fund management companies and 9 securities companies obtained QDII qualification, 9 QDII fund products and 1 QDII collective asset management plan were approved, and the approved investment amount reached 37.5 billion US dollars.

The third is to allow qualified domestic enterprises to list overseas. Since 1993, China government has supported qualified domestic enterprises to go public overseas, expand financing channels and participate in international competition. By the end of April 2008, there were 65,438+050 domestic companies listed overseas, raising a total of 65,438+065,438+004.84 million US dollars, of which 55 companies issued A shares at the same time.

Fourth, foreign-invested enterprises are allowed to issue stocks and bonds in China. 200 1 China Securities Regulatory Commission allows qualified foreign-invested joint-stock companies to issue shares and go public in China. Up to now, more than 100 foreign-invested enterprises have issued shares and listed in China. In addition, foreign investors can also make strategic investments in listed companies in the A-share market according to the Measures for the Administration of Foreign Investors' Strategic Investments in Listed Companies.

Fifth, support domestic securities and futures institutions to "go global" and allow overseas stock exchanges to set up representative offices in China. At present, China Mainland has approved 10 securities companies and 6 futures companies to set up branches in Hong Kong, and 3/kloc-0 domestic enterprises are allowed to engage in overseas futures trading for hedging purposes. In July 2007, the Measures for the Administration of Representative Offices of Overseas Stock Exchanges in China came into effect. At present, seven overseas stock exchanges, including new york Stock Exchange and London Stock Exchange, have been approved to set up representative offices in China.

Sixth, strengthen international regulatory cooperation. China Securities Regulatory Commission has always attached importance to exchanges and cooperation with overseas securities regulatory agencies and relevant international organizations. By the end of April 2008, China Securities Regulatory Commission had signed 39 memorandums of understanding on regulatory cooperation with securities and futures regulatory agencies in 35 countries and regions. In April 2007, the China Securities Regulatory Commission formally signed the Multilateral Memorandum of the International Organization of Securities Regulatory Commissions, which further strengthened bilateral or multilateral consultation and dialogue, cross-border supervision and law enforcement cooperation with the regulatory agencies of member countries.