It is not advisable to control the scale of securities investment funds, but it is also not advisable to let securities investment funds develop ahead of schedule. Therefore, it is necessary to strengthen the research on the planning of securities investment funds, and grasp the issuing rhythm of securities investment funds according to the development of China's capital market and the growth of fund talents. Improve the capital market structure and strive to improve the market environment of securities investment funds.
It is necessary to take measures to further improve the quality of listed companies, standardize their behaviors, and support companies in E City to repay investors with continuous dividends; Establish a reasonable market pricing mechanism to protect the interests of circulating shareholders; Vigorously develop the bond market, establish low-risk fixed-income products covering stocks, government bonds and corporate bonds, and gradually change the problem of single product structure in China market to meet the needs of different investors; Research and develop financial derivatives, reduce the systemic risks in the capital market, and provide tools for long-term compliance funds to invest in the capital market to avoid systemic risks in the market. Accelerate the introduction of laws and regulations on industrial investment funds to provide legal protection and norms for the development of industrial investment funds.
With the diversion of bank deposits by negative interest rates and other factors since last year, all kinds of irregular private fund-raising have intensified. Therefore, it is necessary to speed up the formulation of relevant laws and regulations, "open the front door and block the oblique door", so as to provide legal protection and norms for regulating private investment, setting up various industrial investment funds and promoting the effective transformation from savings to investment. The formation of a harmonious investment fund market is a gradual process, which is influenced by many factors, but it is an unshakable principle to take scientific development as the foothold and the rule of law as the core. From the abstract level, scientific development means comprehensive, coordinated and sustainable development, and its specific task is to promote the optimal allocation of investment fund market resources, which is also the basic connotation of a harmonious investment fund market. The realization of scientific development must rely on the rule of law, because "the rule of law always contains the pursuit of certain social basic values." These values are actually the basic basis for the design of various systems and mechanisms. "
At present, the investment fund market in China is far from the rule of law. Although the fund regulation system with the Securities Investment Fund Law as the core and various departmental rules and normative documents as the supporting materials has been basically established, the reform and innovation of the investment fund market are restricted by the law due to the legislative defects of the Securities Investment Fund Law. First of all, the law only regulates securities investment funds, which is difficult to meet the diversified needs of the investment fund market. In addition, some key issues related to the development of investment fund market are avoided, such as the reform of closed-end funds, the financing of open-end funds, corporate funds and private equity funds.
The lag of investment fund market legislation will inevitably increase the difficulty and risk of law enforcement and justice, because there is no legal basis. In practice, policies are generally used to replace laws. Although this practice has solved the problem to some extent, it obviously violates the requirements of administration according to law and judicial justice, and runs counter to the spirit of the rule of law. At the same time, even if there is a law to follow, the implementation of the law is far from satisfactory, and illegal acts are still relatively common. Moreover, many illegal acts have not been investigated in time and effectively, which makes the law lack due respect in the investment fund market. Needless to say, the current situation of the rule of law in the investment fund market is not optimistic, and it is difficult to build a harmonious investment fund market on this basis. Therefore, it is necessary to re-examine the legal construction of investment fund market and explore a legal road that meets the needs of the development of investment fund market in China.
The legalization of investment fund market is a systematic project, and its complexity is self-evident. First of all, it is restricted by external factors such as politics, economy and culture, and cannot develop independently outside the existing social structure. Secondly, the relationship between many internal factors needs to be well coordinated to make it in a state of balanced development, and any deviation will have a negative impact, thus hindering the process of rule of law. Therefore, balance and coordination have become the theme of legalization of investment fund market. The combination of top-down government promotion and bottom-up social participation is the most ideal legalization mode, but for a long time, the legalization of investment fund market still mainly depends on government promotion, which is determined by the national conditions of China. Because the government plays a leading role in the process of legalization of investment fund market, it is necessary to restrain the government power, which is the inherent requirement of legalization of investment fund market. How to realize the above themes and requirements has become a key link in the legalization of investment fund market. Generally speaking, effective legal adjustment is the best answer. However, the object of legal adjustment is specific social relations, and these social relations are various, which will inevitably lead to the internal unity of law being divided into different relatively independent parts to meet the needs of playing a relatively independent role in adjusting different social relations. The vast majority of social relations in the investment fund market have economic attributes, which requires that its legal adjustment must be economic or professional first, which is reflected in the ability to "directly stipulate the contents and requirements of the economic system and economic activities as laws". In addition, the legal adjustment of the investment fund market should be all-round, which is determined by the complex and diverse social relations that the investment fund market needs to adjust. These relationships are not only at the micro level, but also at the macro level.
As an important part of the capital market, the investment fund market is facing the choice of direction. If we continue to stay in the capital market with an "experimental" attitude, the price paid will not only be the healthy development of the investment fund market, but also the realization of the reform goal of the whole capital market, which will be a potential threat to the coordinated development of the national economy. Then, building a harmonious investment fund market with the rule of law as the core and economic law as the concept can not only design the development of the investment fund market in theory, but also promote the progress of practice through theory, point out a suitable development path for the reformed investment fund market and promote the perfection and maturity of the investment fund market.