The scale of financial market development has grown rapidly.
In the issuance market, from June 5438+0 to June 5438+0 1 in 2009, the circulation of China bond market increased by 84.6% compared with the same period of last year. After the resumption of ipo in the stock market and the official operation of the Growth Enterprise Market, domestic enterprises adopted ipo * * financing 1438 on June +0. In terms of trading market, on the basis of rapid expansion in 2008, the scale of financial market continued to expand substantially in 2009. During the period of 1 ~ 1 1, the cumulative turnover was 28.608 billion yuan (including interbank lending market, bond market, gold market, stock market and futures market), which was 29.63% higher than that of 220.69 trillion yuan in 2008 and reached the highest level in history. Among them, the stock market has the fastest growth rate, and the volume of transactions has increased by 1.05438+0 times compared with the same period in 2008. The rapid growth and expansion of financial markets have promoted the position of financial markets in China's economy and financial system. While the scale of the financial market is further expanded, the overall market situation is on the rise.
The development of financial market and the further optimization of market structure.
First, the financing structure was further optimized. Since 2009, the issuance scale of corporate credit bonds in China's bond market has increased substantially, with the issuance of corporate credit bonds 1.78 trillion yuan, which is 78% higher than the issuance scale of similar bonds in 2008 and much higher than the total growth rate of 5 1.7% in the same period. The issuance of corporate credit bonds has increased substantially, which has effectively improved China's social financing structure, eased the restriction of a single bank loan financing channel on enterprise development, promoted the growth of private investment, and alleviated the problem of lagging development of corporate credit bonds in the development of China's bond market to some extent. In 2009, China's Growth Enterprise Market officially started to operate, and a breakthrough was made in the construction of multi-level capital markets, which helped to greatly improve the financing channels of small and medium-sized enterprises, especially innovative enterprises, and implement the strategic goal of building an innovative country. Second, the main structure of the market was further optimized. With the joint efforts of the People's Bank of China and other relevant regulatory authorities, auto financing companies and financial leasing companies have become the main issuers of bonds in the inter-bank bond market, and unincorporated institutional investors such as fund companies and specific asset management groups have been allowed to enter the inter-bank bond market for transactions. By the end of 1 1 in 2009, the number of participating institutions in China's inter-bank bond market was 9 122, an increase of 823 from the beginning of the year, including 748 non-bank financial institutions and enterprises, which further diversified the investor structure in the bond market. The investment structure of the stock market, gold market and futures market has also been further optimized.
Significant progress has been made in the development and innovation of financial markets.
Since 2009, according to the new situation and new characteristics of international and domestic economic development, China's financial market has made great breakthroughs in product innovation and system innovation. In the bond market, new bond products such as local government bonds, RMB bonds issued by mainland Hong Kong-funded banks in Hong Kong, and collective notes for small and medium-sized enterprises have been continuously introduced. In the stock market, the successful launch of the Growth Enterprise Market (GEM), which has been brewing for 10, is an important measure to improve the level and structure of China's capital market and expand its depth and breadth. In the futures market, new futures products such as rebar, wire rod, early indica rice and PVC are listed and traded one after another, attracting many safe-haven capital operations and promoting the futures market to be more active; In the fund market, "one-to-many" financial management has been opened for special fund accounts, and new fund products such as etf linked fund, central enterprise etf and SSE social responsibility etf have been continuously introduced, providing diversified choices for investors participating in the fund market operation. In terms of institutional innovation, China Bond Credit Enhancement Investment Company was established on September 2, 2009, which will play an important role in expanding the financing share of small and medium-sized enterprises and promoting the sustained and healthy development of China's bond market. 165438+1October 28th, interbank market clearing house co., ltd was officially listed. The establishment of a professional and independent clearing institution is an important measure for the People's Bank of China to conscientiously implement the central deployment, actively respond to the impact of the international financial crisis, deepen the reform of financial markets, strengthen the construction of financial infrastructure, and promote the construction of Shanghai's international financial center.
The financial market development system has been steadily advanced.
In 2009, the market supervision department took a number of measures to strengthen market supervision, guard against and respond to market risks, and the construction of the financial market system was steadily advanced. With regard to the bond market, the People's Bank of China issued the Measures for the Administration of Bond Registration and Custody in the Inter-bank Bond Market and the Operating Rules for the Administration of Financial Bond Issuance in the National Inter-bank Bond Market in a timely manner to guide and standardize the inter-bank bond market. Other relevant regulatory agencies have also issued the Notice on Increasing the Types of Bond Investment of Insurance Institutions, the Notice on Entrusting Investment by the National Social Security Fund Council and other related systems to guide and standardize the investment and financing activities of participants in the inter-bank bond market; The role of the self-regulatory department has been further developed. The China Association of Interbank Market Dealers (3.33, 0.05, 1.52%) successively issued the Self-discipline Rules for Bond Trading in the Inter-bank Bond Market and the Code of Conduct for Underwriters of Debt Financing Instruments of Non-financial Enterprises in the Inter-bank Bond Market, which strengthened market self-discipline. In the stock market, the CSRC issued the Interim Measures for the Administration of Initial Public Offering and Growth Enterprise Market Listing and the Guiding Opinions on Further Reforming and Perfecting the IPO System to strengthen the construction of multi-level capital markets and improve the stock market; The Ministry of Finance and other four ministries and commissions jointly issued the Implementation Measures for Transferring Some State-owned Shares in the Domestic Securities Market to Enrich the National Social Security Fund, which further standardized the transfer of state-owned shares. In the futures market, the State-owned Assets Supervision and Administration Commission (SASAC) issued the Notice on Further Strengthening the Supervision of Financial Derivatives Business of Central Enterprises to further standardize the behavior of central enterprises participating in futures and other derivatives business transactions, and the CSRC issued the Regulation on Classified Supervision of Futures Companies (draft for comments), which further strengthened the management of futures companies. In the fund market, the CSRC has stepped up efforts to regulate the fund market, and successively promulgated the Interim Measures for the Evaluation and Management of Securities Investment Funds, the Guiding Opinions on the Management of Investment Managers of Fund Management Companies and the Measures for the Registration and Management of Fund Managers. The improvement of relevant systems has effectively guaranteed the smooth and standardized operation of China's financial market.
20 10 financial market development prospects
According to the requirements of the Central Economic Work Conference, the main line of China's national economic development in 20 10 is to accelerate the transformation of economic development mode and maintain stable and rapid economic development. A large-scale, developed and effective financial market can promote the development of the national economy by providing financing support and providing an asset transfer platform. Looking forward to 20 10, with the further development and maturity of China's financial market, the supporting role of China's financial market for economic development will be further enhanced, and it will play a greater role in increasing financial support for small and medium-sized enterprises, promoting the consumption growth of Chinese residents, and improving the ability of financial enterprises to prevent and resolve risks. At the same time, the development of the financial market itself will enter a new stage, the scale will be further expanded, the market will be generally upward, moderate innovation will be maintained, and the pace of opening up will be steadily expanded.
The supporting role of financial market in China's economic development will be further revealed.
First of all, the development of financial market will further increase financial support for small and medium-sized enterprises. Small and medium-sized enterprises are an important force in China's national economic and social development. According to estimates, China's small and medium-sized enterprises have absorbed about 75% of the urban population and rural migrant workers, contributing more than 60% to gdp and more than 50% to tax revenue. Therefore, promoting the development of small and medium-sized enterprises is conducive to accelerating the transformation of economic development mode and maintaining the steady and rapid development of China's economy. One of the keys to the development of small and medium-sized enterprises is to increase financial support for them.
Investing in small and medium-sized enterprises has the characteristics of high risk, long investment cycle and great difference in financing needs of different types of small and medium-sized enterprises. Therefore, their financing needs need to be met by developing multi-level capital markets. With the formal establishment of China SME Credit Enhancement Company and the official operation of Growth Enterprise Market, the development of financing tools such as SME collective bills, SME collective bonds, venture capital guidance funds and trading platforms such as property rights trading market, China financial market will be able to further increase financial support for SMEs, thus promoting the development of SMEs.
Second, the development of financial market will further promote the growth of residents' consumption in China. The development of financial market can increase residents' property income, thus affecting consumption. A number of empirical studies show that the change of asset value in the stock market will lead to the same change of consumption by 3% ~ 5%. With the further development of China's financial market, residents' investment will be further enhanced, and more consumers can get more property income through the financial market, thus increasing the consumption rate in China.
Third, the development of financial market will ensure the stability of available funds for financial enterprises. In response to the adverse impact of the global financial crisis on China's national economic development, the CPC Central Committee and the State Council decided to implement a moderately loose monetary policy to ensure that the total amount of money and credit can meet the needs of economic development. Under the guidance of this policy, from 1 to 1 1 in 2009, China's financial system increased loans by 9.2 trillion yuan, higher than the scale of 4.9 trillion yuan in 2008.
Because this round of credit is mainly medium and long-term loans, the liquidity of assets is relatively weak. In order to ensure the stability and continuity of macro-policies, it is necessary to enhance the transferability of credit assets to maintain the relative stability of available funds of financial enterprises. With the development of China's financial market, China will establish a centralized loan transfer platform and actively promote all kinds of institutional investors to participate in transactions; Support the healthy and rapid development of various financial instruments such as trust wealth management products and asset-backed securities, which will provide more financial instruments and trading platforms for financial institutions, improve the transferability of credit assets, provide guarantee for maintaining the stability of monetary policy and credit policy, and thus promote stable and rapid economic development.
The development of the financial market itself will also enter a new stage.
First, the scale of the financial market will be further expanded. At present, China's national economy is developing steadily and will further develop in 20 10, which will provide better conditions and foundation for the development of financial markets, and at the same time put forward new and higher requirements for the development of financial markets. With the development of China's economy, the surplus and shortage of temporary funds in the whole society will increase rapidly. The development of multi-level capital market can provide personalized market platforms suitable for different investment and financing subjects, and the importance of financial market as a platform for fund surplus and deficiency management, investment and financing and wealth management will be further revealed, thus promoting the development of financial market in depth. In the past few years, China's financial market has made great efforts in innovation. With the maturity of innovative products, their trading volume will increase at a faster speed, which will promote the continuous expansion of China's financial market. With the continuous development and standardization of China's financial market, the market structure will be further optimized.
Second, financial markets are likely to fluctuate upward. In 20 10, China's economy will maintain steady and rapid development, and fiscal and monetary policies will also maintain continuity and stability, which is a solid foundation for the overall upward trend of China's financial market. However, due to the high unemployment rate in the economic growth of major economies in the world, their economic growth faces certain uncertainties, and external financial markets may fluctuate to a certain extent, which will have an impact on China's financial market. 20 10 the structural adjustment will be intensified in the development of China's national economy, and the adjustment of backward production capacity and excess production capacity will also be reflected in the financial market, which may have a certain impact on the financial market.
Third, innovation will remain a powerful driving force for the development of financial markets. In the development of financial market in 2009, innovation played an important role in promoting the development of financial market. In the bond market, the circulation of innovative varieties such as local government bonds and medium-term notes has increased substantially, among which the trading activity of medium-term notes ranks in the forefront of all kinds of bonds; As for the stock market, starting GEM broadens the coverage of the stock market, further enhances the investment and financing functions of the stock market, and is conducive to promoting the development of China's high-tech industries. In the futures market, the continuous introduction of new varieties of futures further strengthens the price discovery and hedging functions of the futures market, and activates the futures market transactions. In terms of the coordinated development of various sub-markets, after the further market-oriented reform of the stock market issuance system, the disturbance degree of ipo to the interest rate of the stock market money market is obviously weaker than in previous years. In the future development, China will continue to take product innovation as a breakthrough, promote the gradual improvement of the market rules system, promote the participation of market participants, and promote the sustained and healthy development of the financial market.
Fourth, the pace of financial market opening will be accelerated. After China's accession to the WTO, China's financial market has steadily expanded to the outside world, and the investment and financing business of overseas entities in China's financial market has been or will be opened in all market sectors. Mainland Hong Kong-funded banks went to Hong Kong to issue RMB bonds, and 6 billion RMB bonds were also successfully issued in Hong Kong, marking that RMB bonds will go to the international market. 20 10 with the further development of China's RMB cross-border trade settlement pilot and the deepening of the construction of Shanghai International Financial Center, the proportion and scale of foreign investors' participation in China's financial market and the scale of RMB bonds issued by international development institutions will gradually expand, the pace of overseas enterprises' issuance of RMB bonds in China will be steadily advanced, qualified overseas enterprises will start issuing RMB stocks in due course, and other sub-markets in China's financial market will be further opened.