Help to deepen the capital market reform new momentum to grow

  Tsinghua Holdings relevant responsible person said, deepen the core of multi-level capital market reforms to promote the realization of the national economy to high-quality multi-dimensional development, the specific performance of financial capital investment to grasp the direction, support economic development and economic restructuring entity, focusing on assets held scale expansion from a focus on improving the transition to a focus on quality, and control financial risks of business operations and remove unreasonable lever, thereby reducing the cost of delivery of funds to the entity。
  Suzaku investment-related official said, since 2013, the government work report mentioned continuous multi-level capital market, the relevant statements of successive progressive。
  At present, China's multi-level capital market including the motherboard (including small plates), GEM, the national share transfer system for SMEs (referred to as the "new three board"), regional equity markets and broker-counter market (OTC)。
  Previous Suzaku investment-related person in charge, the motherboard market in the multi-level capital market system in the living leading position, strong demonstration effect, will be listed in the release, information disclosure, corporate governance, mergers and acquisitions, market innovation, external supervision to improve the system, to sing sound "risk prevention" and "sustainable development" theme song。   "Small plates, the GEM and the new board to serve primarily innovative SMEs, will further improve the market mechanism stratification, reduce the threshold of profitability of listed and listed companies, to better meet the innovation of small and medium enterprise financing and development needs。 "The official said, adhere to the information disclosure as the center, strengthen corporate governance requirements, the real survival of the fittest, let the market mechanism to play a role。   The bond market is an important component of the multi-level capital market system, we will further strengthen top-level design and overall arrangement, promote the coordinated development between exchange market and the interbank market, drive product innovation and trading system innovation, promote price discovery, eliminating price distortions, sound risk management mechanism。
The person in charge, focusing on promoting the development of the company's credit class bonds, breaking the rigid honor, to strengthen market discipline, give full play to the bond markets serve the real economy function。   In addition, the official stressed that the futures market is an integral part of the multi-level capital market system, will further strengthen product innovation, closely related to people's livelihood focus on the development of commodity futures, so that China's futures market size and level of development of our country as the world's first status in the two economies and the largest consumer of commodities matches, enhance the right to speak our pricing in the international commodity markets, to avoid being manipulated by others。
  New Times Securities chief economist at Pan Xiangdong improve the mechanism to optimize the organization believes, both in quantity and scale, China's pattern of multi-level capital market has been established, work will focus on improving the mechanism, optimize the structure, sustainable development。   First, to further improve the mechanism。
Through reform of listed companies issuing system, information disclosure of listed companies to improve transparency, strengthen our diversified capital markets play an important role in guiding the allocation of resources, promoting new economic development, optimizing the economic structure, etc.。
  Second, the structure was further optimized。 On the one hand, to develop the bond market。 With the bonds through the opening, China needs to further strengthen the inter-bank bond market and the stock exchange and rural development, strengthen the supervision and coordination bond market。 On the other hand, actively promote the healthy development of the futures and derivatives markets。 Actively carry crude oil and other commodity futures listed, accelerate more commodity futures, options, product innovation, the steady expansion of "futures Insurance +", "+ Insurance Options" pilot, to better serve the agricultural supply-side structural reforms, the steady development of financial futures options, especially in the RMB exchange rate derivative products to further promote the RMB internationalization process。   Third, we continue to increase the proportion of direct financing。
Add proportion of direct financing is too small, it will restrict the policy space of reduced leverage the supply-side structural reforms, is not conducive to guard against systemic financial risks are too high the corporate sector and local government departments leverage caused。   Fourth, improve the level of opening。
By relaxing foreign access, speed up the establishment of a modern financial system, improve the competitiveness and the level of internationalization of China's financial industry, the internationalization of RMB exchange rate market and financial market breadth and depth of financial opening will usher in a new pattern。
  Orient Securities chief economist, assistant to the president Shao Yu said the development of multi-level capital market, to further promote the supply side structural reforms, financial services play a function of the real economy, the implementation of innovative development strategies and clear the monetary policy transmission channels, and more significantly the positive。
  "The financial infrastructure, such as construction of the financial regulatory system, laws and regulations, such as the construction of credit system, we need to complete。
"Shao Yujiang stressed that the only way the capital markets in order to ensure stable macro-level of liquidity premise, give full play to the resource allocation function; play well revitalize the stock funds, expand the functions of financial intermediation scale; play good risk-sharing, revenue sharing advantages , targeted support for innovative start-ups and small and micro enterprise development, as well as traditional enterprise technology research and development and upgrading; the conversion of kinetic energy to achieve economic development, add momentum for building a well-off society and socialist modernization powerful。   Boost economic development and expansion of the new government work report made it clear that the development and expansion of new momentum。 Bigger and stronger emerging industry clusters, the implementation of large data development initiatives to strengthen the development and application of a new generation of artificial intelligence, to promote the "Internet +" in many fields of medical, pension, education, culture, sports, etc.。
Development of intelligent industry, expand intelligent life。
The use of new technologies, new formats, new model, to transform and upgrade traditional industries。
  "Supporting innovation, from the micro level to the macro level, there is a lot of work to do, such as to provide a variety of policies, services, and financial services is one aspect of。
"Suzaku investment official says, how the capital markets to provide good services to these companies, the project, which is to drive the entire future innovation, economic restructuring can a critical success factor related to。   The person in charge, the Commission proposed 2018 conference system "to serve the national strategy, building a modern economic system as a guide, to absorb international capital markets mature and effective system and method useful, issuing and listing system reform, efforts to increase inclusive system and adaptability, increase support for new technologies and new formats new industry model "。
Through the above measures, on the one hand to support the development of new economy industries and continue to enhance innovation and competitiveness of the economy, on the other hand, can also be some quality innovative companies to stay in the domestic capital market, increase the value of the investment capital markets, and promote capital market development。