Securities Times

Xiao Gang, member of the CPPCC National Committee and former chairman of the China Securities Regulatory Commission, said in an exclusive interview with the securities times during the two sessions that in the process of comprehensively promoting the reform of the registration system, it is necessary to further study and optimize the audit and registration mechanism and constantly improve the quality and efficiency of audit and registration. At the same time, we should speed up the reform of the investment side, guide more long-term funds into the market, give further play to the role of the futures market and prevent sharp fluctuations in commodity prices.

The full implementation of the registration system reform is the highlight of the capital market this year. Xiao Gang said that the essence of the registration system reform is to deal with the relationship between the government and the market, give the right of choice to the market, reduce unnecessary administrative regulation, and strengthen market constraints and legal constraints, so as to stimulate market vitality and improve market functions. The way to realize the reform of the registration system is to build an issuance and listing system with information disclosure as the core, so that all parties involved in the market can return to their responsibilities. The pilot reform of the registration system has been carried out on the science and innovation board, the gem and the Beijing stock exchange, and has achieved remarkable results. It is widely recognized by all parties and has a strong sense of reform. It has accumulated experience and created conditions for the full implementation of the registration system.

“The key and difficult point of fully implementing the registration system lies in the reform of the main board.” Xiao Gang pointed out that the Shanghai and Shenzhen main board is different from the science and innovation board and the gem, involving a large number of stock listed companies and investors. The scale of these listed companies is relatively large, and their business operation is at a relatively mature stage. From the perspective of industry distribution, many of them still belong to traditional industries. Therefore, when implementing the registration system on the main board, we should adhere to the principle of keeping the word at the head and seeking progress in stability. We should not only reflect the requirements of the registration system, but also meet the characteristics of the main board. The same is the reform of the main board. The relevant systems of Shanghai and Shenzhen exchanges are also different. Further research is needed when formulating the reform plan to ensure the smooth implementation of the reform.

Xiao Gang suggested that in the process of comprehensively promoting the reform of the registration system, it is necessary to further study and optimize the audit and registration mechanism. At present, the exchange is responsible for the audit of stock issuance and listing, and the CSRC is responsible for the registration of stock issuance. Each has its own focus, mutual connection, transparent process and stable expectation. Practice has proved that this audit registration mechanism is effective. With the concept of registration system becoming more and more popular, market participants gradually adapt to the regulatory requirements. In the full implementation of the reform of registration system, it is necessary to further optimize the mechanism. The exchange focuses on strengthening the audit responsibility, while the CSRC should speed up the functional transformation, focus on overall coordination, supervision and management, and constantly improve the quality and efficiency of audit and registration.

In view of the high-quality development of the multi-level capital market, Xiao Gang pointed out that at present, the positioning of China’s multi-level capital market is clear, realizing the pattern of dislocation development, different characteristics and appropriate competition. The science and innovation board is mainly positioned to support “hard technology”. The gem is positioned to support innovation and entrepreneurship. The Beijing stock exchange is positioned to serve innovative small and medium-sized enterprises, highlighting the characteristics of “earlier, smaller and newer”. There is a gap in various standards compared with the science and innovation board and the gem. The issuance and trading system is more flexible and closer to the growth stage of small and medium-sized enterprises.

Xiao Gang said that at present, China’s capital market has gradually undergone profound structural changes, the structure of listed companies and investors has been significantly improved, the market ecology has been significantly improved, and the market vitality, toughness and internal stability have been significantly enhanced. In particular, China’s economic operation is generally stable, there are many policy tools available, there is large space for regulation and control, and the market liquidity is reasonable and abundant, The risk margin of leveraged funds and stock pledge in the A-share market converges, and there is a solid foundation for the stable operation of the market.

To realize the high-quality development of multi-level capital market, Xiao Gang believes that we should start from three aspects:

First, further enhance the ability of the capital market to serve the real economy, scientifically and reasonably maintain the normalization of IPO and refinancing, actively play the role of the main channel of M & A, standardize the development of private equity and venture capital funds, and guide funds to increase support for key areas such as science and innovation, advanced manufacturing and small and medium-sized enterprises.

Second, take the reform of the registration system as the main line to promote market reform and opening up, adhere to the reform method to stimulate market vitality, stabilize market expectations and boost market confidence. Accelerate the reform of the investment side and guide more long-term funds to enter the market.

Third, maintain the smooth operation of the capital market, improve the risk monitoring, early warning and disposal mechanism, and improve the risk response toolbox.

In addition, Xiao Gang also gave suggestions on the price fluctuation of some bulk commodities. He pointed out that since last year, due to the superposition of multiple factors such as market supply and demand and the international political and economic environment, the prices of some bulk commodities have fluctuated greatly. In order to prevent large fluctuations in commodity prices, the role of futures market needs to be further played. On the one hand, we will resolutely curb excessive speculation by raising the handling fee standard, tightening the trading limit and reducing the position limit through the futures exchange. On the other hand, we should closely follow the industrial demand, study and launch more futures and option products, provide services for enterprises to use futures hedging tools to deal with the risk of commodity price fluctuation, and make a positive contribution to the stability of commodity supply and price.

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