The development of the capital market has received unprecedented attention. The thirteenth collective study of the Political Bureau of the CPC Central Committee has strengthened this point.
"We must build a standardized, transparent, open, dynamic, and resilient capital market, improve the basic system of the capital market, and improve the market entrance and market export, and strengthen the supervision of the whole process of the transaction." Political Bureau of the CPC Central Committee 2 On the afternoon of the 22nd, the 13th collective study was held to improve financial services and prevent financial risks. General Secretary Xi Jinping put forward higher requirements for the capital market when he was studying. This is the latest requirement of the decision-making layer for the capital market.
This collective study clearly requires that we should provide accurate financial services around the construction of a modern economic industrial system, market system, regional development system, and green development system, and build a comprehensive, multi-level venture capital, bank credit, bond market, and stock market. Financial support service system.
Since 2015, the reform and development of the capital market has been the focus of the decision-making level. After more than three years of continuous exploration, the discussion of “developing the capital market is the direction of China’s reform” is becoming more and more full, and the requirements for the development of the capital market are also The more clear and specific. The demand for capital market in this collective study indicates that the capital market has entered a new era of great development.
First of all, the positioning of the capital market is more clear, and the "12-character" development goal is further established. This has created conditions for the great development of the capital market.
In 2015, the A-share market experienced sharp fluctuations. Since September of that year, the central high-level officials have talked about the development of the capital market on different occasions for nine times. It can be summarized into two sentences: first, the development of the capital market is China's reform direction; second, it is to strengthen the system construction and continue to actively cultivate A multi-level capital market with openness, transparency, long-term stability and healthy development. Afterwards, a series of strict regulatory measures in the capital market were introduced, and the investment and financing environment was significantly improved, creating a favorable opportunity for the reform and development of the capital market.
Beginning in October 2018, the central government has continuously released new signals for the reform and development of the capital market. On October 20 of that year, the State Council Financial Stability Development Committee held the tenth special meeting on preventing and defusing financial risks, which proposed a triangular support framework for sound neutral monetary policy, enhancing the vitality of micro-subjects and playing a good role in capital markets, while emphasizing “to play well”. Capital market hub function."
When the Central Economic Work Conference held in December last year deployed the economic work of 2019, the role of the capital market was more clearly defined: the capital market has a role in the financial operation. The meeting clarified the “12-character” capital market development goals of “normative, transparent, open, dynamic and resilient”.
Secondly, one of the important contents of the current capital market to serve the real economy is to “support key core technology innovations”. This is an important focus of the future reform and development of the capital market.
The sixth meeting of the Central Comprehensive Deepening Reform Committee held on January 23 this year proposed to enhance the inclusiveness of the capital market for science and technology innovation enterprises, focus on supporting key core technology innovations, and improve the ability to serve the real economy. In the thirteenth collective study, the functions of the financial support service system such as the stock market are defined in more detail. Providing accurate financial services around the industrial system of building a modern economy is a must for the stock market.
From February 20th to 21st, the chairman of the New China Securities Regulatory Commission will make a full month of Yihui meeting at the forum held by the Shanghai Stock Exchange, and put forward the important reform task of setting up the science and innovation board and pilot registration system. The overall requirements of the reform, adhere to the reform and positioning of key core technology innovations, respect market rules, strengthen market constraints, and form an institutional mechanism that can be replicated and promoted.
The author believes that from the central to the regulatory level, the capital market should pay special attention to “key core technology innovation”, so it is not difficult to see where the next stage of the A-share market will be.
Third, the thirteenth collective study also emphasizes the need to “get out of the road of financial development with Chinese characteristics”, indicating that the theoretical exploration of China's capital market development in the next stage will be strengthened. This is another powerful support for judging the capital market into a big development era.
The author has previously written that China's capital market has been established for more than 20 years, extensively borrowing the market framework, investment and financing system, and regulatory system of overseas mature capital markets, and grafting it in the local market with a slight change. The advantage of doing this is that it can achieve rapid development. However, after the capital market develops to a certain stage, it is inevitable that there will be a situation of acclimatization. This requires exploring a path suitable for the development of China's capital market. This is a new stage in China's capital market from quantitative change (the second largest in the world) to qualitative change (the independent pricing power), which must be realized in light of China's economic status quo relying on innovation and development.
Now, when China's capital market is about to enter, the theoretical construction work needs to keep up.
Finally, the development of capital markets is China's reform direction. This direction is the established direction and will not change. Therefore, domestic and foreign institutions and investors who participate in the capital market in compliance with laws and regulations will inevitably share the growth dividend of capital market reform and development. It also includes you and me.