On February 22, the Political Bureau of the CPC Central Committee held the thirteenth collective study on improving financial services and preventing financial risks. Xi Jinping, general secretary of the CPC Central Committee, pointed out that finance is an important core competitiveness of the country. Observers here believe that as an important part of the all-round, multi-level financial support service system, capital markets, including the stock market, will also become an integral part of the country's core competitiveness. This means that the strategic orientation of the capital market should be understood from a higher level, with stronger policy efforts to deepen the reform and development of the capital market and promote the construction of the capital market into a new stage of the outline.
“Let's go to the next level.” The clearer top-level design clears the fog for us to understand the historical position and development direction of the capital market from a strategic perspective, and perfects the multi-level capital market under the overall deepening of the overall reform. The construction has clarified the direction and inspired the drive. The history of world economic development tells us that the capital market is an important force behind the rise of the big country's economy; the growth of China's capital market in just over 20 years tells us that economic powers cannot do without dynamic and resilient capital markets; The reform practice has profoundly told us that the capital market has a role in the financial operation.
The capital market is an important stage for the game of big countries. One rule revealed by the history of world finance is that an economic powerhouse must be a financial power. Financial powers and capital market powers all have one or several international financial centers that control or at least largely influence the allocation of world economic resources and pricing power. For example, the US capital market has attracted investors and financiers around the world, has a clear pricing benchmark for global financial products and commodity prices, and has become the most important platform for global corporate IPOs and mergers and acquisitions. Obviously, finance has become the core of the modern economy, an important means of modern state governance, and an important means of international competition. The capital market is the most important component of the modern financial system. China has become the world's second largest economy, but the problem of "big but not strong" is still very prominent. The global influence and voice of the financial industry do not match the current economic volume. It can be said that whether the financial industry, especially the capital market, is strong and whether it is internationally competitive, determines the quality of the core competitiveness of the big countries.
The capital market is an important platform to help the economy transform. Historical experience shows that the success or failure of economic transformation depends on whether the allocation of resources is efficient, and the capital market is the most effective and market-oriented resource allocation place in the economy and society. From the perspective of the history of economic development in the United States, it is the power of the capital market that has driven it to achieve two “glorious turnarounds”: first, the transformation from the agricultural economy, the small workshop economy to the heavy industrial economy, and the cultivation of GM, DuPont, Ford, etc. Leading enterprises; later, from the industrial economy dominated by manufacturing to the innovative economy dominated by high-tech industries, a number of technology giants such as Facebook, Apple, Microsoft, Google, and Amazon have emerged. China's economy is in the stage of promoting innovation and driving high-quality development. The capital market can at least promote economic transformation from the two dimensions of promoting stock economic restructuring and fostering incremental economic development. It can be said that the capital market is an important booster for economic transformation and upgrading, affecting the forging of new economic kinetic energy.
The capital market is an important part of deepening reforms. Under the constraints of demographic dividends and rising factor costs, the institutional dividends of reforms are an effective force for promoting high-quality economic development. To comprehensively deepen economic reforms is to accelerate the release of these institutional dividends. Among them, economic system reform including capital market reform is a major focus. The core is to clarify the relationship between the government and the market, so that the market plays a decisive role in resource allocation. It is foreseeable that in the future, we will vigorously promote the reform of the basic system of the capital market, strengthen the market mechanism of the survival of the fittest, and stimulate the capital market by increasing the addition of illegal and illegal costs, limiting the subtraction of administrative interventions, optimizing the multiplication of the role of market mechanisms, and reducing the burden of market entities. Vitality, truly play the role of efficient resource allocation in the capital market. At present, China is working hard to promote the establishment of a science and technology board and a pilot registration system, which is a major project to release the vitality of the capital market and enhance international competitiveness. It can be said that the comprehensive deepening of reforms determines the effectiveness of the capital market, and the perfect capital market will accelerate the release of the reform dividend.
"The two sides of the strait can't hold back, and the light boat has passed the Wanzhong Mountain." China's economic development has stood on a new historical position, and China's capital market has also ushered in new historical opportunities and stepped into a new stage of deepening reform and development. The top-level design has clearly defined the direction of “building a standardized, transparent, open, dynamic, and resilient capital market”. The series of reforms are opening a new chapter in China's capital market.
Now, in the name of spring, with a stance, start!