The Securities Regulatory Commission held a system work meeting in 2021 to deploy six key tasks this year.

The working meeting of the CSRC system in 2021 was held in Beijing on January 28. The meeting stressed that we should implement the concept of "non-intervention" and improve the endogenous stability mechanism of the market. On the one hand, we should make greater efforts to promote investment-side reform, increase the supply of equity fund products and service innovation, promote the implementation of individual pension investment public fund policy as soon as possible, and optimize the medium-and long-term capital market environment. On the other hand, we should strengthen the follow-up and judgment of the macro situation, pay close attention to the changes in market liquidity, closely monitor the level of capital leverage, dynamically improve response policies, and strictly guard against cross-market and cross-border risks, so as to effectively maintain the stable operation of the market.

The meeting also stressed the full implementation of the law enforcement concept of "zero tolerance" and crackdown actions. We will further crack down on illegal securities activities in accordance with the law, set up an inter-ministerial coordination working group, step up efforts to crack down on vicious violations such as fraudulent issuance, financial fraud, and market manipulation, and pursue the responsibilities of relevant institutions and individuals to the end. We will implement the new Securities Law and the Amendment to the Criminal Law (11), coordinate with the revision of the standards for filing criminal cases of securities and futures crimes, and introduce supporting systems such as fraudulently issuing stocks and ordering repurchases. We will promote the legislation of the Futures Law and accelerate the formulation of laws and regulations such as administrative reconciliation measures and regulations on the supervision of listed companies. We will strictly strengthen the daily supervision of listed companies, intermediary agencies and other market entities in accordance with the law, and optimize the market ecology.

The following is the full text:

On January 28, the working meeting of the Securities Regulatory Commission system was held in Beijing in 2021. The meeting thoroughly studied and implemented the spirit of the Fifth Plenary session of the 19th CPC Central Committee, the spirit of the Central Economic work Conference, and the spirit of the Fifth Plenary session of the Central Commission for discipline Inspection, fully implemented the recommendations of the 14th five-year Plan, summarized the work in 2020, analyzed and judged the current situation, and studied and deployed the key tasks of capital market reform, development and stability in 2021. At the meeting, Yi Huiman, secretary of the party committee and chairman of the CSRC, made a work report entitled "grasping the new development stage, implementing the new development concept and speeding up the construction of capital market services to build a new development pattern."

The meeting held that in the face of the severe test brought about by the global epidemic and complex situation, the CSRC system conscientiously implemented the decision-making arrangements of the CPC Central Committee and the State Council, and under the unified command and coordination of the Financial Committee of the State Council, it always adhered to the general tone of the work of striving for progress in the midst of stability. implement the new development concept, implement the central policy of "six stability" and "six guarantees", adhere to "building systems, non-intervention, and zero tolerance", and strengthen party building in an all-round way. Overall efforts have been made to prevent and control the epidemic, deepen reform, guard against risks and support economic and social development. On the whole, the capital market has maintained a momentum of steady development. Persisting in making special arrangements during the special period, reflecting regulatory flexibility and temperature, and strengthening the financing functions of IPO, refinancing and exchange bond markets have strongly supported the accelerated recovery of the real economy. We will make every effort to achieve normal market opening and normal operation, adhere to respecting laws, pay attention to giving full play to the role of the endogenous mechanism of the market, and comprehensively promote the reform of the investment side and the financing side, so as to reform and stabilize market expectations. A number of landmark reforms such as the gem reform and the pilot registration system, the new third board reform, and the improvement of the delisting mechanism have been implemented, requesting the State Council to issue opinions on further improving the quality of listed companies, and the management scale of equity funds has reached an all-time high. we have steadily promoted the opening up of the capital market to the outside world, positive changes have taken place in the structure of listed companies and investors, and the resilience of the market has been significantly enhanced. We resolutely fought a tough battle to prevent and defuse major financial risks, achieved substantial results in resolving stock pledge risks of listed companies, and generally converged risks in key areas such as bond default and private equity funds. Important steps have been made in the construction of the rule of law and ecological improvement, and a number of major and important cases have been investigated and dealt with severely. We will improve the organizational structure of science and technology supervision, and further improve the efficiency of supervision. We will solidly carry out special rectification of work style issues, further promote the building of a clean and honest party style and the struggle against corruption, further improve the working mechanism of the "two responsibilities" in the same direction, and provide a strong guarantee for the healthy development of the capital market with the new results of administering the party strictly in an all-round way.

The meeting pointed out that in the practice of dealing with complex and severe tests, the association has systematically deepened the understanding of the regularity of doing a good job in the capital market: taking a clear-cut stand and stressing politics is the fundamental guarantee to ensure that the capital market always maintains the correct development direction; insisting on "building system, non-intervention and zero tolerance" is the inherent logic and inevitable requirement to realize the high-quality development of capital market. Adhering to the systematic concept is the scientific methodology to solve the outstanding contradictions and problems in the capital market, and striving to build a contingent of "loyal and dedicated" cadres is an important support for the long-term development of capital market supervision.

The meeting pointed out that under the strong leadership of the CPC Central Committee and the State Council, the stable recovery situation of China's economic development has been continuously consolidated and expanded, and the construction of a new development pattern, the in-depth promotion of supply-side structural reform, and a favorable macro policy environment, all provide solid support for the development of the capital market. However, we should also be soberly aware that there are still many uncertainties in the internal and external environment of the capital market, and there are still many risks and challenges. we must study and judge the new situations, changes and characteristics faced by the capital market from the medium-and long-term perspective of the 14th five-year Plan, adhere to the bottom line thinking, enhance the sense of suffering, and strive to grasp the relationship between stability and progress, systematic overall planning and key breakthroughs, innovation and supervision, and increasing the supply of laws and regulations. Strive to achieve high-quality development of the capital market.

The meeting stressed that doing a good job in this year's work is of great significance for the capital market to make a good start and take a good step in the 14th five-year Plan. The CSRC system should adhere to the guidance of Xi Jinping's thought on socialism with Chinese characteristics in the new era, comprehensively implement the spirit of the 19th CPC National Congress and the second, third, fourth and Fifth Plenary sessions of the 19th CPC Central Committee, implement the arrangements of the Central Economic work Conference, persist in seeking progress in the midst of stability, take the lead in the word of stability, base on the new development stage, implement the new development concept, serve the new development pattern, earnestly improve the political position, and adhere to the systematic concept. We should better coordinate development and security, do a good job in the work of "six stability" and "six guarantees", adhere to "building systems, non-intervention, and zero tolerance", adhere to the internationalization of market-oriented rule of law, adhere to the "four awe, one joint force", deepen the reform and opening up of the capital market, steadily increase the proportion of direct financing, strive to improve the governance capacity of the capital market, and celebrate the 100th anniversary of the founding of the Party with outstanding achievements.

The first is to organically combine the party's leadership advantage with the law of capital market development. Under the leadership of the CPC Central Committee and the State Council, around the implementation of the "proposal" of the 14th five-year Plan, we should rationally determine the key directions and areas supported by the capital market, improve the institutional and institutional arrangements for service innovation-driven development, and take the initiative to serve the overall situation of economic and social development. We will scientifically and rationally maintain the normalization of IPO and refinancing, steadily develop the exchange bond market, and improve the product system of commodities and financial futures and options. We will improve the evaluation standards for the attributes of scientific and technological innovation, strengthen the supervision and supervision of shareholder information disclosure of enterprises to be listed on the stock market, strengthen supervision and risk prevention, and resolutely prevent the disorderly expansion of capital.

Second, we will solidly deepen the reform and opening up of the capital market in an all-round way. We should adhere to the three principles of respecting the basic connotation of the registration system, drawing lessons from international best practices, reflecting Chinese characteristics and the stage of development, do a good job in the summary, evaluation, improvement and optimization of the pilot registration system, speed up the improvement of supporting system rules, and strengthen the responsibilities of intermediary agencies, so as to actively create conditions for steadily promoting the reform of the market-wide registration system. We will make overall efforts to further improve the quality of listed companies and achieve effective delisting reform plans, strictly supervise delisting, and expand multiple exit channels such as restructuring, restructuring, and active delisting. We will further deepen the reform of the new third board. We will highlight the combination of decentralization and management, and deepen the streamlining of administration and delegation of powers. We will steadily promote institutional opening up to the outside world, actively promote cross-border audit regulatory cooperation, and at the same time strengthen regulatory capacity-building under open conditions.

Third, efforts should be made to maintain the steady development momentum of the capital market in a complex environment. Implement the concept of "non-intervention" and improve the endogenous stability mechanism of the market. On the one hand, we should make greater efforts to promote investment-side reform, increase the supply of equity fund products and service innovation, promote the implementation of individual pension investment public fund policy as soon as possible, and optimize the medium-and long-term capital market environment. On the other hand, we should strengthen the follow-up and judgment of the macro situation, pay close attention to the changes in market liquidity, closely monitor the level of capital leverage, dynamically improve response policies, and strictly guard against cross-market and cross-border risks, so as to effectively maintain the stable operation of the market.

Fourth, fully implement the law enforcement concept of "zero tolerance" and crack down on actions. We will further crack down on illegal securities activities in accordance with the law, set up an inter-ministerial coordination working group, step up efforts to crack down on vicious violations such as fraudulent issuance, financial fraud, and market manipulation, and pursue the responsibilities of relevant institutions and individuals to the end. We will implement the new Securities Law and the Amendment to the Criminal Law (11), coordinate with the revision of the standards for filing criminal cases of securities and futures crimes, and introduce supporting systems such as fraudulently issuing stocks and ordering repurchases. We will promote the legislation of the Futures Law and accelerate the formulation of laws and regulations such as administrative reconciliation measures and regulations on the supervision of listed companies. We will strictly strengthen the daily supervision of listed companies, intermediary agencies and other market entities in accordance with the law, and optimize the market ecology.

Fifth, we will resolutely win the protracted battle to prevent and defuse major financial risks. We will continue to cure both the symptoms and the root causes, digest the stock and contain the increment at the same time, give priority to it, and take the initiative to fight the battle. We will steadily resolve the risk of bond default, increase the basic system of the bond market and the supply of the rule of law, optimize the market-oriented disposal mechanism of bond default, strengthen unified law enforcement, and seriously investigate and deal with illegal and illegal acts such as "evading and canceling debts". We will speed up the batch disposal of "pseudo-private placement" and other related risks, strictly implement the bottom linear requirements of private equity funds, establish a risk prevention and disposal mechanism of inter-ministerial linkage and cooperation between the central and local governments, and speed up the introduction of private placement regulations. We will strengthen consistent supervision on and off-site, and consolidate and deepen the effectiveness of stock pledge risk management. In conjunction with relevant departments, all kinds of financial activities will be fully regulated in accordance with the law, so as to eliminate the regulatory vacuum.

The sixth is to accelerate the deep integration of science and technology and business. Focus on the vision of "data makes regulation smarter", and comprehensively improve the development level of regulatory technology and industry financial technology. Highlight the problem-oriented, application-oriented and results-oriented, consolidate the foundation of data governance, solidly promote the construction of key projects, and strengthen the effective support of science and technology for supervision. We will strengthen the overall planning for the scientific and technological development of the securities and futures industry, vigorously promote the promotion and application of innovative technologies such as big data, cloud computing, blockchain, and artificial intelligence in the industry, and improve the level of science and technology security management in the industry.

The meeting stressed that it is necessary to conscientiously implement the requirements for the deployment of the Fifth Plenary session of the 19th CPC Central Commission for discipline Inspection, give full play to the leading and ensuring role of comprehensively and strictly administering the party, and use strong political supervision to ensure that the major policy decisions of the CPC Central Committee are fully implemented. We will strengthen political construction and strive to build exemplary political organs. Adhere to the standards of cadres, adhere to strict management and love, and strive to build a contingent of high-quality supervisory cadres who are loyal and clean. We will consolidate and deepen the achievements in the special rectification of work style problems, and persist in being comprehensive and strict in dealing with formalism, bureaucracy and other "four styles" issues. We will persist in linking the anti-corruption work in the financial sector with deepening reform, improving the system, and promoting governance, improve the supervision and restriction mechanism of important power departments, key posts, and key personnel, and strengthen supervision over a key minority, especially the "top leaders." we will do a good job in the overall integration of financial anti-corruption and the handling of financial risks, further strengthen supervision and internal governance, and further promote the building of the party's work style and clean government and the struggle against corruption. To create a good political ecology with fresh air.

The meeting also commended and commended the collectives and individuals who have contributed to the inspection and handling of cases, preventing and controlling the epidemic situation and supporting the recovery and development of the real economy, major reforms in the capital market, and poverty alleviation.

Relevant comrades of the Organization Department of the CPC Central Committee, the Central Finance Office, the General Office of the State Council, the Ministry of Public Security, and the Audit Office were invited to attend the meeting. Members of the leading group of the party committee of the CSRC, responsible comrades of the discipline inspection and supervision team of the Central Commission for discipline Inspection and State Supervision Commission stationed in the CSRC, cadres of various departments at or above the bureau level, and members of the leading groups of various units of the system attended the meeting on the spot or by video.