On the evening of the 7th, Xiao Gang, former chairman of the CSRC, said at the Pushan forum and CF40 Sun Yefang's reading meeting that the CPC Central Committee has never attached so much importance to the capital market as it is now, and the reform of the capital market is facing three major new situations. China's economy is changing from a stage of rapid growth to a stage of high-quality development, and the driving force of economic growth is gradually changing from factor-driven and debt-driven to innovation-driven, and China's economy is undergoing transformation and upgrading. The key stage of structural optimization. Specifically, Xiao Gang said, the conversion between new and old kinetic energy is accelerated, the proportion of R & D investment is increasing, high-end manufacturing and intelligent manufacturing are changing the industrial economic structure, the digital economy is developing rapidly, and the consumption structure is constantly upgrading.
Xiao Gang said that the capital market plays a role in the financial market, and the degree of development of the capital market reflects the level of economic development. China's capital market has made great achievements over the past 30 years. Of course, we should also see the problems existing in the characteristics of emerging + transition. The market fluctuates too much and the efficiency of resource allocation is not high. In order to solve the problem of capital market, we must further reform and opening up. Only by relying on reform and opening up can we create a standardized, transparent, open, dynamic and resilient capital market.
Xiao Gang also said that the capital market is facing opportunities in the process of reform, and it is necessary to accelerate the reform of the market basic system, enrich market products and investment tools, expand the breadth and depth of the market, give full play to its role as a hub, and serve the high-quality and transformational development of the real economy.
Xiao Gang further pointed out that the development of a good ecological environment of the capital market needs two conditions: on the one hand, the macro-environment, maintain the stable development of macro-economy, improve the environment of the rule of law, and vigorously cultivate an honest society; On the other hand, the institutional construction of the capital market itself, such as issuance, delisting, trading, information disclosure, market infrastructure and so on, are all important conditions related to whether the capital market is standardized, dynamic, flexible, resilient and in line with market demand.
With regard to the registration system, Xiao Gang said that in fact, the registration system is the responsibility of all market entities, that is, the issuer is the first responsible person for information disclosure, intermediary agencies should bear the responsibility of gatekeeping, and investors should bear the risk of investment. regulators should exercise supervision after the event and severely punish violations of laws and regulations.
Xiao Gang said that at the same time of the introduction of the registration system, further increase the reform of the delisting system, the conditions are more mature. At present, the delisting rate in our country is still relatively low for many reasons. Combined with the overseas delisting system, the next step is to constantly explore the delisting system in line with China's national conditions, and further increase the intensity of delisting, so as to form a market environment for survival of the fittest.
Xiao Gang said that it is necessary to further increase the dividends of listed companies. The willingness, ratio and stability of dividends of listed companies in China have made great progress in recent years. But generally speaking, the attractiveness of cash dividends is still relatively low. The dividend yield of a considerable number of companies is also lower than the deposit interest rate, and even lower than the yield of wealth management products of commercial banks. Xiao Gang suggested that the next step is to further increase the intensity of dividends of listed companies, but also to improve the way listed companies return shareholders. Listed companies should increasingly diversify the ways in which shareholders are rewarded. For example, share repurchase is a flexible arrangement.
On IPO, Xiao Gang said that the impact of the IPO suspension on the market and expectations is incalculable, including the impact on innovation. Frankly speaking, as long as the market stops issuing IPO, there is no way to exit its upstream PE and VC, and it will affect a lot of investment in innovation, which is a big problem. Now it is very gratifying to see that IPO has been issued continuously, and it is not easy to stop issuing even if the market is no matter how difficult it is.
Xiao Gang also said that capital market regulators must get rid of paternalism and not always feel as if their children are not growing up. Regulators must be consistent and supervise in accordance with the law, which is essential to the long-term, stable and healthy development of the market.