Three working days, two seminars.Following the symposium on private equity and venture capital funds, the CSRC held a forum with the heads of social security funds and insurance institutions.

At this forum chaired by Yi Huiman, chairman of the CSRC, relevant responsible persons of the National Social Security Fund Council and some insurance institutions, and responsible persons of relevant departments of the Banco Insurance Regulatory Commission and the CSRC attended, and the meeting reported on the relevant situation of comprehensively deepening the reform of the capital market, and focused on speeding up the reform of the capital market and guiding more medium-and long-term funds to enter the market to listen to opinions and suggestions. The meeting communicated with the social security fund, the positioning of insurance institutions, and regulatory means to guide more medium-and long-term funds into the market, and there was a lot of information.

Let's take a look at the ten key expressions:

1. The CSRC, together with all kinds of market entities, including social security funds and insurance institutions, will seize the opportunity and undertake the mission bravely to build and develop the capital market well, so as to provide higher level and more efficient financial services for the development of the real economy.
2. At present, the capital market has accumulated a certain amount of development potential energy, but the shortcomings such as inadequate development and unreasonable structure still exist, the structural and institutional problems have not been well solved, and can not well meet the needs of the market. There is an urgent need to achieve the transformation from big to strong.
3. At present, the CSRC takes the establishment of Science and Technology Innovation Board and pilot registration system as a breakthrough, systematically promotes the reform of the basic system, constantly improves the multi-level capital market system, vigorously develops direct financing, especially equity financing, and promotes the improvement of the quality of listed companies. We will actively cultivate all kinds of institutional investors and improve the market ecology in an all-round way.
4. The solid and orderly progress of the key reform tasks of the capital market will further enhance the vitality and resilience of the market, and provide a better institutional system and market environment for the entry of all kinds of medium-and long-term funds, such as social security funds and insurance funds.
5. The CSRC will thoroughly implement the decision-making arrangements of the CPC Central Committee and the State Council, starting with transforming the stock, introducing increments, and optimizing the environment, and gradually promote the increase in the proportion of medium-and long-term funds entering the market. Rely on enhancing the professional ability of asset management institutions, enhance the attractiveness of equity products, develop investment advisory services, and promote the transformation of short-term trading funds to long-term allocation power.
6. Focus on alleviating policy obstacles, promote the relaxation of the proportion and scope of medium-and long-term funds entering the market, study and improve relevant policies to guide long-term investment, and attract all kinds of medium-and long-term funds to actively invest in the capital market.
7. On the basis of optimizing the basic system, we should improve the convenience and efficiency of transactions, reduce transaction costs, and strive to build a market environment in which medium-and long-term funds are "willing to come and stay".
It is hoped that social security funds and insurance institutions will continue to give full play to their professional advantages, adhere to the concept of long-term investment and value investment, strengthen confidence and take positive actions, so as to contribute to the high-quality development of the capital market. Adhere to market-oriented thinking, further increase the proportion of investment in equity assets, and strengthen the strength of professional institutional investors.
9. Adhere to the long-term performance orientation, improve the internal incentive and restraint mechanism, optimize the performance assessment and evaluation system for external managers and financial products, and strive to improve the level of long-term income.
10. Persist in strengthening the capacity building of investment and research, adjust and optimize the decision-making system and investment system arrangement of investment and research, further strengthen the research of the stock market and the construction of investment professional team, and make full use of various risk management tools to improve the stability of investment returns. Fourth, adhere to social responsibility, actively invest in innovative enterprises, actively participate in listed corporate governance, promote the quality of listed companies, and create and share value with entity enterprises.

Point one: hold frequent symposiums and what signals are released?

In three working days and two symposiums, the CSRC held frequently symposiums of market subjects, which Yi Hui Man personally presided over, with high specifications and far-reaching intentions, intended to listen to market opinions, and were also communicating regulatory ideas and reform lines with market bodies, and looking for the same reform resonance with them.

One of the 12 articles of Deep Reform clearly proposes to promote more medium-and long-term funds to enter the market and to relax the proportion and scope of all kinds of medium-and long-term funds entering the market. This is not only an important part of promoting the sustained, stable and healthy development of the capital market, but also an important task of comprehensively deepening the reform of the capital market. in order to implement this reform measure, we must reach a consensus between the social security fund and insurance institutions, that is, "seize the opportunity and shoulder the mission bravely, jointly build and develop the capital market, and provide higher-level and more efficient financial services for the development of the real economy." "

Point 2: the capital market in the new era bears multiple missions

The meeting pointed out that since the 18th CPC National Congress, the CPC Central Committee with Comrade Xi Jinping at the core has attached great importance to the capital market. The Central Economic work Conference pointed out that the capital market plays an important role in financial operation, and it is necessary to create a standardized, transparent, open, dynamic and resilient capital market through deepening reform. it has pointed out the direction for the development of the capital market in the new era.

At present, China's economy has changed from the stage of rapid growth to the stage of high-quality development. as an important component of the modern financial system, the capital market has unique advantages in promoting capital formation, improving the efficiency of resource allocation and effectively releasing risks.

In the new era, the capital market must shoulder the mission and responsibility of increasing residents' investment choices, developing direct financing, leading the transformation of economic development to innovation-driven development, promoting the adjustment and upgrading of industrial structure and enhancing the international competitiveness of national finance. Efforts should be made to promote quality, efficiency and power changes in economic development.

Together with various market entities, including social security funds and insurance institutions, the CSRC will seize the opportunity and shoulder the mission to build and develop the capital market well, so as to provide higher level and more efficient financial services for the development of the real economy.

The role of capital market in serving the real economy is becoming more and more prominent. The status of the capital market has been raised to an unprecedented height.

First, the capital market plays an important role in the financial operation.

The second is to create a standardized, transparent, open, dynamic and resilient capital market, and the third is to vigorously develop direct financing, especially equity financing, which is the fundamental task for the capital market to implement the financial supply-side structural reform.

Point 3: comprehensively deepen the reform to provide a better institutional system for medium-and long-term funds to enter the market.

The meeting held that at present, the capital market has initially formed a relatively complete market system, gathering outstanding enterprises in various fields, the stock, bond and futures markets are among the largest in the world, and their ties with the international market are getting closer and closer. a certain amount of development potential energy has been accumulated, but shortcomings such as inadequate development and unreasonable structure still exist, and structural and institutional problems have not been well solved. Can not well meet the needs of the market, there is an urgent need to achieve the transformation from big to strong.

At present, in accordance with the overall requirements of deepening the structural reform on the financial supply side, the CSRC is adhering to the reform direction of market-oriented rule of law, learning from international best practices, and adhering to the concept of "four awe, one joint force". With the establishment of Science and Technology Innovation Board and the pilot registration system as a breakthrough, systematically promote the reform of the basic system, constantly improve the multi-level capital market system, and vigorously develop direct financing, especially equity financing. We will promote the improvement of the quality of listed companies, actively cultivate all kinds of institutional investors, and improve the market ecology in an all-round way.

The solid and orderly progress of the key reform tasks of the capital market will further enhance the vitality and resilience of the market and provide a better institutional system and market environment for the entry of various medium-and long-term funds, such as social security funds and insurance funds.

The capital market has entered the stage of comprehensively deepening reform, and at present, an overall plan for comprehensively deepening capital market reform has been formulated, and the next step will be to accelerate implementation in accordance with the principle of "making progress in the midst of stability, doing a good job of coordination, and being able to do it quickly."These reform measures include:

With the promotion of the comprehensive deepening reform of the capital market, the basic system of the capital market will be further improved, the market mechanism will further play a major role, and the capital market will go through a brand-new process from quantitative change to qualitative change. the capital market will improve the quality and efficiency of serving the real economy through comprehensive deepening reform. In order to achieve the goal of reform, all parties involved in the market must return to their responsibilities, perform their respective duties, and jointly promote in order to achieve the effect of getting twice the result with half the effort.

Point 4: promote the proportion of medium-and long-term funds to enter the market in three aspects

The meeting pointed out that guiding more medium-and long-term funds into the market is not only an important part of promoting the sustained, stable and healthy development of the capital market, but also an important task of comprehensively deepening the reform of the capital market. In the next step, the CSRC will thoroughly implement the decision-making arrangements of the CPC Central Committee and the State Council, starting with transforming the stock, introducing increments, and optimizing the environment, and gradually promote the increase in the proportion of medium-and long-term funds entering the market.

Since the beginning of this year, the pace of medium-and long-term funds entering the market has accelerated, including foreign capital and institutional funds. Lu Aihong, spokesman of the Ministry of Human Resources and Social Security, introduced at the press conference.By the end of September, the governments of 18 provinces (autonomous regions and municipalities) had signed contracts with social security funds to entrust investment in basic old-age insurance funds, with a total contract amount of 966 billion yuan, of which 799.2 billion yuan had been accounted for and began to invest. At present, the social insurance fund has a cumulative balance of 6.72 trillion yuan.

Social security funds and insurance funds are the main sources of long-term funds. unblocking the channels between social security funds, insurance funds and the stock market is an important measure to build a good market ecology and enhance the vitality, resilience and service ability of the capital market. The three measures mentioned at the meeting released policy dividends to encourage medium-and long-term funds to enter the market and increase the market share of A-share institutional investors.

On the one hand, the entry of the social security fund can instill a concept of "value investment" into the market and give full play to its function of value discovery, which is of great significance in guiding the value investment concept of market investors, and because of its large scale, it attaches importance to medium-and long-term benefits. to a large extent, it plays the role of capital market stabilizer.

On the other hand, in order to enable the social security fund to play an important role in the capital market, regulators will also improve the corresponding regulatory system by deepening reform, improve the market investment and financing environment, and make institutional investors "willing to come and stay."

Point 5: social security funds and insurance institutions should adhere to the concept of value investment

The meeting stressed that social security funds and insurance institutions, as important professional investment forces in the capital market, play an important role in optimizing the investor structure, maintaining the stable development of the market, and improving the efficiency of market operation. there is great potential to expand the depth of market participation in the next step. It is hoped that social security funds and insurance institutions will continue to give full play to their professional advantages, adhere to the concept of long-term investment and value investment, strengthen confidence and take positive actions, so as to contribute to the high-quality development of the capital market.

The CSRC also gives hope to social security funds and insurance institutions, that is, "adhere to the concept of long-term investment and value investment, improve the stability of investment returns, and actively invest in innovative enterprises." According to the semi-annual report data, so far, the number of shares held by QFII, social security funds, pension funds and other institutions has increased by 190000 shares, and the market value of holding circulation has increased by 58.9 billion yuan. From the perspective of shareholding preference, they prefer stocks with low valuation and low turnover rate.

There are many appeals in the market that under the background of controllable risk, the operation of the social security fund is stable and safe, and the income is better. It is suggested to give the national social security fund more investment flexibility and raise the upper limit of the proportion of equity assets. This can not only bring considerable and sound long-term funds to the A-share market, but also help to improve the rate of return of the social security fund.

The meeting's "further increasing the investment proportion of equity assets" meets the needs of the market and helps social security funds and insurance funds to enter the market. It should also be noted that the social security fund should also actively practice social responsibility, adhere to the concept of long-term investment, improve the ability to invest in research, grow together with enterprises and share value.