On December 14, Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, presided over a meeting of the Party Committee (expanded) to convey and study the spirit of the Central Economic Work Conference, and in conjunction with the requirements of the national financial system work meeting, researched and deployed the implementation work of the CSRC system.
The meeting pointed out that this Central Economic Work Conference is a very important meeting held at a crucial time to deeply implement the spirit of the 20th National Congress of the Communist Party and promote the economic recovery. General Secretary ****'s important speech takes a comprehensive view, sets the direction, has a high-level perspective, and deep thoughts, incorporating both an epistemology on how to view domestic and international situations and a methodology on how to carry out economic work, pointing out the direction and providing fundamental adherence for the economic work in the coming year and beyond. The achievements of China's economic development in 2024 are hard-earned, fundamentally because General Secretary **** is at the helm, guided by his scientific thought on socialism with Chinese characteristics for a new era, reinforcing the need to firmly support "the two establishments" and resolutely achieve "the two safeguards." This conference clarifies the general requirements, guidance, and key tasks for economic work next year with practical development goals, clearly positive policy orientation, and robust arrangements and deployments, fully supported and implemented by the Party Committee of the Securities Regulatory Commission.
The meeting emphasized that this Central Economic Work Conference made important deployments regarding Capital Markets, fully reflecting the Party Central Committee's high regard and earnest expectations for the work of Capital Markets. The Securities Regulatory Commission system needs to unify its thoughts and understanding with the Party Central Committee's scientific judgment of the situation, further reinforcing development confidence and strength; it should focus its ideas and methods on the overall requirements for economic work next year and the "five overall considerations," insisting on seeking progress while maintaining stability and promoting stability through progress; and concentrate its actions and measures on the key tasks deployed by the Party Central Committee, diligently implementing the requirements of the national financial system work meeting, consciously raising its stance, systematically planning practical measures for implementation, and promoting risk prevention, strengthening regulation, and encouraging high-quality development together with the spirit of "nailing the peg," ensuring that the work of Capital Markets is done well, and actively contributing to the continuous positive recovery of the economy.
Firstly, it is crucial to maintain market stability. Firmly implement the important requirement to "stabilize the real estate and stock markets," enhance the foresight and proactivity of market monitoring, early warning, and response, strengthen the supervision of both domestic and overseas markets, on-exchange and off-exchange, as well as the linkage of spot and futures markets, and strengthen the targeted monitoring and regulation of Finance and Securities Lending, off-market derivatives, Algo trading.and other areas, accelerate the implementation of incremental policies, continuously utilize stable monetary policy tools, strengthen and improve market expectation management, focus on stabilizing funds, leveraging, and expectations, and effectively maintain the stability of Capital Markets.
Secondly, provide more powerful and effective support for economic recovery. Firmly grasp the focus of supporting the development of new productive forces, enhance the inclusiveness and adaptability of the issuance and listing system, and encourage industry integration and upgrading purposes.mergers and acquisitions.Reorganization, nurturing and strengthening patient capital. More precise and powerful support for expanding investment and promoting consumption, and improving the product and service system covering the development needs of various enterprises in stocks, bonds, and futures. Strengthening the quality of listed companies as the micro foundation, promoting the improvement of corporate governance and value creation capabilities, urging the implementation of Market Cap management responsibilities, and enhancing regular visits to listed companies to help solve practical difficulties. Accelerating the construction of a multi-level bond market to meet the reasonable bond financing needs of enterprises, continuously improving the quality and efficiency of services to the real economy.
Third, focus on improving regulatory efficiency. Firmly implement the regulation with "long teeth and spikes", highlighting a combination of punishment, prevention, and treatment, to maintain the market's "three fairness" principles. Further improve the legal system, strengthen law enforcement deterrence, particularly enhance precision, focus on "pursuing the main offenders", and severely crack down on illegal acts such as fraudulent issuance and financial fraud. Utilize Big Data and other technological means to enhance the penetration of off-site regulation and on-site inspections, and improve the "four early" measures especially early identification capabilities. Strengthen regulatory collaboration, enhance efficient connections in market access, daily supervision, and penalty enforcement to boost overall regulatory efficiency.
Fourth, deepen comprehensive reforms in the Capital Markets for investment and financing. Focus on promoting the entry of medium and long-term funds into the market, collaboratively building a sound institutional environment for the national social security funds, insurance, annuities, and wealth management for "long money long investment", further unblocking bottlenecks, and ensuring abundant source of funds. Push forward the registration system for stock issuance to be deeper and more practical, deepen reforms for the Star, GEM, and BSE, and improve the multi-level Capital Markets service system. Grasp the timing, rhythm, and effect of reforms, timely launch a batch of typical cases to stimulate market vitality. Adhere to promoting reform through openness, steadily advancing interconnectivity with overseas markets, and better supporting enterprises to utilize both markets and resources.REITsImprove the basic management system to help revitalize existing assets.
The meeting requested that the CSRC system should adhere to prioritizing work efficiency, strengthen the construction of leadership teams and cadres, and build a "three hardened" regulatory iron army. Efforts should be made to advance the rectification of the central inspection, uphold an inward-focused self-revolution, strengthen the overall supervision of public power, strictly enforce discipline and combat corruption, focus on eliminating the breeding ground and conditions for corruption, vigorously rectify the stubborn issues of "four winds", deepen the educational achievements of party discipline, and further consolidate a strict atmosphere. The meeting also deployed work plans for the end of the year and the beginning of the new year to firmly maintain safety production standards.
Members of the Party Committee of the China Securities Regulatory Commission, responsible comrades of the disciplinary inspection and supervision group stationed at the CSRC, as well as main responsible comrades of various departments of the CSRC and the Shanghai and Shenzhen Securities Exchanges participated in the meeting.
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