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<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\"> CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img decoding=\"async\" src=\"http:\/\/cxounion.cn\/wp-content\/uploads\/2023\/06\/CXOUNION\u65b0\u4e8c\u7ef4\u7801.png\" alt=\"\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Xu Ming, Professor of East China University of Political Science and Law: The goal, direction and path of the future development of the capital market<\/h2>\n\n\n\n<p>Recently, the Global Wealth Management Forum 2023 Shanghai Suhewan Conference was held in Jing &#8216;an District, Shanghai. With the theme of &#8220;Financial Support for Economic Recovery and Global Cooperation&#8221;, the conference has invited governments, financial regulators, sovereign wealth funds, representative international and domestic financial institutions and renowned scholars to conduct in-depth exchanges on issues of common concern to all parties in the global economic and financial field, hoping to continuously enhance international mutual understanding, trust and cooperation under the current complex environment. Xu Ming, professor of East China University of Political Science and Law, delivered a speech at the theme forum &#8220;Future Trends and Development Prospects of the Financial Industry&#8221;.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Brief summary<\/h4>\n\n\n\n<p>Xu Ming elaborated his thinking on the development of China&#8217;s capital market from three aspects:. Overall outlook, goal, direction and path. First, in terms of the overall outlook, the future development of China&#8217;s capital market is very broad, supported by the following five reasons. First, China&#8217;s national economy has been developing well for a long time, providing fundamental impetus for the development of the capital market. Second, the deepening of reform and innovation injected new momentum into the development of the capital market. Third, scientific and technological revolution and production reform provide new support for the development of the capital market. Fourth, the diversified demand of wealth management provides a broad space for the development of the capital market; <\/p>\n\n\n\n<p>Fifth, continue to open up to the outside world to further enhance the international competitiveness and influence of China&#8217;s capital market. Second, the goal of the development of China&#8217;s capital market is to establish a mature capital market. With the direction of marketization, rule of law and internationalization. Third, the future development path of the capital market should focus on three main lines, handle the eight pairs of relations, serve the real economy is the fundamental purpose of the capital market, continuous reform and innovation is the driving force and source of the development of the capital market. And prevent and resolve market risks is the basic premise of the healthy development of the capital market. <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\"> CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>In accordance with the theme of the conference. The title of my speech is &#8220;Capital market Outlook: Goals, directions and paths&#8221;, and I will talk about three views.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">First, the overall outlook of the capital market: the future development space is broad<\/h3>\n\n\n\n<p>After more than 30 years of development, China&#8217;s capital market has made great progress in market size, structure, quality and efficiency. In recent years, with the major breakthrough in the construction of important basic institutions of the capital market. The continuous release of reform dividends, the further improvement of market functions. And the continuous accumulation of favorable factors and conditions in the capital market. China&#8217;s capital market is undergoing profound structural changes, and has the ability and conditions to serve high-quality development. Looking forward to the future of the capital market. The development of the capital market faces major opportunities in the following aspects.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">First, the long-term development of China&#8217;s national economy has provided a fundamental driving force for the development of the capital market. <\/h4>\n\n\n\n<p>After years of development, China&#8217;s overall economic strength, scientific and technological capabilities and comprehensive national strength have reached a new level. In 2022, China&#8217;s GDP has reached 121.02 trillion yuan, ranking second in the world. At the same time, China is the world&#8217;s largest consumer market and the world&#8217;s only country with complete industrial categories. With huge market players and a variety of professional and technical personnel, with strong production and research and development capabilities, it plays a huge role in promoting the integration and innovation of global factor resources, scale effect and agglomeration effect. At present, China&#8217;s economy is shifting to a stage of high-quality development, and major reform and innovation are advancing in depth. These factors need the unique advantages of the capital market to play, and the development of the capital market is full of momentum. <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\"> CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Second, the deepening of reform and innovation has injected new momentum into the development of the capital market. <\/h4>\n\n\n\n<p>China&#8217;s economy and society, especially the financial system, have carried out a series of reforms. Improving the compatibility of the financial system. The supply system and the demand system is an important part of the reform and development of the capital market. These reforms will help the capital market better play its functions of allocating resources, pricing assets and mitigating risks, accelerate the process of factor capitalization. And give new momentum to the development of the capital market.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Third, the scientific and technological revolution and the transformation of production have provided new support for the development of the capital market. <\/h4>\n\n\n\n<p>A new round of technological and industrial changes is reshaping the global innovation landscape and the global economic structure. New industries, new business forms and new models are emerging, providing new driving forces for economic and social development. There will also be more innovative entities and strong capital demand for financing, mergers, acquisitions and restructuring. All these need to give full play to the role of the capital market, promote capital formation, stimulate the innovation vitality of enterprises, promote the growth of scientific and technological innovation and entrepreneurship. And help realize a high-level cycle of science and technology, capital and the real economy.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Fourth, the diversified demand of wealth management provides a broad space for the development of the capital market. <\/h4>\n\n\n\n<p>With the rapid development of China&#8217;s economy, the wealth of Chinese social residents continues to accumulate and the demand for investment diversity increases. So that the capital market provides a great space for residents to provide more abundant financial products and wealth management functions.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Fifth, continuous opening up has further enhanced the international competitiveness and influence of the capital market. <\/h4>\n\n\n\n<p>In recent years, the capital market, which is at the forefront of economic and financial opening-up, has been more active in improving the two-way opening-up system in terms of institutional design, market access, intermediary services, market supervision and investor protection, playing a broader role in resource allocation, continuously strengthening regulatory capacity building under open conditions, and actively participating in international financial governance. It will help promote the development of an open economy at a higher level. <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\"> CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>However, the future of the capital market is facing a variety of major opportunities. But also faces a lot of challenges. The internal and external environment of our country&#8217;s development is still facing great uncertainty, hidden risks of economic and financial risks are still not to be underestimated, and structural institutional problems of the capital market are still prominent. All of which are challenges we face in the future development of the capital market.<\/p>\n\n\n\n<p>In general, under the strong leadership of the CPC Central Committee and The State Council. The reform of the capital market has been steadily promoted. And the market development is in the process of gathering favorable factors and conditions. At the same time, the impact of COVID-19 is far-reaching, the international political and economic situation is complex, &#8220;black swans&#8221; and &#8220;gray rhinos&#8221; coexist, and the international financial vulnerability is rising. China&#8217;s capital market is still facing the impact of multiple factors. But the long-term trend has not changed, and the future development space is broad.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Second, the goal and direction of China&#8217;s capital market: the goal is a mature market, the direction is marketization, rule of law, internationalization<\/h3>\n\n\n\n<p>The goal of the future development of China&#8217;s capital market is to establish a mature capital market, specifically to establish a standardized, transparent, dynamic and resilient capital market. Overall, after more than 30 years of development, China&#8217;s capital market has initially met the basic conditions for a mature market. The full implementation and continuous improvement of the registration system to promote the comprehensive development of the market; The structure of the capital market will be improved, and the sectors, levels and elements of the capital market will be more balanced. <\/p>\n\n\n\n<p>Capital market connectivity to facilitate smoother capital markets; The improvement of the legal environment and integrity of the capital market promotes the continuous enhancement of the soft power of the capital market; The continuous use of financial technology in the capital market has promoted the continuous improvement of the efficiency of the capital market, and China&#8217;s capital market is moving towards the direction of marketization, rule of law and internationalization.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">First, we need to further increase market-oriented efforts. <\/h5>\n\n\n\n<p>Looking forward to the future, the marketization of the capital market should be reflected in the following four aspects:. Sound functions and rich products. Promote capital formation through financing, promote price discovery through transactions, optimize resource allocation through asset reorganization, and realize investment returns through capital transfer. Deregulate and strengthen supervision. In the process of continuous marketization, we will reduce administrative licensing, lower the entry threshold, and strengthen in-process and post-event supervision. Return to duty, strengthen constraints. Market entities have clear responsibility boundaries, can consciously exercise their rights and fulfill their obligations in accordance with their respective responsibilities, strengthen self-restraint, and take the initiative to assume responsibilities. Regulators can handle the relationship between market entities, and regulators neither overreach nor shirk responsibilities. Open information, perfect service. Market rules are open and transparent, market information is fully disclosed, and regulatory actions are fair and just.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Second, comprehensively promote the rule of law. <\/h5>\n\n\n\n<p>The future capital market needs to pay more attention to the role of the rule of law, consciously establish the value orientation of respecting the rule of law, improve the ability to use the rule of law thinking and method to solve market problems.And put the construction of the rule of law system in the capital market in a more prominent position. To do a good job in capital market supervision, we must respect the rule of law, pay attention to the use of the rule of law thinking and methods, and ensure that there are laws to be followed, laws to be followed, law enforcement to be strict, and violations of the law will be prosecuted.  <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\"> CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>The future construction of the rule of law should further establish a sound legislative system, judicial system and law enforcement system, and the legal foundation system is comprehensively stable. Develop a mature concept, culture and environment for the rule of law. It has strict and high level of supervision and law enforcement and has better judicial cohesion and right relief.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Third, strive for internationalization. <\/h5>\n\n\n\n<p>The future capital market should be fully internationalized. It is embodied in five aspects of internationalization, namely: organization internationalization. Be able to fully participate in the international organization of the capital market and play an important role. Actively promote and publicize China&#8217;s capital market, participate in the formulation of international rules for the capital market, and strive for more voice for China&#8217;s capital market. Market internationalization. On the basis of the current interconnection between domestic and foreign markets. We will study and explore the necessity and feasibility of interconnection with other overseas markets. And further expand the breadth and depth of the capital market. Enterprise internationalization. <\/p>\n\n\n\n<p>Allow overseas companies to directly list in the domestic market, expand the listing of both markets at the same time, actively promote the secondary listing, and increase the efforts of listed companies in overseas markets to issue depositary receipts in the domestic market. Product internationalization. According to the correlation degree of domestic and foreign capital markets and the demand degree of investors. We will increase the design of relevant cross-border products. And constantly meet the needs of different types of investors with different investment preferences. Internationalization of regulation. It is necessary to further strengthen the cooperation with overseas regulators and self-regulatory agencies. And strengthen the contact and cooperation between them through the signing of regulatory cooperation agreements. <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\"> CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Third, the path of the capital market: around the three main lines, handle the eight pairs of relations<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">(1) It revolves around only three main lines<\/h4>\n\n\n\n<p>Looking forward to the future of the capital market, China&#8217;s capital market should follow the general laws of the capital market, focus on serving the real economy, deepening financial reform, preventing and resolving risks, and walk out of a capital market development road with Chinese characteristics.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">First, we have always served the real economy. <\/h5>\n\n\n\n<p>Serving the real economy is the fundamental purpose of the capital market. In the future development of the capital market, it is necessary to further exert the basic function of the capital market, increase the listing of high-quality enterprises, give play to the financing function of the capital market, raise funds for the development of enterprises in multiple levels, multiple channels and multiple ways, and create conditions for the high-quality development of enterprises. Further give play to the price discovery function of the capital market, smooth the entry and exit mechanism, promote all kinds of funds to focus on the development of enterprises, invest PE, VC, industrial development funds. And institutional investors&#8217; funds into enterprises. So that enterprises can obtain strong support from relevant investment institutions. <\/p>\n\n\n\n<p>Further give play to the resource allocation function of the capital market, promote the integration of enterprise resources. And make enterprises bigger, better and stronger through mergers and acquisitions in the capital market. Further give play to the risk hedging function of the capital market, in the production and operation process of enterprises, make full use of the characteristics of the spot and futures derivatives market, combine the spot and futures, absorb and use comprehensively, minimize the impact of the production cycle and market environment on enterprises, and avoid the risks encountered in the production of enterprises. <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\"> CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Second, continuous reform and innovation. <\/h5>\n\n\n\n<p>Continuous reform and innovation is the driving force and source of the development of the capital market. In the future development of the capital market, reform and innovation should always run through the main line. Reform and innovation should focus on high-quality development of the real economy, promote marketization, rule of law, and internationalization. So that China&#8217;s capital market will mature and become a standardized, transparent, open, dynamic and resilient capital market.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Third, firmly control and defuse market risks. <\/h5>\n\n\n\n<p>Preventing and defusing risks is the basic premise for the healthy and stable development of the capital market. In the future development of the capital market, market risks still exist. And the &#8220;black swan&#8221; and &#8220;gray rhinoceros&#8221; of the capital market are still inevitable. Carefully summarize the past risks, learn from the experience and lessons of the risks that have been issued, advance research, prediction and prevention, reduce the probability and grade of risk occurrence, timely dispose of market risks, and ensure market safety and stability to the greatest extent. To protect the legal rights and interests of investors from infringement. So that China&#8217;s capital market can develop healthily, steadily and of high quality in the future.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">(2) Focusing on the eight pairs of relations between the capital market should be handled well<\/h4>\n\n\n\n<p>Innovation and risk relationship, pay more attention to risk control;. It is necessary to deal with the relationship between virtual economy and real economy. And prevent capital from turning from real to virtual. We should deal with the relationship between direct financing and indirect financing, and vigorously develop direct financing. We should deal well with the relationship between market hardware and market software and strengthen the construction of market soft environment. It is necessary to deal with the relationship between the inner market and the outer market. And further regulate the outer market. <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\"> CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>It is necessary to deal with the relationship between localization and internationalization. And accelerate the pace of internationalization of capital market. It is necessary to deal with the relationship between major shareholders and minority shareholders of listed companies. And further protect the legitimate rights and interests of minority shareholders;. It is necessary to deal with the relationship between passive protection of investors&#8217; rights and interests and self-protection of investors&#8217; rights and interests. 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