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<\/figure>\n\n\n\n\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\nWang Jianjun: How to build an investor-based capital market?<\/h3>\n\n\n\n
On January 24, Wang Jianjun, vice chairman of the China Securities Regulatory Commission, took an interview with the media to respond to the debate on the “heavy financing and light investment” in the capital market, how to build an investor-based capital market, and how to reflect the investor-based concept in regulatory law enforcement.<\/p>\n\n\n\n
Wang Jianjun said that to build an investor-based capital market, the CSRC will further improve the quality evaluation standards of listed companies, highlight the return requirements, and vigorously promote listed companies to better return investors through buyback cancellation, increasing dividends and other ways. Requiring sponsors to highlight the quality assessment of their sponsored companies, especially the assessment of investor returns, cannot bring companies without long-term returns to the market. Comprehensively evaluate issuance pricing, inquiry and other mechanisms to support more investor participation and enhance investors’ sense of gain.<\/p>\n\n\n\n
Q: There have been fluctuations in the stock market recently, and there have been many debates among investors about the capital market’s emphasis on financing over investment. What is your opinion on this?<\/h4>\n\n\n\n
Wang Jianjun said that since this period of time, the capital market has weakened and increased volatility, many investors are deeply worried and put forward opinions and suggestions, we listen carefully and feel empathy. We are well aware that only the majority of investors have a real sense of gain, the stable and healthy development of the capital market can have a solid foundation, so as to truly stabilize the market and stabilize confidence.<\/p>\n\n\n\n
The CPC Central Committee and The State Council attach great importance to the steady and healthy development of the capital market. On January 22, the executive meeting of The State Council specifically listened to the report on the operation of the capital market and work considerations, made a series of deployments, and the CSRC is paying close attention to the implementation and promotion.<\/p>\n\n\n\n
Protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is the statutory duty of the SFC and the top priority of our work, which is a direct reflection of the political and popular nature of regulatory work. At present, there are 220 million investors in China’s stock market, and more fund investors, which is the biggest situation in China’s capital market and our huge advantage. Historically, at the beginning of the establishment of China’s capital market, the majority of small and medium-sized investors are the most important participants. It can be said that without the active participation of hundreds of millions of small and medium-sized investors, there would be no development of the capital market for more than 30 years, and they are the market’s heroes. It is our great responsibility to protect investors. In reality, the stock market has become an important channel for residents to allocate assets, and market fluctuations are directly related to the “money bag” of ordinary people. Compared with institutional investors, individual investors, especially small and medium-sized investors, have disadvantages in information, capital, tool use, etc., and are more vulnerable to illegal acts such as financial fraud, fraudulent issuance, and market manipulation. This requires us to firmly establish an investor-based concept and always take protecting the legitimate rights and interests of investors, especially small and medium-sized investors, as our top priority. Over the years, we have been working hard, but the implementation is still not in place, and there is still a gap between everyone’s expectations.<\/p>\n\n\n\n
Market investment and financing are two sides in one. We will be more prominent investor-based, this is the root, deep roots can Mu MAO. Only when investors are well protected can there be a foundation for market prosperity. We will integrate this concept into the whole process of market system design and regulatory law enforcement, accelerate the improvement of institutional mechanisms for investor protection, and strive to create an open, fair and just market order and legal environment, so that investors can effectively approve enterprises and help an industry, and sincerely help private enterprises and entrepreneurs solve their problems.<\/p>\n\n\n\n
Q: How is the institutional design of building an investor-based capital market reflected?<\/h4>\n\n\n\n
Wang Jianjun said that the construction of an investor-based capital market should reflect the priority of investors in the design of the system and mechanism, so that the majority of investors have a return and a sense of gain.<\/p>\n\n\n\n
First, we will vigorously improve the quality of listed companies. The quality of listed companies is prominently reflected in the returns to investors. Listed companies should firmly establish a sense of return to shareholders, no reasonable return is not qualified listed companies. Investors buy stocks to be rewarded, and the long-term return of the stock market must be higher than the return of deposits and bonds, which is more sustainable. We will further improve the quality evaluation standards of listed companies, highlight the return requirements, and vigorously promote listed companies to better return investors through buyback cancellation, increasing dividends and other ways. We will support listed companies in injecting quality assets and conducting market-based mergers, acquisitions and reorganizations to stimulate their business vitality. Consolidate and deepen the normal delisting mechanism, “should be withdrawn” for major illegal and no investment value of the company, and accelerate the survival of the fittest.<\/p>\n\n\n\n
Second, return investors should play the role of securities fund institutions. We will improve the evaluation mechanism of sponsor institutions, highlight the quality assessment of the companies they sponsor, especially the assessment of investor returns, and cannot bring companies without long-term returns to the market. We will improve institutional arrangements such as fund product registration and investment research capability evaluation, guide investment institutions to change the concept of “emphasizing sales over service”, enhance professional management capabilities, increase product and service innovation, and better meet investors’ wealth management needs.<\/p>\n\n\n\n
Third, we will review and improve the basic institutional arrangements. Comprehensively evaluate issuance pricing, inquiry and other mechanisms to support more investor participation and enhance investors’ sense of gain. We will put fairness in a more prominent position, improve the quantitative trading supervision system that is suitable for the national conditions of the market, and optimize and improve the institutional rules for reducing holdings, securities lending, and refinancing.<\/p>\n\n\n\n
Q: How will the investor-based approach be reflected in regulatory enforcement?<\/h4>\n\n\n\n
Wang Jianjun said that to build an investor-based capital market, it is necessary to comprehensively strengthen supervision in accordance with the law, especially to strengthen supervision of listed companies. Listed companies are the backbone of our economy and the overall situation is good at present. However, some listed companies do not have a strong sense of integrity, the purpose of listing is not pure, the lack of the basic cognition of the public company name “public”, and the infringement of investors’ interests occur from time to time, seriously affecting investor confidence. We will adhere to the main responsibility of regulation, implement the requirements of “long teeth” and “sharp edges” in financial regulation, accelerate the improvement of a stricter capital market supervision and law enforcement system, and increase the regulatory penetration. In particular, we will further improve the anti-counterfeiting system and mechanism in the capital market and maintain a high-pressure situation of “zero tolerance”. For fraudulent issuance and other illegal acts that seriously damage the interests of investors, we will resolutely crack down on them, so that they can “lose everything and sit in prison.” The intermediary agencies involved in the fraud are held accountable, so that they are afraid to do it again.<\/p>\n\n\n\n
Adhere to the investor-based, the establishment and Dao Sheng. Protect investors well, effectively enhance investors’ sense of gain, the market will certainly come out of short-term troubles, return to the road of stable and healthy development. We firmly believe that the future of our economy is bright and the future of our stock market is bright.<\/p>\n\n\n\n
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