CCTV News:The annual meeting of 2023 Financial Street Forum was held in Beijing today (November 8). At the annual meeting, China Yi Huiman, Chairman of China Securities Regulatory Commission said that risk prevention is the main goal of strengthening supervision, and strengthening supervision is an effective way to prevent risks, both of which are important guarantees for achieving high-quality development.
According to the development law of capital market and the supervision practice in recent years, China and Yi Huiman, Chairman of China Securities Regulatory Commission summarized the causes of capital market risks into five aspects: excessive leverage or even out of control, imbalance between innovation and supervision, fraud, breach of trust and absence of main responsibility. He pointed out that it is the first duty and statutory duty of the CSRC to strengthen the supervision of the capital market, safeguard the "three public" order of the market and the legitimate rights and interests of investors, and prevent and resolve financial risks.
Yi Huiman, Chairman of China Securities Regulatory Commission:We adhere to the regulatory philosophy of "respecting the market, respecting the rule of law, respecting the profession, respecting risks, and giving full play to the joint efforts of all parties", adhere to the main responsibility of supervision, and pay attention to the following principles: First, adhere to the principle of "managing only when you can see clearly" to promote innovation under the premise of prudent supervision. The second is to guard against excessive leverage and gradually reduce the scale and level of leveraged funds to a reasonable range. Third, "zero tolerance" has cracked down on all kinds of chaos and reversed the long-standing situation that the illegal cost of securities is too low. The fourth is to adhere to the blade inward and self-revolution.
The reform of the registration system is by no means deregulation.
Regarding the reform of the registration system, China Yi Huiman, Chairman of China Securities Regulatory Commission said that the reform of the registration system is by no means a relaxation of supervision, but a better combination of an effective market and a promising government.
Yi Huiman, Chairman of China Securities Regulatory Commission:After the implementation of the (registration system) reform, supervision has become stricter, and the most prominent performance is the improvement of transparency. This promotion comes from the openness of the whole process of audit and registration, accepting the supervision of the whole society, and from the supervision covering the whole chain before and after the event, which urges enterprises to fully disclose information and compact the responsibility of intermediary agencies as "gatekeepers". Through reform, the basic system of capital market is comprehensively strengthened, especially the level of rule of law is further improved.
Yi Huiman said that in the next step, we will continue to promote the stock issuance registration system.
Yi Huiman, Chairman of China Securities Regulatory Commission:Dynamically evaluate and optimize institutional arrangements such as pricing, reduction and refinancing. At the same time, we will vigorously promote the reform of the investment side, promote the implementation of various supporting policies for medium and long-term capital entering the market, accelerate the cultivation of "smart funds" in China, promote the strengthening of industry institutions, effectively enhance professional investment capabilities and market leadership, and take our own path.
Yi Huiman said that the healthy development of the real economy is the foundation for the smooth operation of the capital market. The CSRC will adhere to the fundamental purpose of serving the real economy, and focus on doing the "five major articles" on technology and finance, green finance, inclusive finance, pension finance and digital finance, so as to give full play to the hub function of the capital market and serve the overall situation of Chinese modernization more effectively.