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  • To Fulfill the Goal of Building a Multilevel Capital Market System with Global Competitiveness as Soon as Possible2017-10-23
    On the morning of October 19,the delegation representing the central financial system at the 19th National Congress of the Communist Party of China (CPC) held a symposium. Mr. Liu Shiyu, a delegate of the 19th CPC National Congress and Chairman of the China Securities Regulatory Commission (CSRC) made remarks at the symposium. 

    Mr. Liu said that on the one hand we must fight the hard battle of preventing and resolving financial risks in the capital market, and on the other hand we must strengthen weak links, ensuring that the process of deleveraging goes on unhindered, and make due contribution to the optimization of the overall economic structure. The CSRC and its branches are resolved to advance the reform, expand the opening up, forge ahead with constructing a comprehensive legal system and fulfill the goal of building a multilevel capital market system with international competitiveness as soon as possible. 

    Mr. Liu elaborated that since the 18th CPC National Congress, General Secretary Xi Jinping has been paying keen attention to the reform and development of the capital market, and set forth a series of important instructions and viewpoints on how to achieve stable and sound growth of the domestic capital market. These instructions and viewpoints have pointed out the fundamental strategies for the reform and development of China’s capital market in the new normal of the Chinese economy. 

    Ever since the 18th CPC National Congress, Mr. Liu Shiyu said, the CSRC and its branches have been firmly committed to implementing the important instructions and directives made by General Secretary Xi Jinping on the capital market. The CSRC upholds the basic guideline of serving the real economy, bears in mind the mission of protecting the legitimate rights and interests of investors, remain committed to the principle of advancing progressively and sticks to enhancing the supervision and administration of the capital market in accordance with the law. It should be mentioned that under the wise leadership of the CPC Central Committee and the State Council, with the all-around support from all stakeholders and the joint efforts of all entities in the capital market, our domestic capital market has been advancing on a relatively rapid, stable and healthy track. Nevertheless, the CSRC has also found itself confronted by some problems in the development of the capital market, in particular, what we have so far achieved is still far from the request made by General Secretary Xi Jinping, from the expectation of the investors in the capital market and from the needs of the real economy. However while tackling those problems, the CSRC has spared no efforts to move forward: in 2017, the opening up of the capital market has continued to progress; the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are both functioning well; A Share has been included in the MSCI Emerging Markets Index and the CSRC has recently joined the OECD Corporate Governance Committee. These progresses demonstrates that so long as we fully comprehend and earnestly implement General Secretary Xi Jinping’s important instructions on the development of the capital market, we can increase our self-confidence in the development of the Chinese capital market, and steadily address pressing issues such as the lack of experience among market participants, the incomplete capital market trading rules and regulation, the underdeveloped capital market system and mismatch of the regulatory system. 

    Mr. Liu Shiyu stressed that the 19th CPC National Congress report affirmatively addresses that from now through 2020 we should prioritize fighting the hard battle of preventing and resolving significant risks, which include financial risks and the risks of local government debts. Meanwhile, because strengthening weak links is one of the key tasks set forth in the 19th CPC National Congress report and because General Secretary Xi Jinping identified the capital market as a weak link in the financial system, we must strive to win the hard battle of preventing and resolving financial risks, while at the same time work to strengthen weak links, ensure that the process of deleveraging goes on unhindered, and make our due contribution to the optimization of the domestic economic structure. 

    “The report of the 19th CPC National Congress has injected positive energy into the reform, development and stability of the capital market, and also provides a new opportunity for the further development of the Chinese capital market. The CSRC will step up efforts to promote the reform, expand opening up, advance the legal system and fulfilling the goal of building a multilevel domestic capital market system with global competitiveness as soon as possible,” Mr. Liu Shiyu emphasized as he concluded his remarks at the symposium. 
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