Implementation of the National Frequency Stable Economic Continuation Policy Capital Market will continue to make efforts from four aspects

Recently, the executive meeting of the State Council has been stabilizing the economy twice. The executive meeting of the State Council held on August 24 deployed a policy measure of a policy of stabilizing the economy to consolidate the basis of economic recovery development; the State Council Executive Meeting held on August 31 proposed that the reform measures of the "decentralization of the" management service "to promote the stability again Economic package policy is effective, refinement and practical continuation policy, and the implementation rules in early September should be done. "

"Securities Daily" reporter learned from a person close to the regulatory level that in the next step, the capital market will steadily promote the reform of the comprehensive registration system of stock issuance, scientifically and reasonably grasp the strengths and rhythm of IPOs and re -financing to help stabilize the economy.

Direct financing scale continues to increase

"With the joint efforts of various parties, the capital market has been severely tested, the transaction has remained active, the functions are well played, and it has played an important role in stabilizing the macroeconomic market and social expectations." On September 2, Fang Xinghai, vice chairman of the Securities Regulatory Commission, was 2022 China International Financial Annual Forum said.

In recent years, the Securities Regulatory Commission has made great efforts to improve the transparency and efficiency of the audit, greatly shorten the review and registration cycle, scientifically and reasonably maintain the normalization of IPOs and re -financing, and the scale of direct financing has continued to increase. According to data from the CSRC, in the first seven months of this year, a total of 178 companies in the Shanghai and Shenzhen Stock Exchange were listed, with a total financing of 345.9 billion yuan, and the number and financing amount ranked first in the world. The total financing total of 382.5 billion yuan, which maintained a high level.

In terms of supporting small and medium -sized enterprises, the data shows that as of August 30 this year, 145 newly listed companies have been added to the New Third Board, with a total of 520 listed companies completed 529 times to issue issuance, with a financing amount of 15.931 billion yuan; 27 companies listed on the Beijing Stock Exchange listed on the Beijing Stock Exchange. , Cumulative issuance of financing of 4.832 billion yuan.

"The above measures have effectively improved the efficiency of enterprise issuance of financing, alleviated the" urgent eyebrows "of corporate capital turnover, and supported more small and medium -sized enterprises to use the capital market development." Industry insiders said.

In addition, in terms of Sino -US audit supervision and cooperation, on August 26, China and the United States successfully signed an audit supervision and cooperation agreement for cross -border listed companies, which took an important step for the removal of Chinese companies that have been listed in the United States for many years. In terms of support for private enterprises, the CSRC guides the Shanghai and Shenzhen Exchange and China Settlement Corporation to issue a notice to exempt private enterprise bond transactions in accordance with the principle of "exemption and avoidance". It is expected that the average annual reduction amount will be 160 million yuan.

On August 31, the first batch of three -guaranteed rental housing REITs in Beijing, Shenzhen Talent Anju, and Xiamen Anju Group were listed on the market. At this point, a total of 17 REITS products were listed, with a total of 57.94 billion yuan raised, with a total market value of 69.531 billion yuan.

Tian Lihui, the dean of the Institute of Finance Development of Nankai University, said in an interview with the Securities Daily reporter that since this year, my country's capital market has introduced many measures to effectively help stabilize the economic market in terms of funds, markets, systems, and expectations.

Continue to promote four pragmatic measures

According to people close to regulatory people, the next step, the capital market will continue to help the economy from four aspects. The first is to steadily promote the reform of comprehensive registration system for stock issuance, continue to enhance the inclusiveness and adaptability of the capital market, better serve the technological innovation and high -quality development of the real economy; continue to optimize the review and registration mechanism and process of the first -listing and re -financing of the enterprise, and further further to further financing, and further optimize the registration mechanism and process of financing. Improve the transparency and expected of the review and registration. Coordinating the balance of financing and the balance of the first and secondary markets. Under the conditions of the market, scientifically and reasonably grasp the intensity and rhythm of IPOs and refinancing, and actively support the listing financing of different types of different types and different stages of development.

The second is to actively support eligible enterprises to listed on the Beijing Stock Exchange and listed financing on the New Third Board. In the next step, the CSRC will further optimize the registration mechanism of the registration system in accordance with the relevant arrangements of the registration system, accelerate the transformation of supervision, increase the service of high -quality start -ups on the new third board, The service capabilities of small and medium -sized enterprises help the high -quality development of the real economy.

The third is to support the listing of China -stock companies in Hong Kong, and promote eligible platform companies to go public abroad in accordance with laws and regulations. Integrate the relevant work of improving and improving the overseas listing supervision system, promote the formation of joint efforts of overseas listing supervision and industry supervision of domestic enterprises, provide more stable and expected policies and institutional environments for enterprises, and promote the standardized health development of the platform economy and technology enterprises.

The fourth is to accelerate the normalization of infrastructure REITs. In the next step, the Securities Regulatory Commission will seize the implementation of ten measures to accelerate the normalization of infrastructure REITs to promote the amount of survival assets of the market.

Talking about the above four aspects of support measures, Shao Yu, chief economist of Oriental Securities, told reporters of the Securities Daily that the capital market has always been the main battlefield of direct financing. At present, IPOs and re -financing have maintained normalized issuance and further improved. The efficiency of issuance will help increase funding support for enterprises; supporting enterprises overseas listing is also a favorable measure to support enterprises and real economies; REITs mainly support new infrastructure and be sought after by the market. Issuing has a greater help to stabilize the economy.

"These four aspects are stable, pragmatic, and effective financial support for real economy." Tian Lihui said that the strength and rhythm of scientific and reasonable grasping IPOs and recycling can provide long -term capital support for Chinese enterprises under the premise of market stability; increase The service of high -quality start -ups' listing of financing on the New Third Board can promote entrepreneurial development and help stabilize employment; promoting eligible platform companies in accordance with laws and regulations to go public abroad means that my country adheres to the development of development, and the pace of internationalization will not stop stopping ; Promoting the normalized distribution of infrastructure REITs can allow my country to effectively revitalize fixed assets such as infrastructure and allow infrastructure construction and local governments to obtain effective and necessary financial support. Talking about the core points of the capital market to help the economy, Tian Lihui believes that focusing on confidence, supply funds and promoting norms. "The capital market must maintain stable development so that the confidence of the capital market investors and the product market consumers can be stabilized. The capital market must provide funds in time to enterprises, especially equity capital and long -term bond financing. At the same time, the capital market must promote the promotion of the capital market to promote Listed companies and market participants have developed under the rule of law and marketization. Through corporate governance and market operation norms, the core competitiveness of Chinese enterprises is enhanced, high -quality development is achieved, and the economic market is solidly stabilized. "

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