On 20 August, the China Securities Regulatory Commission held a system mid-year supervision work conference in 2021 to thoroughly study and implement the spirit of General Secretary Xi Jinping's "1 July" important speech, the meeting of the political Bureau of the CPC Central Committee and the 10th meeting of the Central Financial and Economic Committee, analyze the current situation, and study and plan the key work in the next stage. Yi Huiman, secretary of the party committee and chairman of the CSRC, delivered a report entitled "persisting in striving for Progress in Stability, deepening Reform and opening up to further promote the High-quality Development of the Capital Market."

Let's take a look at the key elements of the meeting:

1. Adhere to the organic unity of scale and structure, speed and quality, development and safety, pay more attention to the quality and structure of enterprises to be listed, and scientifically and rationally maintain the normalization of IPO.

two。 Pay more attention to the improvement of professional ability of the industry, the optimization of product business structure and the cultivation of good investment concepts, so as to promote the high-quality development of the securities fund industry.

3. Do a good job in risk prevention and resolution in key areas as a whole, keep the risk disposal work timely, efficient, stable and orderly, strive to walk in front of the market curve, and firmly adhere to the bottom line that systemic and regional risks do not occur.

4. Respect the laws of the market, balance the responsibilities and rights of all participants in the market, punish those who do bad things, and motivate those who do things according to rules.

5. We will enhance the stability, continuity and predictability of policies, encourage all parties to adhere to the basic principles of the market economy, such as the rule of law, integrity, and the spirit of contract, and earnestly maintain the "three public" order of the market.

6. To lay a solid foundation for the reform of the whole market registration system. We will focus on reforming and optimizing the issue pricing mechanism, improving the quality of disclosure of the prospectus, further clarifying the responsibilities of intermediary agencies, and improving the institutional mechanism for preventing the risks of a clean government.

7. We will further deepen the reform of the new third board and strive to improve the ability and level of serving "specialized and innovative" small and medium-sized enterprises.

8. We will promote the institutional opening up of the capital market to the outside world. Create conditions to promote Sino-US audit regulatory cooperation, strengthen market communication, and stabilize policy expectations and institutional environment. We will deepen the connectivity between the mainland and Hong Kong markets and firmly support the stable development of Hong Kong's capital market.

9. We should give full play to the role of the working group in coordinating the crackdown on illegal activities in the capital market, resolutely investigate and deal with cases of financial fraud, occupation of funds, illegal guarantees, market manipulation and insider trading, and comprehensively improve the quality and effectiveness of the investigation and handling of major and important cases. Do a good job of "import", "export" and corporate governance, and continue to improve the quality of listed companies.

10. We will strengthen macro research and judgment, strengthen the prevention and resolution of external overflow, import and cross risks, give more prominence to and stabilize expectations, improve the mechanism of information communication and policy coordination, prevent secondary financial risks in the process of dealing with risks in other areas, and strive to maintain the smooth operation of the market.

Step steadily in the first half of the year to promote the capital market to comprehensively deepen reform and opening up

The meeting pointed out that since the beginning of this year, in the face of a complex and grim external environment, the CSRC system has conscientiously implemented the major decisions and arrangements of the CPC Central Committee and the State Council, and has concentrated on reform, development, and stability under the unified command and coordination of the Financial Committee of the State Council. unremittingly guard against risks, strong supervision, excellent order, high quality and high standards to promote systematic party building, and greet the centenary of the founding of the party with a good start to the 14th five-year Plan of the capital market.

First, we should carry out the study and education of party history in a down-to-earth manner, implement the general requirements of "learning party history, understanding ideas, doing practical things, opening a new bureau," and "learning history to be reasonable, to increase trust, to study history, to advocate morality, and to learn history." meticulously organize and carry out multi-level and comprehensive study and education, further enhance the "four consciousness" in learning theory, understanding ideas, and doing practical things, strengthen the "four self-confidence", and practice the "two maintenance."

Second, we should pay close attention to services to build a new development pattern and fully support the high-quality development of the real economy. Strengthen Science and Technology Innovation Board's positioning of "hard science and technology", enhance the service function of gem to growing innovative and entrepreneurial enterprises, and guide the accelerated accumulation of factor resources to the field of scientific and technological innovation. We will strengthen the linkage supervision of commodity futures and ensure the overall situation of stable prices of services.

Third, we will steadily promote the capital market to deepen reform and opening up in an all-round way. We will promote the preparatory work for the full implementation of the stock issue registration system in an orderly manner. Smooth implementation of the merger of Shenzhen motherboard and small and medium-sized boards. The pilot project of public offering of REITs in the infrastructure sector has been successfully launched. The regular delisting mechanism is accelerating. Steady progress has been made in opening up the capital market to the outside world.

Fourth, we will continue to consolidate the effectiveness of major risk prevention and resolution. On the whole, the stock market, bond market and futures market maintained stable operation, and the effectiveness of risk resolution and disposal in key areas such as private equity funds and bond default continued to be consolidated.

Fifth, strengthen the law enforcement deterrence of "zero tolerance". We will implement the opinions of the Central Committee of the CPC Central Committee and the State Council Office on strictly cracking down on illegal securities activities in accordance with the law, speed up the establishment and improvement of the judicial system and mechanism for securities law enforcement, continuously strengthen the punishment of major and important cases, and the litigation of the special representative of the first securities dispute has entered the formal trial stage.

Sixth, strengthen systematic party building in an all-round way. Work in the same direction, cooperate and interact with the discipline inspection and supervision team stationed in the CSRC, further promote the comprehensive and systematic governance of the party and the building of a clean and honest party style, strengthen the building of a contingent of cadres, and continue to create a good political ecology.

Put forward five "must" and adhere to the unity of speed and quality

The meeting held that the current global epidemic is still evolving, and the external environment is becoming more severe and complex, but the development trend of sustained recovery, steady strengthening, and steady improvement of the domestic economy has not changed, and there are many favorable conditions for promoting the steady development of the capital market. The meeting stressed that the whole system should earnestly unify thought and action with the central government's scientific judgment and decision-making deployment of the situation, strive to grasp new changes and new trends, strengthen confidence, and maintain determination. We should adhere to "high quality" as the main line of capital market reform and development throughout the 14th five-year Plan period, strive for progress in the midst of stability, adhere to "system-building, non-intervention and zero tolerance", and unswervingly promote the transformation of the mode of development. We will continue to create a new situation for the high-quality development of the capital market.

First, the new concept of development must be fully, accurately and comprehensively implemented.We should consciously focus on the "big man of the country", constantly improve the institutional mechanism for capital market services to build a new development pattern, and strive to achieve greater effectiveness in supporting scientific and technological self-reliance and promoting green and low-carbon transformation. efforts will be made to achieve greater effectiveness in promoting the balance, coordination and inclusiveness of development. We will strengthen the coordination of supervision, strictly control the entrance to the capital market, and promote the healthy development of all kinds of capital standards.

Second, we must co-ordinate the relationship among total quantity, structure and efficiency.Adhere to the organic unity of scale and structure, speed and quality, development and safety, pay more attention to the quality and structure of enterprises to be listed, and scientifically and rationally maintain the normalization of IPO. Pay more attention to the improvement of professional ability of the industry, the optimization of product business structure and the cultivation of good investment concepts, so as to promote the high-quality development of the securities fund industry.

Third, we must persistently put strict supervision, risk prevention, and promoting stability in a more prominent position.The concept of strict supervision in accordance with the law runs through all lines and fields of the capital market. Do a good job in risk prevention and resolution in key areas as a whole, keep the risk disposal work timely, efficient, stable and orderly, strive to walk in front of the market curve, and firmly adhere to the bottom line that systemic and regional risks do not occur.

Fourth, efforts must be made to build an ecosystem with due diligence and benign interaction.Respect the laws of the market, balance the responsibilities and rights of all participants in the market, punish those who do bad things, and motivate those who do things according to rules. We will enhance the stability, continuity and predictability of policies, encourage all parties to adhere to the basic principles of the market economy, such as the rule of law, integrity, and the spirit of contract, and earnestly maintain the "three public" order of the market.

Fifth, we must fully reflect the unity of drawing lessons from international best practices and based on national conditions.We will unswervingly open wider to the outside world, promote reform and development through opening up, and serve to build a new high-level open economy. Based on Chinese characteristics and the characteristics of the stage of development, we should better integrate the general laws of the development of the capital market with the reality of China, and strive to build a standardized, transparent, open, dynamic and resilient capital market.

The focus of the five major reforms of the capital market in the second half of the year

The meeting demanded that the whole system should adhere to the combination of goal guidance and problem orientation, give more prominence to the requirements of implementing the new development concept and promoting high-quality development, strengthen table alignment, do a solid job in the key work in the second half of the year, and ensure the successful completion of tasks for the whole year.

The first is to lay a solid foundation for the reform of the market-wide registration system.The reform of the registration system has entered a critical period of progress, and it is necessary to continue to make solid and meticulous preparations. We will focus on reforming and optimizing the issue pricing mechanism, improving the quality of disclosure of the prospectus, further clarifying the responsibilities of intermediary agencies, and improving the institutional mechanism for preventing the risks of a clean government. We will further deepen the reform of the new third board and strive to improve the ability and level of serving "specialized and innovative" small and medium-sized enterprises.

The second is to unswervingly promote the institutional opening up of the capital market to the outside world.We will coordinate development and security, steadily introduce policies and measures to further expand the opening up of the capital market, and actively strengthen the building of regulatory capacity under the conditions of opening up. Create conditions to promote Sino-US audit regulatory cooperation, strengthen market communication, and stabilize policy expectations and institutional environment. We will deepen the connectivity between the mainland and Hong Kong markets and firmly support the stable development of Hong Kong's capital market.

The third is to comprehensively and thoroughly implement the principle of "zero tolerance" and further improve the ecology of market development.We should give full play to the role of the working group in coordinating the crackdown on illegal activities in the capital market, resolutely investigate and deal with cases of financial fraud, occupation of funds, illegal guarantees, market manipulation and insider trading, and comprehensively improve the quality and effectiveness of the investigation and handling of major and important cases. We will further promote the building of the rule of law and the protection of investors, and promote the normalization of litigation by special representatives in securities disputes. Do a good job of "import", "export" and corporate governance, and continue to improve the quality of listed companies. We will earnestly strengthen the supervision of shareholders of industry institutions and promote the improvement of the effectiveness of governance. We will strengthen the construction of scientific and technological supervision and improve the digital and intelligent level of supervision.

Fourth, we will resolutely win the protracted battle to prevent and defuse major financial risks.We will strengthen macro research and judgment, strengthen the prevention and resolution of external overflow, import and cross risks, give more prominence to and stabilize expectations, improve the mechanism of information communication and policy coordination, prevent secondary financial risks in the process of dealing with risks in other areas, and strive to maintain the smooth operation of the market. We will continue to resolve risks in key areas such as private equity funds and bond defaults in a safe and orderly manner. We will improve the mechanism for guiding public opinion in the capital market and actively create a good external environment.

Fifth, comprehensively improve the quality of systematic party building and provide a strong political guarantee for the high-quality development of the capital market.We will carry out in-depth study and education on party history, further understand the spirit of the "1 July" important speech, and constantly enhance political judgment, political understanding, and political execution. We will further highlight the professional and incorruptible orientation of selecting and employing personnel, focus on strengthening the supervision of "top leaders", and build a contingent of "loyal and honest" supervisory cadres. We will persevere in promoting the comprehensive and strict administration of the party in a systematic way, and promote the punishment of financial corruption and the prevention and control of financial risks as a whole.