Wu Qing: Improve the inclusiveness and adaptability of the capital market system.

In the recently published "Guidance Reader for the Suggestions of the Central Committee of the Communist Party of China on Formulating the Fifteenth Five-Year Plan for National Economic and Social Development," Wu Qing, Chairman of the China Securities Regulatory Commission, published a signed article entitled "Enhancing the Inclusiveness and Adaptability of the Capital Market." Wu Qing: Strengthen the implementation of a more inclusive system for IPOs, mergers, and acquisitions Wu Qing pointed out that it is necessary to adhere to goal-oriented and problem-oriented approaches, focus on improving the coordinated functions of investment and financing in the capital market, further comprehensively deepen the reform of the capital market, continuously improve the inclusiveness, adaptability, attractiveness, and competitiveness of the capital market system. First, provide greater support for technological innovation. Adapt to the characteristics of technology companies such as large R&D investment, high business uncertainty, and long profit cycles, strengthen the implementation of more inclusive systems for IPOs, mergers, and acquisitions, solidly carry out major financial initiatives. Second, better meet the diversified wealth management needs of investors. Insist on investor-centered principles, focus on creating a multi-level, three-dimensional market system, and product service matrix, continuously expand channels for long-term funds to enter the market, and constantly enhance investors' sense of access. Third, strengthen supervision and risk prevention with precision and efficiency. Keep up with the innovative trends in international and domestic capital markets, enhance the scientific and effectiveness of supervision, strengthen supervision with technological empowerment, enhance risk monitoring, early warning, and disposal capabilities, and continue to stabilize and activate the capital market. Wu Qing: Improve the basic system of the capital market and enhance the stability, continuity, and predictability of policies Wu Qing pointed out that to enhance the inclusiveness and adaptability of the capital market system, it is necessary to make good use of a key move in reform and opening up. It is necessary to adhere to the direction of marketization, legalization, and internationalization reforms, focus on removing systemic obstacles that hinder the improvement of the capital market's inclusiveness and adaptability, further stimulate market vitality, and strengthen market functions. Adhere to the combination of an effective market and an active government, improve the basic system of the capital market, and enhance policy stability, continuity, and predictability. Use openness to promote reform and development, steadily expand the high-level institutional opening of the capital market. Wu Qing: Promote institutional reform focusing on market needs and public demands Wu Qing pointed out that to improve the inclusiveness and adaptability of the capital market system, it is necessary to always practice the politics and people-oriented nature of capital market work. Focus on promoting institutional reform based on market needs and public demands, more effectively protect the legitimate rights and interests of investors, especially small and medium-sized investors; better coordinate investment and financing for coordinated development, pay attention to overall balance in quantity, and focus on continuous improvement in quality, help convert residents' savings into social investment faster, steadily optimize the financing structure, and promote the coordinated development of primary and secondary markets. Wu Qing: Improve the system mechanisms for the identification, selection, and price formation of science and technology enterprises Wu Qing pointed out that by deepening the reform of the Science and Technology Innovation Board and the Growth Enterprise Market, actively developing diversified equity financing, and enhancing the full lifecycle service capabilities for real enterprises. Further improve the system mechanisms for the identification, selection, and price formation of technology innovation enterprises to more accurately and effectively support the issuance and listing of high-quality companies. Continuously improve the high-standard professional service capabilities of intermediaries. Actively develop private equity and venture capital funds. Improve the multi-level bond market system, vigorously develop science and technology bonds, green bonds, etc., steadily develop real estate investment trusts and asset securitization. Improve the layout of futures varieties and industrial service functions. Wu Qing: Continuously deepen the market reform of mergers and acquisitions, enhance the flexibility and convenience of refinancing mechanisms Wu Qing pointed out that listed companies are the foundation of the capital market, and greater efforts should be made to optimize the structure of listed companies and enhance their investment value. Continuously deepen the market reform of mergers and acquisitions, enhance the flexibility and convenience of refinancing mechanisms, support the transformation and upgrading of listed companies, strengthen and improve their operations, develop new productive forces, and help cultivate more world-class enterprises. Wu Qing: Urge and guide listed companies to actively carry out cash dividends, repurchases, and cancellations Wu Qing pointed out the need to study and improve the incentive and restraint mechanisms for listed companies, stimulate entrepreneurial spirit and innovation vitality. Urge and guide listed companies to strengthen their awareness of returning value to investors, and actively carry out cash dividends, repurchases, and cancellations. Consolidate and deepen the normalization of delisting mechanisms, smooth multiple exit channels, further improve the market ecosystem of orderly advancement, survival of the fittest. Wu Qing: Create a more attractive environment for the "long-term investment" system Wu Qing pointed out the need to create a more attractive environment for the "long-term investment" system. Continue to actively create conditions to build a market environment where long-term funds are willing to come, stay, and develop well, promote the establishment of a long-term assessment mechanism for various long-term funds, and enhance the scale and proportion of A-share investments. Solidly promote the reform of public funds, promote the implementation of evaluation systems and incentive mechanisms tied to investor interests, vigorously develop equity funds, promote the high-quality development of index-based investments. Promote the smooth circulation of private equity and venture capital funds, vigorously cultivate and develop patient capital, long-term capital, and strategic capital. This article is reprinted from Cailianshe, GMTEight editor: Chen Wenfang.