The Central Financial Work Conference proposed that efforts should be made to build modern financial institutions and market systems, and dredge the channels for funds to enter the real economy. How to implement the relevant measures to implement the meeting deployment requirements? Relevant department heads and experts from the better play of financial market functions, improve the quality and efficiency of financial institutions, strengthen the market rules and other aspects of understanding.

We will optimize the financing structure and better play the function of the capital market as a hub

Reporter: The Central Financial Work Conference proposed to optimize the financing structure and better play the hub function of the capital market. How to understand the hub function of capital market? How to make the next step to improve this function, service high-quality development?

Zhang Wangjun, Director of the Market Supervision Department of the China Securities Regulatory Commission: The Central Financial Work Conference proposed to better play the hub function of the capital market. The reference of "hub function" indicates that the capital market plays an important role in the financial operation, which reflects the great importance of the Party Central Committee to the capital market, and also gives the capital market a new responsibility and mission under the new situation. In the future, the CSRC will adhere to the road of financial development with Chinese characteristics and accelerate the construction of a safe, standardized, transparent, open, dynamic and resilient capital market.

To optimize the financing structure, we should focus on increasing the proportion of direct financing, improve the multi-level capital market system, and improve the investment and financing functions of the capital market. We should focus on the key goal of supporting the self-reliance of high-level science and technology, and promote the coordinated development of the stock, bond and futures markets. We will also develop diversified equity financing, support the Shanghai and Shenzhen stock exchanges in building world-class exchanges, build high-quality Beijing Stock exchanges, and guide private equity venture capital funds to invest in early investment and small investment technology.

At the same time, we should promote the reform of the stock issuance registration system. From 2018 to now, the reform of the registration system with information disclosure as the core has experienced a gradual deepening process from pilot to comprehensive landing. In the future, the CSRC will continue to improve relevant basic systems such as issuance, listing, trading, mergers and acquisitions, and delisting, promote the basic system of the capital market to be more complete and more stereotypical, and enhance the competitiveness and inclusiveness of the modern capital market with Chinese characteristics.

Reporter: Investment banks and investment institutions are the main participants in the capital market and important forces to better play the function of the capital market. How to cultivate first-class investment banks and investment institutions?

Wen Bin, chief economist of China Minsheng Bank: Cultivating first-class investment banks and investment institutions is an inherent requirement to better play the hub function of the capital market and promote the deepening and solid stock issuance registration system. The cultivation of first-class investment banks requires investment banks to further improve their business system, comprehensive service capabilities, internationalization level and risk management, so as to improve the listing quality of enterprises under the registration system and play their functional role in serving the real economy and serving residents' wealth management. Cultivating first-class investment institutions is an important way to activate the capital market and optimize the valuation level. It is necessary to provide a good environment for cultivating institutional investors in terms of expanding the investment scope of national social security, basic pension insurance, annuity and other funds, supporting institutional investors to participate in the governance of listed companies, and facilitating the investment operation of professional institutions.

Reporter: The bond market is an important direct financing method. How to further promote the high-quality development of the bond market?

Zhou Xiaozhou, Director of the Bond Department of the China Securities Regulatory Commission: The bond market is an important part of the multi-level capital market. The China Securities Regulatory Commission attaches great importance to strengthening the construction of the bond market, guided by deepening the reform of the bond registration system, improving the basic system of the bond market, stimulating the vitality of the bond market, and continuously improving the important function of the bond market in serving the real economy and national strategy.

In the next step, the CSRC will promote the high-quality development of the bond market from four aspects: further improve the issuance, trading and management systems of the bond market, improve the open and transparent, standardized and orderly, clean and efficient bond examination and registration system, strengthen the reform of the investment side of the bond market, expand the team of bond market makers, and expand the opening of the bond market to the outside world; We will comprehensively strengthen oversight of the bond market, continue to improve the system and mechanism for preventing and combating counterfeiting in the bond market, and protect the legitimate rights and interests of bond investors. Adhere to the bottom line thinking, do a good job in real estate, urban investment and other key areas of bond default risk prevention and control, to maintain the smooth operation of the bond market; Firmly grasp the fundamental purpose of serving the real economy, promote the coordinated development of equity financing and corporate (corporate) bonds, ABS (asset-backed securities), and REITs (real estate investment trusts), vigorously support major national strategies such as scientific and technological innovation and green development, and do a good job in the five major articles of scientific and technological finance, green finance, inclusive finance, pension finance, and digital finance. The high-quality development of the bond market will help build a strong financial country.

We will improve the positioning of institutions and improve the quality and effectiveness of services for the real economy

Reporter: Different types of financial institutions have different positioning and advantages. How to support large state-owned financial institutions and small and medium-sized financial institutions to play their respective advantages and improve the level of service to the real economy?

Wen Bin: Large state-owned financial institutions are the main force serving the real economy and the ballast for maintaining financial stability. We should support large state-owned financial institutions to become better and stronger, give full play to their capabilities in resource allocation, valuation and pricing, risk management, sponsorship and underwriting, maintain sustained capital and credit growth, increase the proportion of direct financing, and increase medium - and long-term capital investment in the manufacturing sector. Effectively meet market financing needs.

At the same time, small and medium-sized financial institutions should be positioned to "carry out special operations based on local conditions". In terms of supervision, it is necessary to strictly control the qualification examination of shareholders and promote the classified supervision of small and medium-sized financial institutions. In terms of operation, small and medium-sized financial institutions should be encouraged to rely on regional development characteristics and the financing needs of small and medium-sized micro enterprises, focus on key customer groups, and carry out distinctive, refined and differentiated operations.

Reporter: Relying on the credit support of the state, policy-based finance has played an important role in serving high-quality development. How should we further strengthen the functional positioning of policy-based financial institutions in the future?

Liu Peiyong, Chief business Officer of the China Development Bank: For the China Development Bank, it is necessary to focus on the main responsibility and main business, further support the development of major national strategies, key areas and weak links, actively serve infrastructure construction, high-level science and technology self-reliance and advanced manufacturing development and other fields, and support to accelerate the construction of "three major projects" such as affordable housing.

Reporter: How can the insurance industry function as an economic shock absorber and a social stabilizer?

Wen Bin: With the growing scale of China's insurance market, the insurance industry plays an increasingly prominent role as an economic shock absorber and a social stabilizer. It is necessary to encourage insurance institutions to continue to explore and optimize insurance products and services, continue to enrich product supply in areas such as personal health and wealth management, and actively participate in the development of the personal pension market. At the same time, we will expand the scope of services to provide effective guarantees for major scientific and technological innovation and key livelihood projects. In addition, it is necessary to guide the long-term and steady investment of insurance funds, and promote the insurance funds to play a greater role in stabilizing the capital market, supporting the real economy and serving the major national strategies.

We will strengthen market rules and build a financial market with unified rules and coordinated supervision

Reporter: How to strengthen market rules and strengthen market supervision to promote long-term capital formation?

Zhang Wangjun: Focusing on "promoting long-term capital formation", the CSRC will continue to strengthen departmental coordination, introduce reform action plans for the investment side of the capital market, optimize the investment ecology of the capital market, and create a policy environment conducive to medium - and long-term capital entry into the market. We will push through the blocking points, increase the enthusiasm and stability of various medium and long-term funds to participate in the capital market, and promote medium and long-term funds such as social security funds, basic pension funds, annuity funds, and insurance funds to maintain positive interaction with the capital market as a whole. We will continue to enrich capital market products and tools, improve the convenience of investment transactions, and create a market environment that is "willing to come, stay, and develop."

At the same time, for the capital market, strengthening market supervision is an important guarantee for promoting long-term capital to enter the market. In the future, the China Securities Regulatory Commission will enhance the adaptability of capital market supervision and firmly hold the bottom line of risk. We will standardize issuance and trading activities, timely evaluate and optimize mechanisms for share reduction, margin financing, and refinancing, strengthen counter-cyclical adjustment in the primary and secondary markets, coordinate and optimize the systems for repurchase and shareholder increase of listed companies, comprehensively strengthen capital market supervision, strengthen efforts to prevent and combat counterfeiting in the capital market, strengthen penetrate supervision, and provide investors with real and transparent listed companies. We will effectively and orderly defuse risks in key areas such as bond defaults and private equity funds, prevent cross-regional, cross-market, and cross-border risk transmission and resonance, and firmly safeguard the bottom line of no systemic risk.

Reporter: The Central Financial Work Conference proposed to broaden the channels for banks to replenish capital and isolate industry and finance risks. How to implement this requirement?

Zeng Gang, Director of Shanghai Finance and Development Laboratory: Small and medium-sized banks do have the problem of limited capital replenishment channels, and they need to further expand capital replenishment channels. In terms of internal financing, it is necessary to guide small and medium-sized financial institutions to improve their operating performance through differentiated and characteristic operation, so as to increase profits to supplement capital. In terms of external financing, eligible small and medium-sized banks can moderately expand their financing channels, especially market-oriented financing channels such as bond issuance and listing, to create a better capital replenishment environment.

In terms of industrial and financial risk isolation, the supervision of financial holding groups should be improved and strengthened, financial holding companies should be included in financial supervision, and the effective separation of industrial and financial risks should be promoted.

Source: Chinese government website