On June 23, Li Chao, vice chairman of the China Securities Regulatory Commission, said at a press conference that structural problems have always been a key issue restricting the high-quality development of the capital market. In recent years, we have been striving to solve structural problems with reform methods and ideas.In response to the structural changes in the development and reform of the capital market in the past ten years mentioned by the reporter, Li Chao made an introduction from the following aspects:
One is that the multi-level market structure is undergoing significant changes.Through continuous efforts, the multi-level market system has been increasingly improved, and the characteristics of each market and each segment have become more prominent.For example, the Shanghai and Shenzhen main boards are more prominent in the characteristics of "large-scale blue chips", the science and technology innovation board adheres to the characteristics of "hard technology", the ChiNext continues to maintain the characteristics of "three innovations and four new", and the Beijing Stock Exchange and the New Third Board focus on innovative small and medium-sized enterprises. enterprise.At the same time, venture capital and private equity investment funds are also playing an increasingly important role in the entire capital market.Second, the structure of listed companies has undergone significant changes, and the quality has been significantly improved.From the perspective of industry distribution, the structure of listed companies has undergone fundamental changes. There are nearly 2,200 listed companies in strategic emerging industries, and listed companies in strategic emerging industries with a market value of more than 100 billion yuan have grown from a complete blank ten years ago to 46 listed companies. The company has also increasingly become an important power source for economic transformation and upgrading.In terms of operating efficiency, the asset size of listed companies has tripled compared to ten years ago, and operating income and net profit have maintained a relatively high growth rate. close to 50%.From the perspective of governance efficiency, the standard operation level of listed companies has been significantly improved, and the chronic problems of the capital market such as capital occupation by major shareholders and illegal guarantees have also achieved obvious results through centralized rectification.Third, the effect of the survival of the fittest in the market has accelerated.The differentiation characteristics of the A-share market are more obvious, and funds from all parties prefer leading stocks and blue-chip stocks.The normalized delisting mechanism has been gradually established, and the exit channels have been substantially smooth.From 2019 to 2021, the number of forcibly delisted companies is more than three times that of the previous ten years combined, and the formation of a benign ecology of "in and out, both in and out" is accelerating.Fourth, the investor structure was gradually optimized.Professional institutional investors continued to grow. As of the end of May this year, domestic professional institutional investors and foreign investors accounted for 22.8% of the market value of tradable stocks, an increase of 6.9 percentage points from 2016.In 2021, the proportion of individual investor transactions will drop below 70% for the first time, and the concepts of value investment, long-term investment and rational investment will be gradually established.Fifth, the product supply system structure has also changed and become more abundant.Continue to optimize the product structure of stocks, bonds and futures, enrich risk management tools, meet residents' wealth management needs, and better serve major national strategies.Products such as asset securitization, technological innovation bonds, and green bonds shall be launched in a timely manner, and the pilot projects of publicly offered REITs in the infrastructure sector shall be promoted.The access system for public fund products has been greatly simplified, the scale of equity funds has repeatedly hit new highs, and the depth of public fund participation in pension financial services has continued to expand.Sixth, the orientation of respecting the law and abiding by the law, punishing evil and promoting good has been continuously strengthened.With the improvement of the comprehensive insurance system and the "zero tolerance" system and mechanism for combating illegal and criminal activities, the market atmosphere of honest operation and respect for the rule of law is accelerating.For example, the criminal punishment for crimes such as fraudulent issuance and information disclosure and fraud has been greatly increased.Another example is that the rights protection channels for small and medium investors have been unblocked, and the first securities class action Kangmei Pharmaceutical case was settled, and 52,000 investors were compensated for 2.459 billion yuan. Diversified exercise of rights mainly focused on resolving disputes, supporting litigation, and representing litigation. The rights protection mechanism is gradually implemented.
