The China Securities Regulatory Commission released the “Basic Situation of China’s Capital Market Reform and Development in 2016” at a press conference held by the State Council Information Office on the 26th, pointing out that the China Securities Regulatory Commission will vigorously promote legal supervision, comprehensive supervision, and follow-up supervision. Strict supervision, continuous rectification of market order, protection of the legitimate rights and interests of investors, effective service of supply-side structural reform, maintaining stable and healthy development of the market in a complex situation, and making new contributions to economic and social development.
The China Securities Regulatory Commission summarized the basic situation of China’s capital market reform and development in 2016 from nine aspects, including “a substantial increase in financing scale and a significant improvement in the efficiency of serving the real economy”, “serving the national macro-control strategy and assisting the supply side”. “Structural reform”, “Promote the construction of multi-level markets and expand financing channels for small, medium and micro enterprises”, “The construction of the futures market is steadily advancing, and market functions are effectively exerted”, “Guide the securities and futures industry to return to its roots and focus on its main business”, “Promote domestic and overseas Market interconnection and steady expansion of two-way opening-up”, “Strong efforts to combat chaos and iron-handed law enforcement, rectify and standardize market order”, “Strengthen bottom-line thinking, effectively prevent and resolve risks”, “Innovate means and methods to effectively protect the legitimate rights and interests of investors” “.
Among them, in terms of “the scale of financing has increased significantly and the efficiency of serving the real economy has been significantly improved”, the China Securities Regulatory Commission pointed out that on the basis of stabilizing the market and preventing risks, starting from the intrinsic needs of the real economy, we will actively expand direct financing and effectively Give full play to the positive role of the capital market in optimizing resource allocation, guiding the flow of factors, and promoting innovation and entrepreneurship. The total number of initial public offerings and refinancings throughout the year was 1.50 trillion yuan (excluding private placement asset subscriptions of 546.4 billion yuan), an increase of 45.18%. Among them, 248 companies raised 163.4 billion yuan in initial public offerings (IPOs), and the number of IPOs reached the highest level in the past five years. new highs. At the end of 2016, the number of listed companies exceeded 3,000, and the total market value of the Shanghai and Shenzhen stock markets was 50.8 trillion yuan (equivalent to 7.3 trillion U.S. dollars), ranking second in the world after the United States (27.3 trillion U.S. dollars). In terms of corporate bonds, we steadily promoted the reform and development of the exchange bond market and enriched bond varieties. Corporate bonds issued throughout the year were 3.17 trillion yuan, an increase of 47%. Among them, non-financial enterprises issued 2.63 trillion yuan, accounting for 83% of corporate bonds.
In terms of “serving the national macro-control strategy and assisting supply-side structural reform”, the China Securities Regulatory Commission pointed out that it will implement the reform deployment of “decentralization, regulation and service”, carry out the preparation of a list of rights and responsibilities, and continue to cancel and streamline administrative approval matters. Optimize the approval process and release market vitality. Conscientiously implement the requirements of “three reductions, one reduction and one supplement” and support mergers, acquisitions and reorganizations of listed companies, involving a transaction amount of 2.39 trillion yuan, of which a total of 261 administrative license applications for mergers, acquisitions and reorganizations were approved in 2016, with a total transaction amount of 1.255151 billion yuan, effectively boosting the industry upgrade. Strictly implement the delisting system for listed companies and steadily promote the elimination of “zombie companies”. Clarify the negative list for access to the New Third Board and impose restrictions on listing and financing of enterprises that do not comply with national macroeconomic policies and the market positioning of the New Third Board. Implement classified supervision on corporate bonds in real estate and overcapacity industries. The average interest rate for publicly issued corporate bonds on the exchange market is 3.92%, down 76 basis points from 2015, reducing corporate financing costs. The “Opinions on Leveraging the Role of the Capital Market in Serving the National Poverty Alleviation Strategy” was formulated, and the policy of “review immediately upon application and release after review” shall be applied to the initial public offerings, listings on the New OTC Market, bond issuance, mergers and acquisitions and reorganizations of enterprises in poverty-stricken areas. Asset securitization products to revitalize tourism resources were issued in national-level poverty-stricken counties. At the same time, the industry association mobilized 82 securities companies to pair up with 125 poverty-stricken counties, and 19 futures companies to pair up with 20 poverty-stricken counties. Special channels have been implemented for enterprises in Tibet and Xinjiang, with a total of 9 issuances and financing of 3.4 billion yuan.
In terms of “strengthening bottom-line thinking and effectively preventing and resolving risks,” the China Securities Regulatory Commission pointed out that in response to the problem of leveraged funds in the stock market to help rise and fall, it clarified the maximum leverage multiple of stock and mixed structured asset management plans, and strengthened The suitability management and risk disclosure of graded products will be strengthened, and capital constraints on margin financing and securities lending will be strengthened. In view of the problem of cross-market and cross-product transmission of financial risks, we decisively dealt with Guohai Securities(Quotes 000750,Buy) bond default risk, and timely resolve the liquidity of individual fund companies’ monetary funds risks and avoid the impact of temporary shortage of liquidity in the single market on the financial market. Introduce rules for suspension and resumption of trading to solve the problems of listed companies suspending trading at will, in general terms, and for long periods of time. In response to the violent fluctuations in commodity futures prices represented by the “black series”, we took decisive action, adopted a multi-pronged approach, and used market methods and tools to effectively curb market overheating. Overall, my country’s capital market has achieved stable operation and market fluctuations have remained within a reasonable range.
