On May 9, the State Council issued the "Several Opinions on Further Promoting the Healthy Development of the Capital Market" (also known as "New China Nine Articles"). A decade later, the top-level design of China's capital market began again. Experts said that this aspect is a master plan for China's capital market, and on the other hand, it is a global arrangement for the deep-seated problems of China's current economic development. Put it in a global understanding.
In the previous round of top-level design in 2004, the share-trading reform became a landmark event in the capital market, successfully solving the problems of tradable shares and non-tradable shares, laying the foundation for clearing the obstacles for further market-oriented development in the future. Ten years later, the conflicts of interests of all parties have accumulated again, and all parties in the market need to reunify their understanding and clarify the new orientation and new goals for future reform and development.
In the opinion of analysts, the new "National Nine Articles" on the surface is to solve the development of the capital market, but it reflects the current difficulties and difficulties in China's economic development, reflects the difficulties of China's financial system reform, and reflects the difficulties of Chinese enterprises. The eagerness to become stronger and stronger and to enhance market competitiveness has the consideration of the overall economic development.
From a global perspective, the real economy is the carrier of economic development, and its good or bad directly determines the economic level and international discourse power of a country. At present, most of China's entity enterprises have difficulty in financing, the company's structure is irrational, lack of experience in modern corporate governance and market competitiveness. The development of the real economy has constrained the pace of China's economic and social progress, constrained the market's ability to innovate, and comprehensively deepened reforms. An important bottleneck in development.
However, the problems encountered in the reform still need to be resolved with the ideas of reform. Li Keqiang, the premier of the State Council, once said that when development is facing difficulties in moving forward, and when there is no way to revisit mountains and waters, it is necessary to remove obstacles and increase motivation through reforms. Practice has proved that reform is the best way to solve China's economic development and is the truth that has been proven to be universal in the past 36 years.
So how do we find the “pain point†of reform to release the development dividend? What role should the capital market play in it? In fact, the country has already considered the whole. The "Decision" of the Third Plenary Session of the 18th Central Committee of 2013 clearly stated that "actively develop a mixed ownership economy", and the "Government Work Report" in 2014 further proposed "accelerating the development of a mixed-ownership economy." Mixed ownership is identified as a basic economic system of the state written into the central document, which will have important implications for future economic vitality, influence, and control.
At present, China's economic development has entered a period of structural adjustment and pain, a period of growth and shifting, and it has reached a critical point of climbing over the ridge. Among them, state-owned enterprises are not efficient, and market vitality is difficult to release, which is not conducive to social competition and economic development. "The development of the real economy must be solved with great efforts, and it is imminent. This problem will not be solved, and economic development will be difficult to maintain and difficult to sustain," industry insiders said.
These thorny issues of state-owned enterprises play a key role by mixing all of them into breakthroughs. In this year's "Government Work Report", for the first time, the "Promoting the Pilot Project of State-owned Capital Investment Operation Companies" and "Improving the Budget of State-owned Capital Operation" appeared, and outlined the future trend of state-owned enterprise reform from managing assets to operating capital. The famous economist Li Yining said that mixed ownership is controlled by capital, without government intervention, and is the most authentic and effective embodiment of corporate governance structure.
It can be seen that the capital market will become an important platform for the development of mixed ownership in the future and will play an important role in China's transformation and upgrading. The construction of this platform will give full play to the role of capital market optimization of resource allocation, and play an important role in improving the modern enterprise system and corporate governance structure, improving the quality of listed companies, enhancing the competitiveness of enterprises, and promoting capital formation and equity transfer. At the same time, the capital market platform will also directly determine whether China's economy can be transformed and upgraded successfully, and the key role of market-based fundamentals can be fully utilized. In this sense, the introduction of the new "National Nine Articles" in the capital market has its profound background.
In addition, the prevention and control of financial risks has become an important issue in the current economy. A large amount of funds poured into the shadow bank. Since shadow banking involves banks, trusts, securities, insurance and other industries, it spans multiple financial markets such as currency, credit, capital, insurance, and wealth management. Local financial risks sometimes occur. The biggest hidden danger of China's current financial risks. In order to prevent and control risks and improve the financial structure, the capital market will play an irreplaceable role.
Of course, the new “National Nine Articles†also brings top-level design to the development of the capital market itself. For a long time, the "three highs" phenomenon in China's capital market is serious. The original role of resource allocation cannot function well. The proportion of investment and financing is out of balance. The interests of investors are not satisfied for a long time. The pricing mechanism is distorted. People's insurance, insider trading, etc. Suffering persists for a long time. In order to change these stubborn diseases, the capital market is undergoing a stock issuance registration system. Through the top-level design, the capital market will form a benign ecological environment with strict supervision, perfect system, enhanced information disclosure, and responsible for the return of the main bodies.
Reform must be good at making good efforts. Strengthening the top-level design must also be combined with the stone crossing the river. It can be expected that the future rules will gradually fall after the programmatic documents.
In short, the new "National Nine Articles" has new connotations in its new context. If only its understanding is limited to the development of the capital market itself, it may appear to be somewhat one-sided, and it will not reach the original purpose of the overall design of the top-level design. The problem of China's economic development still needs to be solved by itself, and it will form a joint force, and each link will be done and coordinated. In this way, the deep-seated problems of China's economic development are expected to be resolved. But what is certain is that from the small “National Nine Articles†that protected small and medium-sized investments last year, to the big “National Nine Articles†that just released the top-level design of the entire market, the capital market has been given a new mission and has been upgraded to an unprecedented height. A three-dimensional reform blueprint has been presented. From comprehensively deepening reforms to paying equal attention to investors' interests, the future role of the capital market in serving the real economy to return to resource allocation will be more reflected. China's economic quality improvement and efficiency, adjustment of structure to promote transformation, and revitalization of economic innovation market vitality will play a more important role. Role.
In the previous round of top-level design in 2004, the share-trading reform became a landmark event in the capital market, successfully solving the problems of tradable shares and non-tradable shares, laying the foundation for clearing the obstacles for further market-oriented development in the future. Ten years later, the conflicts of interests of all parties have accumulated again, and all parties in the market need to reunify their understanding and clarify the new orientation and new goals for future reform and development.
In the opinion of analysts, the new "National Nine Articles" on the surface is to solve the development of the capital market, but it reflects the current difficulties and difficulties in China's economic development, reflects the difficulties of China's financial system reform, and reflects the difficulties of Chinese enterprises. The eagerness to become stronger and stronger and to enhance market competitiveness has the consideration of the overall economic development.
From a global perspective, the real economy is the carrier of economic development, and its good or bad directly determines the economic level and international discourse power of a country. At present, most of China's entity enterprises have difficulty in financing, the company's structure is irrational, lack of experience in modern corporate governance and market competitiveness. The development of the real economy has constrained the pace of China's economic and social progress, constrained the market's ability to innovate, and comprehensively deepened reforms. An important bottleneck in development.
However, the problems encountered in the reform still need to be resolved with the ideas of reform. Li Keqiang, the premier of the State Council, once said that when development is facing difficulties in moving forward, and when there is no way to revisit mountains and waters, it is necessary to remove obstacles and increase motivation through reforms. Practice has proved that reform is the best way to solve China's economic development and is the truth that has been proven to be universal in the past 36 years.
So how do we find the “pain point†of reform to release the development dividend? What role should the capital market play in it? In fact, the country has already considered the whole. The "Decision" of the Third Plenary Session of the 18th Central Committee of 2013 clearly stated that "actively develop a mixed ownership economy", and the "Government Work Report" in 2014 further proposed "accelerating the development of a mixed-ownership economy." Mixed ownership is identified as a basic economic system of the state written into the central document, which will have important implications for future economic vitality, influence, and control.
At present, China's economic development has entered a period of structural adjustment and pain, a period of growth and shifting, and it has reached a critical point of climbing over the ridge. Among them, state-owned enterprises are not efficient, and market vitality is difficult to release, which is not conducive to social competition and economic development. "The development of the real economy must be solved with great efforts, and it is imminent. This problem will not be solved, and economic development will be difficult to maintain and difficult to sustain," industry insiders said.
These thorny issues of state-owned enterprises play a key role by mixing all of them into breakthroughs. In this year's "Government Work Report", for the first time, the "Promoting the Pilot Project of State-owned Capital Investment Operation Companies" and "Improving the Budget of State-owned Capital Operation" appeared, and outlined the future trend of state-owned enterprise reform from managing assets to operating capital. The famous economist Li Yining said that mixed ownership is controlled by capital, without government intervention, and is the most authentic and effective embodiment of corporate governance structure.
It can be seen that the capital market will become an important platform for the development of mixed ownership in the future and will play an important role in China's transformation and upgrading. The construction of this platform will give full play to the role of capital market optimization of resource allocation, and play an important role in improving the modern enterprise system and corporate governance structure, improving the quality of listed companies, enhancing the competitiveness of enterprises, and promoting capital formation and equity transfer. At the same time, the capital market platform will also directly determine whether China's economy can be transformed and upgraded successfully, and the key role of market-based fundamentals can be fully utilized. In this sense, the introduction of the new "National Nine Articles" in the capital market has its profound background.
In addition, the prevention and control of financial risks has become an important issue in the current economy. A large amount of funds poured into the shadow bank. Since shadow banking involves banks, trusts, securities, insurance and other industries, it spans multiple financial markets such as currency, credit, capital, insurance, and wealth management. Local financial risks sometimes occur. The biggest hidden danger of China's current financial risks. In order to prevent and control risks and improve the financial structure, the capital market will play an irreplaceable role.
Of course, the new “National Nine Articles†also brings top-level design to the development of the capital market itself. For a long time, the "three highs" phenomenon in China's capital market is serious. The original role of resource allocation cannot function well. The proportion of investment and financing is out of balance. The interests of investors are not satisfied for a long time. The pricing mechanism is distorted. People's insurance, insider trading, etc. Suffering persists for a long time. In order to change these stubborn diseases, the capital market is undergoing a stock issuance registration system. Through the top-level design, the capital market will form a benign ecological environment with strict supervision, perfect system, enhanced information disclosure, and responsible for the return of the main bodies.
Reform must be good at making good efforts. Strengthening the top-level design must also be combined with the stone crossing the river. It can be expected that the future rules will gradually fall after the programmatic documents.
In short, the new "National Nine Articles" has new connotations in its new context. If only its understanding is limited to the development of the capital market itself, it may appear to be somewhat one-sided, and it will not reach the original purpose of the overall design of the top-level design. The problem of China's economic development still needs to be solved by itself, and it will form a joint force, and each link will be done and coordinated. In this way, the deep-seated problems of China's economic development are expected to be resolved. But what is certain is that from the small “National Nine Articles†that protected small and medium-sized investments last year, to the big “National Nine Articles†that just released the top-level design of the entire market, the capital market has been given a new mission and has been upgraded to an unprecedented height. A three-dimensional reform blueprint has been presented. From comprehensively deepening reforms to paying equal attention to investors' interests, the future role of the capital market in serving the real economy to return to resource allocation will be more reflected. China's economic quality improvement and efficiency, adjustment of structure to promote transformation, and revitalization of economic innovation market vitality will play a more important role. Role.
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