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On June 10, the Academic Committee of SZSE’s Securities Market Herald was officially established and the Academic Seminar on “Financial Support for Building of Strength and Self-reliance in High-level Science and Technology” was held in Shenzhen. Relevant officials of SZSE, members of the Academic Committee of Securities Market Herald, leadership of the China Capital Market Institute, and the Periodicals Association of Guangdong Province, among others, and representatives of 16 universities, eight important periodicals and nearly 20 capital market research instates attended the seminar.
Founded in 1991, Securities Market Herald is the only professional core journal in the Chinese securities sector that is administered and sponsored by SZSE. It is an important platform through which SZSE serves and guides development with theoretical research. The founding of the Academic Committee is a key move to further build Securities Market Herald into an important front of public opinions for the reform and development of the capital market against the backdrop of the overall deepening of the reform of the capital market based on the full implementation of the registration-based IPO system. The Academic Committee will give full play to its role as a think tank, offer academic and suggestions to Securities Market Herald, and provide continuous theoretical and intellectual support to the building of a modern capital market with Chinese characteristics and the development of SZSE.
Members of the Academic Committee of Securities Market Herald fully affirmed SZSE’s idea on founding the journal and the achievements made thus far. Over the past 30 years and more since its founding, Securities Market Herald has continuously channeled social research resources into the capital market. It has become a sound interaction platform between the academic circles and the industry and contributed wisdom to the reform and development practices of the capital market. Members of the Academic Committee said that they will give full play to the advantages of research resources in their respective professional areas, actively advise on how to improve the level of Securities Market Herald, strive to build Securities Market Herald into an “academic highland” of the modern capital market with Chinese characteristics, and further leverage the role of capital market in serving the high-quality development of the real economy.
In the keynote speech session, members of the Academic Committee shared their wonderful views on providing “Financial Support for Building of Strength and Self-reliance in High-level Science and Technology”. Dean Liu Qiao of the Guanghua School of Management, Peking University said that increasing input in basic research is essential to improving total-factor productivity and elevating China’s position in the global value chain and the financial system should focus on guiding the allocation of resources in the basic research areas of important node industries such as green and low-carbon industries and digital economy. Deputy Director Chen Daofu of the Financial Research Institute of the Development Research Center of the State Council believed that to realize of virtuous circle between technology and industries, it requires an empowering conversion platform and an improved incentive and constraint mechanism and the capital market needs to give better play to its functions of discovering value, building consensus and facilitating collaboration in the process of promoting circulation. Director Zhou Chengjun of the Financial Research Institute of the People’s Bank of China said that we should deepen structural reform on the financial supply side, realize deep integration of technology and finance, and facilitate more accurate and efficient conversion of funds with different risk appetites into innovation capital.
In the roundtable dialogue session, with a focus on the capital market and exchanges, members of the Academic Committee gave a number of constructive suggestions on company regulation, technological M&As, investor behaviors, basic policies and ESG investment. Doctoral Supervisor Chen Yugui from the Chinese Academy of Fiscal Sciences proposed including strict regulation as an important part of the support for building of greater strength and self-reliance science and technology and urging high-tech companies to refine governance, improve internal control and optimize information disclosure so as to better perform their duties as key scientific and technological innovators. Director of the School of Economics and Management and Dean of Lingnan College of Sun Yat-Sen University Li Shanmin said that we should strongly support leading tech companies in making good use of M&A tools to implement professional integration. Academic Director of Shenzhen Finance Institute and Professor of Princeton University Xiong Wei suggested optimizing the institutional investor performance evaluation mechanism, refining the tax policy of the capital market, and vigorously advocating long-term investment and value investment. Dean Guo Li of Peking University Law School thought that we should keep increasing legal supply in the capital market, advance the establishment of front-end, middle and back-end basic policies and regulations in a coordinated manner, and strengthen the adaptability and inclusiveness of policies and regulations. Deputy Dean Kong Dongmin of the School of Economics of Huazhong University of Science and Technology proposed increasing supply of green finance products including green bonds, unifying and standardizing the ESG assessment system, and enhancing external communication and cooperation in the sustainability field.
Besides, members of the Academic Committee and representatives of the periodical industry had in-depth discussions on the tasks and requirements of high-quality development of periodicals in the new stage, the difficulties in practice and their solutions, and explored approaches to further highlight the characteristics of Securities Market Herald and improve its quality from the aspects of column setting, theme focusing, contributions soliciting, publicity and promotion.
Next, SZSE will continue to follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, earnestly implement the major decisions and plans of the CPC Central Committee and the State Council and the requirements of CSRC, and firmly guard the ideological front. We will keep refining the working mechanism of the Academic Committee of Securities Market Herald, support members of the Academic Committee in actively performing their duties, create synergy with universities, research institutes and academic periodicals, and gather professional wisdom and facilitate collision of ideas. Closely centering on the task of high-quality development, we will produce and publish basic, prospective, strategic and influential research results with a focus on major national strategies such as building strength and self-reliance in high-level science and technology, establishing a modern industrial system and forming a high-level socialist market economy system. We will support the building of a modern capital market with Chinese characteristics with high-level and high-quality research, work faster to build a world-class exchange characterized by a quality innovation capital center, and help the capital market better serve the formation of a new pattern of development and promote high-quality development.
