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The 7th General Assembly of the Shanghai Stock Exchange (SSE) was held in Shanghai on September 10. Liu Shiyu, Chairman of the China Securities Regulatory Commission (CSRC), delivered a speech at the general assembly.
In his speech, Liu reviewed the work of the SSE in recent years and put forward some requirements for its further development. He stressed that the capital market should focus on the goal of realizing a moderately prosperous society at the 100th birthday of the CPC and a modern socialist country at the 100th birthday of the P.R.C., attach importance to the “Five-in-One” general layout (economic, political, cultural, social and eco-civilization construction) and the strategic layout of “4 Overall Constructions” (building the moderately prosperous society, boosting the reform, ruling the country according to law and cementing the Party discipline in an all-round way), and vigorously implement the five development philosophies (innovation, coordination, green, opening-up, and sharing). He also said that we should firmly adhere to the major philosophy of legal, strict and overall regulation, hold the bottom line of no systematical risk, highlight legitimate rights and interest of investors, stick to the market-oriented, legal and internationalized reform for enhancing the global competence of our capital market, and insist on the fundamental principle of serving the real economy’s growth. A stock exchange should effectively play its statutory functions and duties, thus becoming a platform of safe and hi-efficient resource allocation, the first firewall for regulation on the securities market, and an impetus for the real economy’s transformation and upgrading. Besides, a stock exchange should perfect its governance structure and put the member system into practice. A securities agency should stay true to its mission, fulfill all of its duties as an intermediary and a gatekeeper, persevere in the bottom line of compliance and risk control, jointly participate in the construction of the stock exchange market, cultivate new culture in the securities industry and co-fuel the industry’s sound growth by serving the real economy. It was expected that the SSE and all the securities agencies would take the general assembly as an opportunity to further seek consensuses, shoulder their responsibilities, seize all the key points, and contribute to the general situation, so as to build an open, transparent and permanently sound capital market.
Zhou Bo, Deputy Mayor of Shanghai, said that in the first year of the 13th Five-year Plan, it was of great significance for the SSE to re-launch the general assembly to improve its governance structure, cluster consensuses of its members and brew the securities market’s growth. As one of the key factor markets of Shanghai international financial center, the SSE has continuously boosted its opening-up and reform and, together with all the securities agencies, facilitate reinforced rationalization of enterprises through supporting their listing, bonds issuance as well as mergers, acquisitions and reorganizations in the capital market, which has contributed to giving full play to the role of the capital market in optimizing resource allocation and thus greatly propelled the development of the real economy.
Wu Qing, Chairman of SSE Board of Governors, made a working report of the 3rd SSE Board of Governors. He said that the SSE would unveil a new history, consistently carry out decisions and deployments made by the CPC Central Committee and the State Council. It will, together with all of its members, attach importance to the two general situations of serving the national economy’s growth and the capital market’s construction, accomplish the core work items of cementing the frontline regulation, preventing the market risks and protecting investors’ rights and interest, be bold to rush to the regulatory frontline, hold the risk bottom line and focus on the main development line, with an aim to build a world-class exchange. At the general assembly, the working reports of the SSE Board of Governors, SSE President, and the first SSE Board of Supervisors were discussed and approved; the "SSE Constitution" was discussed and revised; and the new SSE Board of Governors and SSE Board of Supervisors were elected as well.
Jiang Yang, Vice Chairman of the CSRC, also delivered a speech at the closing ceremony. Among those attending the general assembly were Wu Lijun, Chairman of the Board of Governors of the Shenzhen Stock Exchange, Gui Minjie, former Chairman of SSE Board of Governors, representatives of 112 SSE members, officials of the CSRC departments and agencies and the units affiliated to the CSRC, head of the Shanghai Financial Working Commission and representatives of institutional investors and media.
