On 8 December 2021, the Stock Exchanges’ Joint Cultivation Program Western China Session, initiated by the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Beijing Stock Exchange and jointly hosted by branches of the China Securities Regulatory Commission (“CSRC”) and local finance bureaus in Western China, was held in Chengdu. Relevant officials of the three exchanges attended and addressed the event, and relevant officials of Sichuan Provincial Bureau of Financial Work, CSRC Sichuan Branch, Chengdu Municipal Financial Regulatory Bureau and the government of Chengdu High-tech Industrial Development Zone and enterprise representatives were present at the event.
With a vast land area and distinctive industrial characteristics, Western China is a core region of the Belt and Road Initiative. In recent years, under the strong leadership of the CPC Central Committee, traditional industries such as agriculture, energy and manufacturing in Western China have witnessed continued transformation and upgrading, while emerging industries like IT and photoelectric chips have achieved fast development. The meeting of the Political Bureau of the CPC Central Committee held on December 6 emphasized again that regions’ major strategies and coordinated development strategies should be effectively implemented. The capital market cultivation program jointly held by the three stock exchanges is a concrete measure to carry out the decisions and plans of the CPC Central Committee and the State Council and improve the capability of the financial sector to serve the real economy, and is an embodiment of putting in place the requirements of the CPC CSRC Committee, adhering to board positionings and deepening the coordinated development of exchanges. It will help regulate and cultivate more quality companies for listing, support listed companies in becoming better and stronger, and promote the high-quality development of the capital market in western China, thus better serving the development of the western region and the coordinated economic development of all regions.
This joint cultivation session lasted two days and was held with SZSE taking the lead. The three exchanges pooled advantaged resources, and with high-quality development as the orientation, designed four featured sections, namely, listed company training, training for reserve companies for listing, training on fixed-income products, and enterprise experience sharing and interaction salon, based on the industrial structure and technological innovation characteristics of the western region. The event strictly followed pandemic control requirements. Held in the combined form of “main venue + branch venue + live streaming”, it attracted more than 2,000 enterprises, bond issuers and officials of local governmental departments, basically all targets of cultivation of the western market, achieving good results.
Relevant officials of the three exchanges all said that serving the development of the western region well is the bound duty of the capital market and they will establish a regular joint cultivation mechanism and continue to improve the policy system and service system. In the meantime, they will fully leverage the synergy of the multi-tiered capital market to provide comprehensive, efficient, convenient, practical one-stop market cultivation services to enterprises of different types, and work together to increase the proportion of direct financing. They will also give play to the role of the capital market in promoting technological innovation and the transformation and upgrading of the real economy to better serve national strategies and high-quality economic development.
