On the morning of November 5, 2022, the Parallel Session on "High-Quality Opening-Up of China's Capital Market" of the Fifth Hongqiao International Economic Forum was successfully held at the National Exhibition and Convention Center (Shanghai). The parallel session was co-hosted by the Shanghai Stock Exchange (SSE) and the Secretariat of the Hongqiao International Economic Forum. Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, Executive Vice Mayor of Shanghai, Qiu Yong, Chairman of the SSE, and other officials from the State Administration of Foreign Exchange, Department of Fund and Intermediary Supervision of CSRC, the Shanghai Municipal Financial Regulatory Bureau, etc. attended the forum. More than 150 guests from regulators and domestic and international financial institutions were present. Fang Xinghai, Wu Qing and Cai Jianchun, President of SSE, delivered speeches at the opening ceremony.
Fang Xinghai, Vice Chairman of CSRC, said that CSRC will adhere to the direction of marketization, rule of law and internationalization, deepening reform comprehensively and improving the functions of the capital market, so as to better serve high-quality development and keep building up the confidence of domestic and foreign investors. It will further improve the institutional framework for the opening up of the capital market, accelerate the implementation of various opening-up initiatives, and attract and gather more outstanding international institutions and talents to join China's capital market. It will insist on promoting the high-standard institutional opening up of the capital market to further facilitate cross-border investment by domestic and foreign investors and better support the development of cross-border financing of enterprises. It will further develop market connectivity mechanisms such as GDR and CDR issuance, and support enterprises to list abroad in accordance with laws and regulations. It will strengthen practical cooperation between the capital markets of the Chinese Mainland and Hong Kong to realize the complementary and coordinated development of the two places.
Wu Qing, Executive Vice Mayor of Shanghai, said that Shanghai will further grasp financial development trends and take active actions based on national strategies and in accordance with General Secretary Xi Jinping's requirement of "four places". Shanghai will continuously strengthen the function of global resource allocation to further enhance the pricing ability and influence of Shanghai's financial market in the world, speed up the gathering of more Chinese and international financial institutions with market influence and maximize the demonstration effect. It will constantly promote major financial reforms, opening-up and innovation, and make greater efforts in building a broad-channel, multi-level, full-coverage and sustainable financial service system for scientific and technological innovation. It will also vigorously boost financial support for green and low-carbon high-quality development, build an international hub of green finance, and promote the green transformation and development of the economy and society through green finance.
Cai Jianchun, President of the SSE, said that the SSE will continue to implement the task of deepening reform across the board, further use the STAR Market as a pilot zone for reform, adhere to its positioning of "key and core technology", and continue to enhance its capability of serving scientific and technological innovation. It will constantly promote the coordinated and balanced development of investment and financing, steadily further develop the innovation of corporate bonds, ETFs, options and other products, and create a new highland for the development of REITs with international competitiveness. It will firmly advance the high-standard institutional opening-up, further deepen market connectivity mechanisms, strengthen cross-border index cooperation, actively participate in international industry governance, carry out practical cooperation with overseas exchanges, and strengthen the building of regulatory capacity and risk prevention and control capacity under the opening-up.
Based on the new development stage, the forum closely combined the new situation and changes in domestic and international economy and finance, and discussed new policies and initiatives for high-standard opening up of the capital market and upgrading Shanghai's capability as an international financial center. Focusing on such topics as enhancing development resilience and vitality through scientific and technological innovation, new opportunities for high-quality opening-up of China's capital market, and new opportunities for building a global asset management center in Shanghai supported by the asset management industry, representatives of regulators, capital market experts and industry leaders had full discussions. They hope to contribute wisdom and share experiences for China's capital market to improve its resource allocation function and efficiently serve the development of the real economy.
"Openness is a key driving force behind the progress of human civilizations and an intrinsic path toward global prosperity and development." Next, under the leadership of the CSRC, the SSE will more proactively integrate into the overall national development strategy, deeply promote reform and innovation, firmly expand opening-up, accelerate the building of a world-class exchange that matches China's status as a great modern socialist country, and make greater contributions to the high-quality opening-up of the capital market, the building of international financial center in Shanghai, and the realization of Chinese modernization.
