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On the morning of November 26, the Shanghai Stock Exchange (SSE) organizes 8 fund companies (E Fund, Fortune SG, Bosera Funds, Guotai AMC, China International Fund Management, Hua’an Funds, China Universal Asset Management, and Huatai-PineBridge) and holds the “Symposium on Implementing the Requirements of the 3rd Plenary Session of the 18th CPC Central Committee (the 3rd Plenary Session for short) and Boosting the Growth of Fund Industry”. At the symposium, all the fund companies exchange their attainments in learning the requirements put forward at the 3rd Plenary Session and talk about their experience in speeding up the industry development and innovation. They also have in-depth communication on some innovation subjects.
The fund companies all say that greatly inspired by the 3rd Plenary Session, they are fully confident in the transformation of the economy and the development of the capital market. They suggest that implementing the requirements and boosting the industry innovation can be achieved from the following three aspects. The first is to propel marketization. They also suggest that the SSE can integrate trading and bookkeeping to enhance market’s operating efficiency; it can match up with the interest rate liberalization, strengthen the construction of the on-floor bond market, and improve the on-floor rate curve; it can also set up an open price inquiry mechanism to increase the IPO pricing efficiency; and it can coordinate with the fund companies to further products innovation and promote the development of individual stock options, asset securitization products, commodity products, and urbanization-featured financial products. Second, it is suggested that the SSE can engage in innovative products with more openness and improve the cross-border ETF product mechanism, so as to enhance the diversified functions for subscription and redemption. Third, the SSE is suggested to actively participate in the construction of the internet financial platform, so as to enhance the market’s operating efficiency and reduce its operating cost.
The SSE responds to the concerns and suggestions of the representatives present at the symposium. It will further enhance its work efficiency, perfect the time-limited supervisory handling mechanism, and increase the service response efficiency. Besides, it will further support the industry product innovation to provide investors with diversified wealth management products characterized by portfolios of different risks and returns. Meanwhile, the SSE puts forward two expectations for the fund companies. First, it hopes that the fund companies, instead of being carried away by quote fluctuations, would give full play to their role in stabilizing the market as institutional investors; second, the SSE hopes that the fund companies will enthusiastically participate in the SSE’s simulated trading of individual stock options and actively cultivate talents in the field of securities derivatives.
