Initiated collaboratively by the Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE) and the Beijing Stock Exchange (BSE), and jointly sponsored by the regional offices of the China Securities Regulatory Commission (CSRC) and the local financial regulatory bureaus in China’s western region, the Western Region Special Edition of Joint Incubation Program by Stock Exchanges was held in Chengdu on December 8, 2021. Officials of the three stock exchanges addressed the event. Among those present were relevant officials of the Sichuan Provincial Financial Regulatory Bureau, the Sichuan Office of CSRC, the Chengdu Municipal Financial Regulatory Bureau, the Chengdu High-tech Industrial Development Zone, and representatives from the enterprises.
With a vast land area and featured industries, the western region is a core area for the Belt and Road construction. In recent years, under the strong leadership of the CPC Central Committee, the western region has seen the ongoing transformation and upgrading in the traditional industries such as agriculture, energy and manufacturing, and the rapid development of the emerging industries such as information technology and optoelectronic chips. The CPC Politburo session held on December 6 reiterated the importance of effectively advancing major regional strategies and strategies for coordinated development among regions. Jointly launched by the three stock exchanges, the capital market incubation program serves to implement the decision and deployment of the CPC Central Committee and the State Council and to enhance the ability of the financial sector to serve the real economy. The program demonstrates the concrete efforts by the exchanges in meeting the requirements of the CPC Committee of the CSRC, adhering to the positioning of the different boards, and promoting the coordinated development of the exchanges. The program will facilitate the incubation of more high-quality companies to be listed, support the listed companies’ efforts to grow better and stronger, boost the high-quality development of the capital market in the western region, and better serve the national strategy of large-scale development of the western region and the coordinated economic development among regions.
The two-day event was the first of a series of capital market cultivation activities launched jointly by the three stock exchanges. Based on the industrial structure and technological innovation characteristics in the western region and oriented toward high-quality development, the three exchanges pooled their quality resources in four featured sessions, including the training for listed companies, the training for companies to be listed, the training on fixed income products and the experience sharing and interactive salon for companies. In order to strictly implement the requirements for epidemic prevention and control, the event, held in the form of “main venue + side venue + online live streaming”, achieved encouraging results and drew more than 2,000 companies, bond issuers, and relevant officials from departments of local governments, covering almost all entities related to market incubation in the western region.
According to the officials of the three exchanges in charge of the relevant business, it is the due responsibility and obligation of the capital market to serve the national strategy of large-scale development of the western region. Among other things, the three exchanges will establish a regular joint incubation mechanism, continue to improve the institutional system and service system, and fully forge the synergy of the multi-tiered capital market. In addition to providing comprehensive, efficient, convenient and practical one-stop market incubation services for different types of enterprises, the three exchanges will jointly increase the proportion of direct financing, give full play to the pivotal role of the capital market in advancing technological innovation and the transformation and upgrading of the real economy, and better support the national strategies and contribute to high-quality economic development.
