On February 13, the Party Committee of the Shanghai Stock Exchange (SSE) held a meeting to timely publicize the requirements put forward at the 2017 National Securities and Futures Regulation Work Conference, earnestly study the speech delivered by Chairman Liu Shiyu of the China Securities Regulatory Commission (CSRC), and deploy the SSE’s major work items in 2017.
The SSE Party Committee held that the conference is of great significance for the capital market’s development at a critical period. It systematically summarized all the 2016 work items of the whole securities and futures system for cementing the Party discipline and strictly administrating the CSRC in an all-round way as well as carrying out legal, comprehensive and strict regulation according to the decisions and deployments of the CPC Central Committee and the State Council, deeply analyzed the complicated situation and severe challenges facing the capital market, roundly expounded the major tasks of the securities and futures regulation system in 2017 in implementing the general keynote of moving forward while maintaining stability given by the CPC Central Committee. The speech entitled “consistently strengthening political awareness, awareness of overall situation, awareness of core leadership and awareness of uniformity (four-awarenesses), moving forward while maintaining stability, and rationally fueling the capital market’s reform, stability and development” made by CSRC Chairman Liu Shiyu, with great foresight, a clear standpoint and rich content, boasts strong pertinence and guidance. In particular, the 6 aspects for stability and another 6 aspects for progress for the capital market’s reform, development and stability are highly instructive for working out a unified thought and correctly understanding and rationally propelling the major tasks of the capital market’s reform, development and stability under the complicated domestic and foreign economic environment and the ever-changing capital market. The conference fully showed the confidence and resolution of the CSRC Party Committee in comprehensively implementing the requirements put forward at the 6th Plenary Sessions of the 18th CPC Central Committee and the Central Economic Work Conference, further studying the major speeches made by General Secretary Xi Jinping, consistently enhancing the four-awarenesses, adhering to the philosophy of carrying out legal and strict regulation in an all-round way and the reform direction of marketization, rule of law and internationalization, and firmly maintaining the long-term, sound and steady growth of the capital market.
It was specified at the conference that we should further cement the Party discipline, strictly administrate the CSRC in an all-round way, attach more importance to risk control, further the strict regulation in an all-round way according to law, focus on the supply-side structural reform for improving the ability of serving the real economy, steadily propel the construction of the multi-layer capital market, cement the market infrastructure and the regulatory guarantee ability, boost the construction of the capital market’s legal and credit systems and investor protection, take on a new look in the capital market’s opening-up, propel the self-building in the whole securities and futures system in the securities and futures regulation work in 2017. The conference has given a direction and specified tasks and requirements for SSE in its work in 2017, and encouraged it to further play its role as a frontline regulator and organizer and contribute more to boosting the healthy and steady growth of the capital market and elevating the ability of the capital market in serving the real economy. The SSE Party Committee regards it as an honorable mission in spite of the arduous tasks and heavy responsibilities.
The SSE Party Committee said that in 2017, we should, according to the requirements of the CSRC Party Committee, roundly carry out the requirements put forward at the 18th National Congress of the CPC, the 3rd, 4th, 5th and 6th Plenary Sessions of the 18th CPC Central Committee, earnestly study the speeches by General Secretary Xi Jinping, carry out the “5-in-1” general layout (economic, political, cultural, social and eco-civilization construction), the strategic layout of “Four Overall Constructions” (building a moderately prosperous society, boosting reform, ruling the country according to law and cementing the Party discipline in an all-round way) and the five development philosophies of “Innovation, Coordination, Green, Openness and Sharing”. Besides, we should vigorously implement the requirements at this conference, hold the general keynote of making progress while maintaining stability, roundly implement the requirement for cementing the Party discipline, and further carry out the philosophy of legal, comprehensive and strict regulation. Moreover, we should, by focusing on the core of giving full play to the exchange’s functions, further strengthen the frontline role of the exchange in the market regulation and risk control, its platform role in serving the supply-side structural reform and its pioneering role in boosting the reform and opening-up of the capital market. Last but not the least, we should stick to the main line for development, fight on the regulation frontline, and hold the bottom line of preventing risks, with a general-situation outlook and a practical attitude, and being proactive. (1) We should further cement the Party discipline and strictly administrate the SSE in an all-round way, elevate the four-awarenesses, especially the awareness of core leadership and the awareness of uniformity, carry out the decisions and deployments made by the CSRC Party Committee, and make the SSE Party Committee to play a politically leading role in the SSE’s governance work. (2) We should strengthen the frontline regulation and risk control in an all-round way, build the 3-in-1 self-regulatory system of regulation on listed companies, trading conducts and SSE members, establish perfect monitoring, analyzing and precautious systems of market risks, vigorously improve the ability and effectiveness of regulation, and maintain the market order. (3) The ability of serving the real economy should be greatly improved. According to the main line of the supply-side structural reform, we should give full play to the platform role of the exchange in resource allocation, and facilitate the campaign of “reducing production capacities, decreasing inventories, deleveraging, lowering costs and improving deficiencies”. Efforts should be made to develop the stock market and the bond market, and elevate the direct financing proportion, in addition to doing a better job in the equity ETF option pilot, developing more products and providing more financial risk management instruments for the market. (4) We should involve ourselves into the national strategic development, take the advantage of China’s “One Belt and One Road” strategy, contribute to building the international financial center of Shanghai and the world-class science and technology center of Shanghai, speed up the internationalization of the exchange, and strive to be a pioneer of the two-way opening-up of the capital market and the going-global strategy. (5) We should strengthen the market infrastructure, optimize the market’s fundamental systems, perfect the market’s fundamental facilities, and make the market system more complete, perfect and mature. (6) We should build a frontline regulation team with sublime ideal, strong ability and high sense of responsibility by strengthening team building and unifying everyone through effective measures.
The SSE Party Committee called for that all the cadres and employees of the SSE should firmly carry out the requirements put forward at the conference upon studying, earnestly complete all the SSE’s work items in 2017, so as to usher in the 19th National Congress of the CPC with its outstanding achievements.
