On December 15, SZSE held the (enlarged) meeting of the SZSE Party Committee to study the decisions of the Central Economic Working Conference and make arrangements for the implementation.
The meeting believed that this year’s Central Economic Working Conference is an important conference after the Sixth Plenary Session of the 19th CPC Central Committee. General Secretary Xi Jinping’s important speech at the Conference, which considers both domestic and external situations in a coordinative way, is strategic, far-sighted and profound. He systematically summed up the major achievements that were made in economic work during the year, gave a profound analysis on the current domestic and international economic situations, interpreted key theoretical and practical issues, and laid down plans for the economic work for next year. He not only focused on present hot topics but also looked at the general development trends. His speech is strongly political, strategic and instructive and has pointed out the direction and provided the basis for the economic work for next year and some time to come.
The meeting pointed out that the year 2021 is a milestone in the histories of both the CPC and China and it will undoubtedly be remembered by future generations. The CPC Central Committee with Comrade Xi Jinping at its core steered the direction, calmly responded to the changes that were unseen over the past 100 years and the pandemic, and united and led the whole Party and people of all nationalities in accomplishing arduous reform and development tasks. New progress was made in the formation of a new development pattern, and new results were achieved in high-quality development, demonstrating a good start of the 14th Five-year Plan period. The meeting required SZSE to align thoughts and actions with the decisions and plans of the CPC Central Committee, and understand the decisive significance of the “two establishes” deeply (establish General Secretary Xi Jinping’s core position on the Party Central Committee and in the Party as a whole, and establish the guidance position of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era). In the meantime, SZSE should further strengthen the consciousness of the need to maintain political integrity, think in big-picture terms, follow the leadership core, and keep in alignment with the central Party leadership; stay confident in the path, theory, system, and culture of socialism with Chinese characteristics; and uphold General Secretary Xi Jinping’s core position on the Party Central Committee and in the Party as a whole, and uphold the Party Central Committee’s authority and its centralized, unified leadership. In addition, in practice, SZSE should continuously deepen the understanding of the “four musts” awareness during economic work and take solid actions to better serve the national reform and development strategy.
The meeting also required SZSE to follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, carry forward the great Party building spirit, and earnestly implement the guiding principles of the Sixth Plenary Session of the 16th CPC Central Committee and the Central Economic Working Conference. Under the strong leadership of the CSRC Party Committee, SZSE should seek progress while maintaining stability, apply the new development philosophy completely, accurately and fully, and practice the principles of “system building, non-intervention, and zero tolerance” and the requirements of “revering the market, revering the rule of law, holding high professionalism, staying alert to risks, and obtaining support from various parties across the board”. SZSE should continue reform, promote development, strengthen regulation, and control risks. In the meantime, SZSE should intensify support to the real economy, energize market entities, facilitate the circulation of the national economy, assist in innovation-driven development, and serve the formation of a new development pattern and the goal of high-quality development. SZSE should strive for excellent results as a tribute to the 20th CPC National Congress to be held in 2022.
First, taking the stable situation as an opportunity, SZSE should maintain the safe, stable operation of the market. SZSE should fully realize that stability is the general principle, make sure the work of the exchange is done in a timely, appropriate, prudent and steady manner. SZSE should place risk control in a more important position, strengthen analysis and forecast of the macro situation and major risks, enhance technology-enabled regulation, and improve risk monitoring, early warning and response capabilities. Meanwhile, SZSE should correctly understand and grasp the characteristics and behavior laws of capital, support and guide the standard, healthy development of capital, and prevent disorderly capital expansion. SZSE should crack down on acts in violation of laws and regulations and intensify punishment for the “critical minority”. In addition, SZSE should forestall and defuse major risks such as bond default, and strengthen regulatory cooperation to form a synergy in risk control. SZSE should continue to do a good job in pandemic control and system operation maintenance to ensure the safe operation of the exchange market.
Second, SZSE should uphold the system concept and carry out key reform tasks in a coordinated manner. SZSE should consider the registration-based IPO system reform from the political perspective, follow the overall plan of the CSRC Party Committee, apply the “three principles” of the registration-based IPO system reform deeply, handle the relationships with relevant parties well, maintain high-quality operation of the registration-based IPO system on the ChiNext Board, and make adequate preparations for the implementation of the registration-based IPO system on all boards. Taking the registration-based IPO system reform as an opportunity, SZSE should continuously improve basic regulations, and plan and promote in a coordinated and orderly manner such key tasks as improving the quality of listed companies, assisting in the SOE reform, improving the delisting mechanism, serving the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Shenzhen pilot demonstration zone of socialism with Chinese characteristics and the Shenzhen Comprehensive Reform Pilot.
Third, SZSE should optimize resource allocation to serve high-quality economic development. SZSE should leverage the market functions of the “Main Board + ChiNext Board”, increase support to key fields such as technological innovation, green development, manufacturing industry, small and medium enterprises, etc., and assist enterprises in becoming better and stronger. SZSE should launch more innovative products for the real economy, expand pilot programs of public-offered infrastructure REITs, facilitate moderately-in-advance infrastructure investment, enrich “peak carbon emissions and carbon neutrality” themed investment and financing products, and promote green and low-carbon transition and development. In the meantime, SZSE should actively serve key strategies for regional development and coordinated regional development strategies and refine the market cultivation system. SZSE should also align itself with high-standard international economic and trade rules, deepen cross-border interconnection, promote deep financial integration between Shenzhen and Hong Kong, and expand high-level opening up.
Fourth, SZSE should take on political responsibility and adhere to and strengthen the CPC’s comprehensive leadership of the exchange. SZSE should strengthen political building, make good use of the achievements in the study and education of the CPC history, and continue to deepen the understanding of the political and national attributes of the exchange. Meanwhile, SZSE should incorporate the requirement of stressing politics into every aspect of the exchange’s work and continue to improve political judgment, perception and execution. SZSE should continuously cooperate in the inspection tours of the central government with high standard and high quality, and ensure that problems found during those inspection tours are rectified. Finally, SZSE should build a high-quality professional team that is loyal, clean and responsible and persistently improve their conduct, so as to provide strong guarantee for the reform and development of the exchange.
