Distinguished Secretary Li Xi, Governor Ma Xingrui, Secretary Wang Weizhong, dear guests, friends, ladies and gentlemen:
The successful implementation of the reform of the ChiNext Board and the pilot registration-based IPO system coincided with the 40th anniversary of the establishment of the Shenzhen Special Economic Zone, which is of great significance for improving China’s capital market system, facilitating the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and furthering the positive growth cycle and high-quality economic development. On behalf of the State Council, I would like to extend my warm congratulations.
Promoting the reform of the ChiNext Board and the pilot project of the registration-based IPO system is one of the major plans made by the CPC Central Committee and the State Council as well as an important connecting link in the development of the capital market. This move has drawn on the experience of the registration-based IPO system reform in the STAR Market and laid a solid foundation for such reform on the SME Board and Main Board in the future. It is hoped that the ChiNext Board will better serve growing and innovative venture enterprises, and each board will have its own focus and complement each other, thus forming a multi-tiered capital market system, enhancing the inclusiveness and coverage of the market, and supporting more quality enterprises in getting listed in China.
The capital market plays a pivotal role in improving resource allocation and propelling the high-standard flow of technology, capital and the real economy. At present, various reform and opening up policies of the capital market are phased in, the reform of the registration-based IPO system and the establishment of various systems for trading, regular delisting and investor protection are advanced in an orderly manner, and the capital market also shifts from incremental reform to the reform of the existing market. The capital market as a whole is undergoing profound structural changes. Let the market determine the fate of listed companies. It is imperative that we steadily increase long-term performance-oriented institutional investors, and stay true to the important concept of value investment. We shall also boost full disclosure of information, purify the market ecology in all respects, and build a creditable and law-abiding capital market. Besides, more efforts shall be made in studying market trends and analyzing main related factors, in a bid to stay ahead of the market curve and create reasonable development expectations. The principles of “system buildings, non-intervention, and zero tolerance” are unified and organically integrated. We should stick to the market-oriented, law-based and internationalized approach as always and do a solid job in improving the fundamental systems of the capital market.
Under the leadership of the CPC Central Committee and the State Council, China’s economy is recovering, and growing positively with each passing quarter. Specifically, China’s economy suffered a deep contraction in Q1, witnessed a speedy recovery in Q2, and is expected to grow in a more dynamic manner in Q3 and Q4. The Chinese economy is developing steadily and upgrading continuously on the path of high-quality development and under the accelerated creation of a “dual circulation” development pattern that allows the domestic and foreign markets to boost each other. The financial sector shall implement the requirements for ensuring stability on the six fronts and security in the six areas to better serve, drive, and lead the development of real economy. Under the new situation, improving the quality of listed companies and forming a group of listed companies that embody the requirements for high-quality development are crucial to the development of the capital market. It is important for listed companies to reform and refine their governance structure, comprehensively improve their innovation and market development capabilities, and carry forward the entrepreneurial spirit. They shall resolutely prevent moral hazard, and expedite the formation of core competitive edge, striving to be a pacemaker in innovation and a bellwether in the industry in the high-quality development of China’s economy.
I wish the ChiNext Board a better future and more advantages and features, and SZSE greater success in building itself into a quality innovation capital center and a world-class exchange, and better development for the Greater Bay Area and the economy of Shenzhen.
Thank you!
