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The 47th General Assembly Also Annual Meeting of the World Federation of Exchanges (WFE), hosted by the Shanghai Stock Exchange (SSE), is held in Shanghai on October 15 and 16. Vice Chairman Gui Minjie of the China Securities Regulatory Commission (CSRC), and Shanghai Municipality Vice Mayor Tang Dengjie attended the annual meeting's opening ceremony and delivered speeches.
It is the first time that the annual meeting, the most important annual event of the WFE, is held in Shanghai. So far, the meeting has been the most important global capital market meeting ever held in China's mainland. Member representatives all over the world are rallied to pool their ideas and discuss the significant development issues on the global capital market. All this indicates a nod to the recent achievements of the SSE's rapid development as well as the high attention paid by worldwide peers to China's capital market.
CSRC Chairman Shang Fulin sent a special congratulatory letter to the meeting, extending his sincere congratulations and good-will wishes to the meeting's inauguration, in a hope that the meeting will further push up the healthy development of China's capital market. Vice Mayor Tang Dengjie pointed out in his speech that the meeting would promote the integration of Shanghai's financial market into the global finance circle. He also said that Shanghai would get into a closer relationship with the financial centers and stock exchanges around the world for mutual benefits as well as joint development and improvement.
CSRC Vice Chairman Gui Minjie made a speech on "Law and Supervision Support Capital Market Development" in the opening ceremony. He said that the development of China's capital market requires a better legal environment and more strengthened supervision. Upon constantly-deepened exchanges and cooperation among WFE members through the WFE platform, all member markets, including China's capital market, are bound to see prosperity and development, with the market legal system and supervision performance further perfected.
SSE Governor Geng Liang said at the opening ceremony that the WFE, pooling the exchanges around the world, plays an important role in developing the global capital market. To mark the profound ongoing revolution of the global capital market, the meeting provides all member exchanges with high-level mutual dialogues on future development and cooperation. With the successful equity division reform on China's capital market and the deployment of various infrastructure constructions, Shanghai's securities market has entered a significant phase of standard development. The SSE will forge ahead with diligent work and make every effort to build itself an open and standard international securities market with vitality and energy.
The WFE, a most important organization in the global exchange industry, has high authority in the international securities industry. Attending the meeting were more than 200 representatives from 59 WFE members and over 20 associate members, business departments of the CSRC, Shanghai's relevant authorities and other industrial self-regulatory organizations, fund management companies, securities dealers and listed companies.
Congratulatory Letter to 47th Annual Meeting of WFE
By CSRC Chairman Shang Fulin
At the opening of the 47th Annual Meeting of the WFE, on behalf of the CSRC and in my own name, I express my best wishes to the 47th Annual Meeting and extend warm welcome to all the attendees!
As a grand event of the world exchange industry, the WFE Annual Meeting provides an important platform for all member exchanges to exchange information and explore their development visions. As an authoritative organization in the international exchange industry, the WFE carries out much initiative work to promote the exchange and cooperation among all member exchanges as well as regulates the industry standards. In the history of China's capital market, the WFE bestows us abundant support. The CSRC is profoundly grateful to the WFE for its great help. I wish that the Annual Meeting, a platform to promote good relationship and effective cooperation between China's capital market and the WFE, would inject new vigor to the healthy development of the global capital market.
The 47th WFE Annual Meeting, undertaken by the SSE, shows the strengthened cooperation between the WFE and China's capital market. In recent years, with high-quality and speedy expansion of China's economy, China's capital market experienced its reform, opening up and innovative development. The market scale is rapidly expanding, with extensive market depth and width. So far, the market capitalization of listed companies has reached RMB27 trillion, with a greater degree of correlation with the national economy. In addition, the investors' structure has been constantly optimized. At present, the institutional investors hold more than 49% of the total floating capitalization, with the concept of value investment developed. Great achievements have been made in construction of a multi-level market, with the SME board market developed and the off-floor trading system improved. The corporate bonds market is in its initial stage while the preparation for stock index futures is well under way. A multi-level capital market, suitable for diversified investment and financing as well as meeting risk management requirements, is taking shape. Besides, the opening up of China's securities market is stepping into a new stage. China's market is accelerating its merger with the global capital markets.
China's capital market is an emerging and transitional market. "Emerging" means that the market lacks a series of basic systems and market elements due to a short period of development and inadequate maturation. Therefore, it's necessary to carry out continuous reform and development to optimize the market structure and improve the market functions. "Transitional" means that China's capital market was in the transitional period when the planned economy transited to the market one. So, there is much inborn deficiency on the market, such as the imperfect market infrastructure, with market supervision and investors' orientation to be improved. The CSRC will make unremitting efforts to promote the healthy development of China's capital market. I hope, in the meeting, all member exchanges will learn form each other and enhance mutual understanding and friendship. To promote common prosperity of the world capital market, all member exchanges should make more contributions to the WFE's development.
Wish the 47th WFE Annual Meeting a complete success!
