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In the four years since Chinese President Xi Jinping put forward the Belt & Road initiative for the first time, the "B&R" construction has been transformed from an idea to action and from a vision to reality, having achieved fruitful results. The 5th National Financial Working Conference held in July this year proposed advancing the financial innovation and developing the system design for the "B&R" construction. The 19th National Congress of the Communist Part of China (CPC) just crowned with success approved the inclusion of the "B&R" construction into the Party Constitution, and the visions such as the "B&R" construction, "building a community with a shared future for mankind" and improving the level of the open economy have become a broad consensus of the international community. The successful development of the "B&R" initiative calls for the extensive participation of the international community, especially the stakeholders in the countries along the "B&R" as well as more support in the financing of funds.
In order to further deepen the support of the capital market for the "B&R" construction, under the guidance of the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange (SSE) has formulated the "SSE Vision and Action Plan for Supporting B&R Construction (2018-2020)" (the "Vision and Action Plan" for short) on the basis of earnest study. As the framework document on the SSE supporting the "B&R" construction in the future, the "Vision and Action Plan" will coordinate the arrangements for all efforts in all stages and effectively support the "B&R" construction based on rational allocation of resources.
The overall objective of the "Vision and Action Plan" is to promote and organize the cooperation of the capital markets along the "B&R", expand the direct financing channels for the "B&R" construction, mobilize the funds and enterprises from home and abroad, especially the countries in related regions, to jointly participate in the "B&R" construction, and build a community of shared benefits and destiny for the "B&R" capital markets. In addition, we should further propel the two-way opening-up of the domestic capital market and advance the development of Shanghai as an international financial center. The "Vision and Action Plan" will adhere to overall planning, orderly advancement, win-win cooperation, sustainable development and other principles, deepen the cooperative mechanism of exchanges, boost the exchanges and cooperation of the capital markets, improve the investment and financing services and strengthen the information and technological collaboration.
In deepening the cooperative mechanism of exchanges, the SSE will continue to enrich the forms of cooperation, further the bilateral cooperation with the major exchanges along the "B&R" through signing memorandums and strategic cooperation agreements, joint venture and shareholding, business cooperation and other means, and further explore the multilateral cooperation mechanism with related exchanges, so as to jointly build smoother channels for communication and exchanges and improve the influence of the exchanges along the "B&R" in the international market.
In advancing the exchanges and cooperation among the capital markets, the SSE will take various approaches to step up the efforts with the capital markets in the countries and regions along the "B&R" by carrying out the "B&R" capital market training programs, strengthening collaboration and coordination in market systems and rules and enhancing the cooperation in self-regulation and risk management among the exchanges.
In improving the investment and financing services, the SSE will explore the equity financing and improve the bond financing mechanism for the "B&R" initiative, work with the related exchanges to provide investment and financing services, and support and facilitate the participation of the member units and listed companies in the "B&R" construction.
In strengthening information and technological cooperation, the SSE will strengthen the market information cooperation and sharing with the exchanges along the "B&R", push forward the construction of the financial consultation service network for the capital markets along the "B&R", support the exchanges in the under-developed countries in related regions in building, improving and optimizing their technical systems, and set up the comprehensive information website for the "B&R" construction so as to provide the information services for all parties concerned.
In recent years, under the unified arrangement of the CSRC, the SSE has continuously promoted the international development and actively supported the "B&R" construction. SSE chairman Wu Qing was elected chairman of the World Federation of Exchanges in September, marking the first time that a Chinese exchange has taken the top position in an international organization of the securities industry, and it also fully demonstrates the increasingly improved influence of the SSE and the Chinese capital market in the world. Up to now, the SSE has made a series of cooperation efforts with the exchanges in the countries along the "B&R". For example, the SSE has joined hands with related domestic exchanges to acquire 40% stake in the Pakistan Stock Exchange, held the "China - Central Asia" forums on the capital market, signed the strategic cooperation agreement with Moscow Exchange, reached the agreement with the parties concerned in Kazakhstan on buying into the Astana International Exchange, and supported United Company RUSAL Plc in successfully issuing Panda Bonds, the bonds issued by the enterprises in the countries along the "B&R". The collaboration efforts kicked off the cooperation among the capital markets along the "B&R".
The released "Vision and Action Plan" provides the SSE with a systematic guidance for the "B&R" construction. The SSE will spare no effort in the great practice of building a community of a shared future for the mankind, fulfill its responsibility for advancing the financing of funds for the "B&R" construction, and unleash more vigorous and far-reaching force.
Attachment:"SSE Vision and Action Plan for Supporting B&R Construction (2018-2020)" (Chinese Version Only)
