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The 2018 SZSE Members’ General Meeting was held offsite today, with an aim to forge consensus, join forces, and to mobilize attendees to study and implement the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and the guiding principles of the 19th National Congress of the Communist Party of China, the Central Economic Work Conference, and the National Financial Work Conference. The meeting was focused on pushing forward the three major tasks proposed in the financial work conference, and enhancing the CPC’s leadership. On the meeting, SZSE vowed to strengthen its responsibilities and those of members, actively fulfill its responsibilities, and unite and lead members to implement the decisions and arrangements of the CPC Central Committee, and jointly build world-class investment banks, a leading stock exchange, and an internationally competitive capital market.
The 2018 SZSE Members’ General Meeting, as the first General Meeting of Members held following the successful 19th CPC National Congress and the implementation of the revised Stock Exchanges Administration Measures, is of great significance in multiple aspects: namely, organizing, mobilizing, and guiding the members to learn more about Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era; implementing the relevant decisions and arrangements of the CPC Central Committee; and, on the part of SZSE, enhancing the CPC leadership, strengthening frontline supervision, preventing and resolving risks, and improving its governance
The meeting, held offsite with the assistance of modern technologies and voted at on-line for the first time, is an important exploration in implementing the guiding principles of the CPC Central Committee’s Eight-point Regulation, streamlining meetings, improving efficiency, and saving social costs. It is also important innovation to further improve SZSE’s governance structure and fully safeguard members’ right to know, right to participate, right to vote, and right to supervise. The convening of the meeting marks the establishment of a normalized mechanism for the convening of the SZSE Members’ General Meeting as per the Stock Exchanges Administration Measures, which required that the Members’ General Meeting be held once a year.
On the meeting, well organized and carefully prepared, the work reports of the administrative committee, general manager, and supervisory board, and theSZSE financial budget report and annual accounts, and Shenzhen Stock Exchange Articles of Incorporation (Revised Draft 2018) will be deliberated and reviewed, the revision of the Stock Exchanges Administration Measures and SZSE’s implementation and arrangement of relevant work be reported, and members’ opinions and suggestions shall be invited. The meeting is aimed to forge consensus among the members, and lead the members to jointly build a multi-layer capital market.
First, we should have an in-depth understanding that preventing and addressing financial risks is key to achieving quality development from the strategic perspective of realizing the “Two Centenary Goals”. We should seek progress while maintaining stability, strengthen the bottom line thinking, implement risk control responsibility and shoulder the frontline responsibility to prevent capital market risks. In terms of construction of systems and mechanisms, we need to pay more efforts to address institutional weak links, prevent fundamental risks, and construct important defenses against market risks thereby winning the tough battle of risk prevention and resolution.
Second, we need to keep in mind the idea that “the role of finance is to serve the real economy”. Never forgetting why we started, we shall voluntarily serve economic and social development, making it the motive and purpose of all our work to serve the real economy. We shall thoroughly implement the new developing philosophy and proactively serve the national policies of supply-side structural reform, innovation-driven development, and targeted poverty alleviation according to the requirements arising from high quality development, and give full play to the resource allocation function of the capital market, thereby effectively enhancing the capital market’s capability in serving the real economy.
Third, we should jointly push through and ensure the implementation of reform policies in an all-out effort, with a holistic view on capital market construction and development. SZSE shall take solid actions to hold members liable for client management, and enhance the member-based transaction behavior regulatory mode. Apart from proactively pushing forward the issuance of stocks or depository receipts of innovative companies in domestic markets and increasing support for new technologies, new industries and new business modes, SZSE shall also deepen reform of the ChiNext board and further optimize the multi-layer Shenzhen market. SZSE shall benchmark against the new requirements of the reform and opening up, serve the Belt and Road Initiative, speed up the internationalization of industries and improve the cross-border capital service mechanism.
Fourth, We need to fully recognize the significance and far-reaching impact of the amendments to the Securities Exchanges Administrative Measures and Shenzhen Stock Exchange Articles of Incorporation, for example, on enhancing party leadership, optimizing governance structure and frontline regulation, and protecting the legitimate rights and interest of major market participants; We should also understand, acknowledge and abide by the Shenzhen Stock Exchange Articles of Incorporation; while members should exercise the rights and fulfill the obligations as a member; With better coordination, by joining forces and meeting the demands “to rule the market and stock exchanges by law”, we may jointly build a word-class stock exchange.
Year 2008 opens a new chapter to implement the philosophy of the 19th CPC National Congress. It marks the 40th anniversary of the reform and opening up, as well as a crucial and transitional period to secure a decisive victory in building a moderately prosperous society in all respects and implement the 13thFive-Year Plan. SZSE shall pay due efforts to coordinate the 2018 members’ general meeting, provide services and guarantee security. In strict accordance with the decisions and arrangements of the Party committee of China Securities and Regulatory Commission, under the firm leadership of the Party committee of SZSE, SZSE vows to implement the resolutions of the Members’ General Meeting and the decisions and arrangements of the administrative committee, improve its political awareness, voluntarily integrate all work into the developing blueprint of the Party and the country, give full play to the role of the capital market as a central hub and an important platform, and deepen reforms of key sectors and open up the market in a greater extent. Furthermore, SZSE shall also improve its capacities to serve the real economy and the national strategies, hold the bottom line to prevent systematic risks, cooperate with all members to promote quality development of the economy, build a leading capital formation center, with greater efforts and more practical measures, and to write a new chapter of the nation’s economic story in the new era.
