日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business

New sci-tech board spearheads reform of China's capital market

Xinhua | Updated: 2019-11-18 10:15
Share
Share - WeChat
Investors look at an electronic board showing stock information at a brokerage in Shanghai, August 13, 2015. [Photo/Agencies]

BEIJING - The short-term performance of individual stocks is not a proper gauge to evaluate the ongoing capital market reform advanced by the science and technology innovation board (which is known as the STAR Market), the head of the market regulator said.

Yi Huiman, chairman of the China Securities Regulatory Commission, said confidence, patience and a long-term perspective are key to assessing the performance of the Nasdaq-style high-tech board.

The board was launched on the Shanghai Stock Exchange on July 22.

Leveraging capital to transform the Chinese economy into an innovative one and exploring ways to make institutional improvements in the capital market were the dual missions the board had been tasked with, he said.

Regulators use certain criteria to keep the tempo and intensity of the reform in the STAR market. They mainly relate to how well the dual missions are being carried out: the incubation of leading science and innovation enterprises and the progress made in institutional innovation.

"The ongoing reform can be described as meeting expectations with stable performance," Yi said.

By the end of October, the first batch of 25 stocks debuting in the market had seen their prices rise by about 90 percent. The share price increases tend to be more rational compared to the average rise of 150 percent on the first trading day, SSE data showed.

The market has attracted more than 4.4 million eligible investors and seen fairly active trading as its daily turnover has reached 14.2 billion yuan ($2.03 billion) on average, accounting for 3 percent of the total Shanghai and Shenzhen bourses.

On top of the numbers, major achievements of the new board were reflected in its institutional innovations, while the implementation of the registration-based initial public offering system was key, said Zhang Anyuan, chief economist of China Securities Corporation.

The STAR Market embraced a registration-based IPO system that required strict information disclosures but did not need approval from the CSRC, a step viewed as its "biggest institutional innovation".

Over the past few months, the new IPO system has proved effective and won wide recognition from the market. As its information disclosure mechanism forced relevant parties to undertake responsibilities for their work, it boosted the openness and transparency of all links. Under the new system, the process of registration was shortened to less than four months.

"It has also facilitated the listing of a batch of qualified sci-tech companies," Yi said. "I'm confident that over time, the new board will be the cradle of great tech disruptors."

Although the registration-based IPO system was taken as the bellwether of the broader capital market reform, Yi said it was not wise to simply copy what had been done in the STAR Market.

"We will factor in the different functions of the markets at various levels as well as their market realities to steadily advance reform on the premise of thorough planning and market stability," Yi said.

First and foremost, the registration-based IPO system will be steadily advanced to let the market choose and to significantly improve the efficiency of resource allocation in the capital market, he said.

Revisions to the Securities Law will facilitate the reform of the growth enterprises market and the broader experiment of registration-based IPOs, Yi said.

Institutional improvements based on the experiences of the STAR Market will be made to optimize the primary rules of the capital market, including those concerning stock issuance, underwriting, trading, supervision and delisting.

In September, China's securities regulator specified 12 priorities for upgrading the country's capital market, including providing stronger safeguards for investors, attracting medium - and long-term capital and further opening up the capital market.

Apart from a series of reform measures already released, the CSRC is stepping up efforts to form an action plan to improve the quality of listed firms.

Rules for spin-off listings will be released as soon as possible while the protection of investors and the streamlining of the CSRC's roles will be strengthened, he said.

For policymakers, challenges will be how to deliver certainty amid uncertainty by creating the proper conditions to advance reform and setting a reform timetable at the top level, according to Yi.

The principles they use to figure out solutions include "making steady progress, doing a good job in coordination and being as fast as possible".

Today's Top News

Editor's picks

Most Viewed

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 国产人成精品综合欧美成人 | 国产日韩第一页 | 中文字幕三区 | 久久久久99 | 97超碰人人草 | 日韩视频在线观看免费视频 | 欧美专区在线 | 狠狠色噜噜综合社区 | 日韩三级中文 | 在线看免费观看日本 | 一级国产黄色片 | 久久久久久久99精品免费观看 | 久久一日本道色综合久久m 亚洲三级视频 | 91精选国产91在线观看 | 欧美成人久久一级c片免费 91在线免费视频 | 国产成人在线免费视频 | 亚洲一区在线播放 | www.久久99 | 免费观看av网站 | 在线一区视频 | 神马久久久久久久久 | 一级毛片免费播放 | 猫咪人成免费网站在线观看 | 成人在线免费 | 精品综合在线 | 伊人精品视频 | 欧美激情一区二区亚洲专区 | 亚洲一区二区综合 | 看特级毛片 | 亚洲黄色第一页 | 欧美一级特黄aaaaaaa在线观看 | 国产一区二区三区久久久久久久久 | 成人免费大片a毛片 | 久久伊人免费视频 | 欧美一级做一级做片性十三 | 欧美日韩网站 | 亚洲精品综合 | 日韩第一页在线 | 日韩中文视频 | 婷婷欧美| 韩国精品一区 |