CSRC to Implement the Requirements of the FSDC and Safeguard Capital Markets Stability
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Shortly after the meeting of the Financial Stability and Development Committee under China's State Council (FSDC) on March 16, the leadership of the China Securities Regulatory Commission (CSRC) convened to plan measures for implementing the requirements of the FSDC.
The CSRC recognizes the FSDC meeting as timely and important against the complexity of situations. The meeting places high priority on capital markets by fully addressing market concerns and providing very targeted guidance for actions to be taken. This year, China’s national economy continues the pace of recovery. Major economic indicators stay in appropriate ranges as pro-growth policies on all fronts are taking effect. Listed companies report better financial results, further consolidating the foundation of the capital markets. Short-term market volatility has not changed and will not change the long-term prospects for sound development of China’s capital markets.
Under the guidance and coordination of the FSDC, the CSRC will earnestly implement the decisions made by the Central Economic Work Conference and the “two Sessions”. Pressing ahead with reform and opening-up in a market-based and rule-of-law way, the CSRC will actively engage with macro-economic management and industrial regulatory authorities to ensure stability and coherence of policy measures, so as to stabilize the macroeconomy and the financial system. Undertaking the tasks assigned in the Government Work Report, the CSRC will steadily roll out the registration-based IPO regime for the full market, support bond financing of private companies, and enhance the development of venture capital. Tapping into the market’s endogenous stabilizing mechanisms, the CSRC will place priorities on the quality of listed companies, and optimize the rules for stock buybacks by listed companies and for fund management companies to take units of funds under their management. Nurturing long-term and value investment, the CSRC will further improve the legal framework that facilitates participation of long-term institutional investors of all categories. Further expanding market opening-up, the CSRC will support capital market cooperation between the Mainland and Hong Kong to jointly safeguard soundness and stability of the Hong Kong Market. Closely working with regulatory authorities in the United States to agree on an actionable arrangement for bilateral cooperation on audit supervision. Moving faster for an early implementation of new draft rules for overseas listings and rendering continued support for eligible companies seeking listings in overseas markets. Continuing to support reasonable financings of the real economy, and assisting relevant regulatory authorities in effectively mitigating risks in the real estate sector and guiding the platform economy onto a track of sound development and greater international competitiveness.
Moving forward, the CSRC will work out detailed plans for fully implementing the requirements of the FSDC, so as to safeguard capital market stability with firm confidence, pragmatic attitude, and effective measures.