CSRC Chairman Shang Fulin said at an enlarged meeting of the CSRC party committee on December 7: We should size up the current economic situation and its impact on the capital market, and rationalize the train of thought on development to nail down the guiding ideology and priorities in the regulation of capital market reform next year. Besides, we should take the initiative in integrating the capital market supervision into the service of the overall economic development. The CSRC will further improve the basic system for stable market operation, make unremitting efforts to do a good job of market regulation to guide and regulate the capital markets toward healthy development and give full play to the capital market’s function of serving the economy.
The CSRC Party committee handed down and studied the highlights of the Central Economic Work Conference. Shang said that this year, the CSRC Party committee has implemented a series of deployments of the Party’s Central Committee and the State Council to deal with the international financial crisis and to promote stable and rapid economic development. The capital market is well on the way to the construction of infrastructure system with improved institutional mechanisms. With reform and innovation going on, the market saw a smooth launch of GEM, the orderly reform of the new stock issuance system, and strengthened law enforcement and supervision on the market. China's stock market took the lead in the global market rebound. With a steady play of the market features and better investor confidence, the overall market remained stable in operation, and has made its due contribution to help cope with the international financial crisis for a stable and rapid economic development.
During the current and future periods, the CSRC will, in accordance with the highlights of the economic work conference, give full play to the capital market’s function of serving the economy by improving the basic system for stable market operation, doing a good job of market regulation to guide and regulate the capital markets toward healthy development. It also will contribute to the overall work such as transforming the economic development mode, adjusting the economic structure, and promoting independent innovation, in order to enhance the economic development momentum and vitality.
Shang Fulin put forward three demands for the CSRC system’s study and implementation of the highlights of the Central Economic Work Conference: First, we must reach consensus and enhance understanding for a comprehensive grasp of the highlights of the Central Economic Work Conference. We should gear the thinking and action to the Central Party Committee’s judgment of domestic and international economic situations, in the in-depth study and practice of requirements of the scientific outlook on development, and in the Central Party Committee’s economic policies and arrangements for next year's economic work. In so doing, we can secure confidence and determination of continuing to do a good job of the supervision of capital market reforms. Second, we should size up the current economic situation and its impact on capital markets, and rationalize the train of thought on development to nail down the guiding ideology and priorities in the regulation of capital market reform next year. Besides, we should take the initiatives in integrating the capital market supervision into the service of the overall economic development. Third, we should promote all the work at the end of the year in a safe and orderly manner. We should carefully check the completion of the plans at the beginning of the year with the deployment in the national work conference on securities and futures supervision at the beginning of the year, and focus on the careful work arrangement of the various departments and units for next year. All this is for a solid advance of various reforms and regulatory work on the capital market. We will go all out to safeguard the capital market’s stability and its healthy development.
Source: China Securities Journal
