At the Cadres Meeting held by the Shanghai Stock Exchange (SSE) on April 12th, 2012, Mr. Guo Shuqing, Secretary of the Party Committee and Chairman of the CSRC, delivered an important speech. Mr. Xia Chongyuan, head of the Fourth Cadres Bureau of the CPC’s Central Committee’s Organization Department, announced the decisions made earlier by the Central Committee and the State Council to appoint Mr. Gui Minjie as the Secretary of the Party Committee of the SSE and to nominate him as candidate for election to the position of Chairman of the Board of Governors of the SSE, removing him from the office of Deputy Secretary of the Party Committee and Vice Chairman of the CSRC. The announcement also stated that, by virtue of his age, Mr. Geng Liang, Secretary of the Party Committee and Chairman of the Board of Governors of the SSE, will terminate his term of office of these positions. Prior to the Cadres Meeting, Mr. Gui Minjie was already elected as the Chairman of the Board of Governors of the SSE through the statutory procedure during the 51st session of the Third Meeting of the Board of Governors of the SSE.
During his address, Mr. Guo referred to this arrangement as a regular adjustment in the management, noting the fact that both Mr. Gui Minjie and Mr. Geng Liang had held the positions of Deputy Secretary of the Party Committee and Vice Chairman of the CSRC before servicing on the Board of Governors of the SSE as Chairman. This, he stated, demonstrates the importance the CSRC attaches to the SSE as well as the emphasis the Central Committee of the CPC and the State Council have placed on the development of capital markets and on the regulatory system of the securities and futures industry. Mr. Guo also pointed out that, during the 12th Five-Year Plan period, capital markets have a more challenging role to play in facilitating the scientific development and promoting changes in the approach of growth of the economy and society, and in strengthening financial support to the underdeveloped sectors. As the actual organizers and front-line regulators of the capital markets, exchanges are crucial in pushing forward the standardized and innovative development of market and in safeguarding sound and secure market operations as well. The SSE needs open to new notions, further raising the service awareness and adopting innovative service methods with a view to use its competences to its full potential. It is also imperative for the SSE to actively participate in the reform and implementation of the new stock issue system, to improve policies regarding delisting and dividend distribution and to contribute to the development of multi-tiered capital markets. Meanwhile, the SSE should also perform the regulatory duties conferred upon by the government, focusing on its responsibilities of risk control as well as oversight of the enterprises and the market while providing the regulatory bodies with a platform to promote the streamlining of the administrative approval procedure, to enhance investor education and to crack down on violations. In addition, the SSE will strive for a more sophisticated management system, optimized internal governance structure and improved internal and external discipline. Mr. Guo voiced his expectations, encouraging the SSE to further enhance the service level, operating efficiency and international competitiveness through reform and innovation, with an aim to making more contributions to China’s capital markets.
Mr. Li Xi, member of the Standing Committee and head of the Organization Committee of Shanghai Municipal Committee of the CPC, and Mr. Wu Lijun, Assistant Chairman of the CSRC also attended the conference.