Shang Fulin said that he urged strategic emerging industries to become pillar industries

Shang Fulin, chairman of the China Securities Regulatory Commission, said on the 1st that in the future, he will continue to improve the multi-level capital market system, strengthen market infrastructure, increase reform and innovation, further strengthen support for small and medium-sized enterprises, and support strategic emerging industries to become pilot industries and pillars as soon as possible. industry. The next step is to promote four aspects of work, including unremittingly developing the SME board market, actively and steadily developing the GEM market, promoting the OTC market construction in a solid and orderly manner, and actively developing the corporate bond market.

Shang Fulin made the above statement at the 8th SME Finance Forum. He pointed out that the SME board market will be unremittingly developed. Continue to consolidate and develop the SME board, expand the market scale, optimize the structure of listed companies, improve the institutional arrangements such as mergers and acquisitions, equity incentives suitable for SMEs, and actively promote the growth of SMEs.

Actively and steadily develop the GEM market. On the basis of accurately grasping the function positioning of the GEM, we will carefully summarize the experience of market operation, properly solve some problems encountered in the market development process, gradually improve the GEM system rules, actively expand the GEM market scale, and support strategic emerging industries to become as early as possible. Pioneer industry, pillar industry.

Solidly and orderly promote the construction of the OTC market. On the basis of summarizing the pilot work of the Zhongguancun Agency's share transfer system, we will promptly formulate specific plans for expanding the pilot program, study and explore innovative measures such as the listing filing system, investor access system, and trading system, and steadily build a nationwide OTC market under unified supervision.

Actively develop the corporate bond market. On the basis of SME corporate bonds and SME collective debts, further optimize the institutional arrangements for the development of the corporate bond market, improve the bond issuance mechanism, enrich bond varieties, actively support SMEs to use the bond market to raise funds, and promote the coordination of the stock market and bond market. development of.

Shang Fulin said that this year is the 20th anniversary of the establishment of China's capital market. In the past 20 years, along with the great historical process of reform and opening up, China's capital market infrastructure has been continuously strengthened, its system structure has become increasingly sound, and its ability to serve the overall national economy has been greatly enhanced. In order to promote the transformation of social resources, promote economic development and social progress. Made an important contribution. In this process, based on the endogenous needs of economic and social development, the CSRC actively explores and perfects relevant institutional arrangements, gives full play to the market's resource allocation function, and promotes production factors and social resources to competitive emerging industries and high growth. The concentration of small and medium-sized enterprises has made important achievements in the development of small and medium-sized enterprises in the capital market.

Shang Fulin pointed out that as the most active component of the modern economy, the capital market provides a platform for resource allocation for the transformation of economic transformation and development mode, and plays an irreplaceable role in supporting the development of small and medium-sized enterprises.

First, to play the role of risk compensation in the capital market, and promote the improvement of the financial support system for SMEs. We must continue to improve the policy measures and institutional mechanisms for the development of small and medium-sized enterprises in the capital market, and further leverage the capital market to guide the investment and financing institutions such as venture capital institutions, industrial funds, commercial banks, guarantee institutions, and science and technology insurance institutions, so as to make high-quality small and medium-sized enterprises Get more financial support.

Second, deepen the function of independent innovation in the capital market and promote the technological transformation of small and medium-sized enterprises. We must adapt to the needs of China's economic transformation and sustainable development, make full use of the capital market platform, accelerate the effective integration of science and technology, capital, talents and small and medium-sized enterprises, support the flow of production factors to high-quality small and medium-sized enterprises, and further improve the enterprise-oriented and market-oriented The technology innovation system combining production, study and research will effectively enhance the innovation capability and industrial competitiveness of SMEs.

Third, improve the capital market financing system and promote the accumulation of social funds to high-quality small and medium-sized enterprises. As the pace of industrial restructuring in China accelerates, SMEs in different regions, industries and scales need differentiated financing arrangements at different stages of growth. It is necessary to speed up the development of direct financing and promote the formation of a capital market system with reasonable structure, sound functions and efficient operation, and help small and medium-sized enterprises with products, technology and markets to flexibly use equity financing, debt financing, over-the-counter trading, venture capital and other financing means. Realize the combination of production and integration, and promote the positive interaction between SMEs and the capital market.

Fourth, strengthen the demonstration effect of the capital market and promote the formation of a social environment that supports innovation and entrepreneurship. It is necessary to give full play to the demonstration effect of listed SMEs, and drive more SMEs to improve corporate governance, standardize operations, encourage and guide more private capital and talents to participate in the development of SMEs, and create encouragement and innovation in the whole society. A good atmosphere to support entrepreneurship.

Fifth, constantly improve the market mechanism, prevent market risks, and strengthen market constraints. It is necessary to continue to deepen the reform of the new share issuance system, and promote marketers, investors, underwriters and other market entities to return to their positions, perform their duties and checks and balances, and guide market forces and intermediaries to play a greater role in market pricing and risk management. It is necessary to urge the intermediary to implement the appropriate management system for investors, increase risk warnings, improve investor education and service levels, better guide investors to enhance risk awareness, and gradually cultivate a rational and mature market equity culture.

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