Person in charge of the Commission, the State Council's leadership , the Commission concentrate on promoting and completed the split share structure reform, ending the two types of shares in listed companies, the long-term coexistence of the two price history, and improve the functioning of markets, the release of energy, China's capital market to achieve rapid and sustainable laid the institutional basis.
the international financial crisis and other external shocks
the end of 2010, A-share market float market capitalization by the end of 2005 accounted for 32.8% to 71.9%, China's stock market has become part of the circulation of a unified market circulation market. Fully carry out comprehensive management of securities companies, adhere to risk treatment, daily supervision and promoting the development of the industry, long-term mechanism. After five years of comprehensive management of the securities industry from the verge of collapse, embarked on a standardized development. For Listed Companies to improve the listed company structure. To develop the diversification of the Fund on behalf of institutional investors to actively expand the channels for long-term funds into the market, promoting a significant improvement in the structure of the market investors. As of the end of 2010, the market value of various types of institutional investors holding the proportion of total market capitalization has reached 70.9%, compared with the end of 2005 more than doubled.
efforts to enhance the effectiveness of market regulation
around the transaction settlement, market operations and other areas of mergers and acquisitions of listed companies, securities and futures business institutions and intermediary service agencies involved in the regulatory system was the main overall reconstruction. Around the
after the share reform to adapt to the new situation, new changes, the regulatory focus to the information disclosure on stock transaction monitoring and controlling shareholders of listed companies, the actual controllers and senior management supervision, improved regulatory The validity and relevance. Strengthen the securities and futures business institutions of risk management, building a third party custody, the net capital regulation, regulatory classification, management, Investors in the new system, completed a 120 million securities account clean-up specifications.
Third, the consensus in deepening the development of capital markets has made a major breakthrough. Over the years, the rapid development of capital markets, while nurturing the commercial credit, and promote China's new accounting and auditing standards to implement, and promote the Commercial Law, the criminal law system of the administration to promote the concept of risk, financial awareness and financial management concepts of popularity, and social investment, equity culture, transparency, fairness and justice so deeply rooted concept of market economy, promoting and leading the socialist market economy, changes in many important areas. (Xinhua Shen Tu Qingnan)
The second is to improve the quality of the overall operation of the market achieved a major breakthrough. After a series of comprehensive reform, governance, reconstruction of norms and institutions, securities and futures industry greatly increased ability to resist risks. Standard operation and governance of listed companies to be more significant level of improvement, the listed company's representation in the national economy significantly enhanced, economic and social development in a leading role in the increasingly apparent. As the representative of the Fund for the rapid development of institutional investors, institutional investors have become an important force in market development. Wide range of investor services and educational activities carried out, the risk awareness of individual investors and rational sense of participation was significantly enhanced. And At the same time, the capital market reflects the ability of the macro economy growing, continue to reflect the guiding role.
efforts to improve the regulatory system to explore and practice the new path. Further advance the implementation of regulatory responsibility area, the agency of serious performance of their duties and improve the supervision of executive power, and constantly improve the level of regular supervision, in order to focus on promoting the share reform, debts, integrated governance, risk disposition, the case of law enforcement tasks such as making and integrated maintenance of stability outstanding contributions. The securities, futures exchanges, associations, registered companies, protection fund company, Futures Margin Monitoring Center to comprehensively strengthen the routine supervision, efforts to deepen the self-regulation, to ensure the safety of the market, efficient and orderly operation of providing effective protection. Continue to explore and promote reform and innovation in law enforcement, combined inspection of a Bureau for the Inspection Bureau of the Second Board, set up inspection corps, the establishment of the Administrative Punishment Committee, the first in the field of administrative law enforcement to establish a response, multi-linkage mechanism and timely investigation to crack down on various illegal activities.
deep-rooted problems
positive development and expansion board, small board market, promote the steady and orderly transfer of shares in Zhongguancun, the pilot agency, the smooth launch of the Growth Enterprise Market, initially established multi-level capital market system framework.
the official said, five years, a large number of quality companies listed on the rapid development through the capital markets, especially in supporting the backbone of the national economy listed companies and financial institutions have been substantially enhanced the role of the market as an economic barometer. Five years, the rapid growth of the futures market, commodity futures initially established product development, listing and trading operation and functioning of the evaluation system, a total of 13 newly listed futures variety, initially formed the people's livelihood system of commodity futures, futures market price discovery and its transmission has a number of important industries in China and the industrial chain in the internal operation of enterprises are playing an increasingly important role. Five years, China's domestic stock fund-raising 2.84 trillion yuan, equivalent to 15 years before the stock market financing to 3.1 times the rate of China's securities jumped 17.5% five years ago to about 70.8%.
efforts to enhance services to the real economy's ability to
capital market laws and regulations system
basically completed the share reform, the timely launch the institutional arrangements. Pricing and distribution around the two key aspects of underwriting, issuing new shares for the introduction of reform deepening series of measures to eliminate the window on IPO pricing guide, and promote issuers, investors, underwriters and other market players homing duty.
the end of 2010, the Shanghai and Shenzhen stock market capitalization reached 26.54 trillion yuan, equivalent to 8.2 times in 2005, ranked by market capitalization in 2005, the thirteenth ranked second in the world. 2010, China's futures market turnover of 3.133 billion hands throughout the year, turnover 309 trillion yuan, respectively, 8.7 times in 2005 and 22 times the volume of the commodity futures market ranks first in the world for two consecutive years. Overall, after five years of unremitting efforts, China's capital market development to achieve a major breakthrough and turning point of change, initially equipped to speed up development at a higher level, to better serve the economic and social development of the basis and conditions.
the end of 2010, the number of listed companies increased 682 over the end of 2005, 2009, total profits of listed companies than the national scale 50% of total profits; 106 securities firms total assets of 1.97 trillion yuan, 432 billion yuan of net capital, respectively, in 2005, 6.9 times and 12.1 times; Fund's total share from the end of 2005 were 0.47 trillion to 2.42 trillion copies of the development, an increase of 5 times. Futures size of 26.976 billion yuan assets, is the
in accordance with the recent help maintain and boost market confidence, long-term institutional mechanisms conducive to the formation of the idea of the market, the introduction of a sound system for large transactions, regulate the transfer of shares to lift restrictions on sale of stock, and promote public companies to increase cash dividends to encourage holdings and repurchase shares of listed companies, market and tax relief for a series of coordinated policies and measures to minimize the adverse effects of the crisis.
in response to the international financial crisis, while actively promoting the opening up of China's capital market. To maintain stable operation of the market, the Commission has set up capital markets to maintain stability, Emergency Dealing leading group, and vigorously promote the construction of information system security, the petition disposition, play non-integer non, security and public opinion to guide other work, has made the securities and futures industry against Southern disaster, Wenchuan earthquake, earthquake and other natural disasters Yushu major victory, and properly deal with the Olympic Games, 60th anniversary, the Shanghai World Expo and Guangzhou Asian Games and other major markets during the event safe and stable operation.
the face of unprecedented global financial crisis, the pressures and challenges, stress testing organizations, to enhance cross-border flows of funds monitoring, improve emergency plans, supervision of investigation and control of industries and organizations outside the investment risk, non-compliance in the offshore derivatives trading, successfully weathered the continuous limit-down futures market large area of extreme market shocks.
stock index futures and margin trading business successful pilot launch of the China's capital market has been short-mechanism and credit trading mechanism to enrich the market risk management tools. To gather market consensus, deepen market-oriented major theoretical and practical issues of research, a comprehensive guide to enhance public information and public opinion, to do important policy eliminating doubt and confusion, and continuously expand the channels for investor education methods and to enhance openness and transparency of the regulatory work , major reforms have been parties to support the market and society is widely recognized.
characteristics for the asset management industry, increase investment fund company executives and supervisory personnel actions, and urges the stick can not be violated The bottom line, establish a fair trading system and the Fund Products review, and actively promote the fund evaluation and sales system. Implementation of security futures margin depository system, the establishment of Futures Margin Monitoring Center, Futures Investor Protection Fund, a futures trading account to achieve real-name system and unified account system, develop the futures market operation monitoring and control system, the initial establishment of a futures market supervision and risk prevention of early warning, intervention, disposal systems and mechanisms.
efforts on issues affecting market development
First, overall economic and social development in the service achieved a major breakthrough. building an innovative country, the implementation of national macro-control policy to safeguard economic and financial security, and other work concerning the overall situation has played an irreplaceable important role. China's macro-economic management, the relevant industries and enterprises to use futures markets to manage the economy growing breadth and depth of development, greatly increased the optimal allocation of resources and market efficiency. China's capital market is gradually moving from relatively simple, closed to the multi-level, open to change and integration, and the real rising degree of economic integration in the international influence, growing attraction, has become one of the world's major capital markets.
fully regulate and guide the actions of market players
in the consolidation of the basic institutional framework, based on the time-tested practice of monitoring experience and practice up for the rules and norms, promote the implementation of the supervision and management of securities companies, risk disposition, and a number of targeted Shichangjinru of operable laws and regulations. As of the end of 2010, the capital market legal documents in force in 448, of which 73% is five years, newly developed and revised. Comprehensively push forward administration by law and government affairs, administrative licensing, regulation, administrative penalties and other regulatory aspects of a comprehensive sound legal system, focusing on regulatory decision-making, information disclosure, administrative license, the case investigation and trial, coercive measures, such as acts of Hearing , introduced more than 160 pieces of procedural rules, strictly regulate the administrative behavior, significantly improve the regulatory transparency.
strengthen the supervision system in construction, building departments and local governments to participate in the system of consolidated supervision of listed companies, promote the establishment of a coordination mechanism to combat illegal securities activities, in consultation mechanism to maintain stability of capital markets , regulate the operation of listed companies thematic working groups, anti-money laundering and insider trading notification mechanism periodic comprehensive prevention and control mechanism, improving the efficiency of supervision, standardize the market order to run and play an active role.
full sound
market in the overall governance and to resolve outstanding issues on the basis of material, the Commission launched a three-year focus on to urge the completion of the rectification ratio of 98% or more.
, the Commission continued to strengthen and improve market supervision, and promote China's capital market entered a new stage - the full impact of market development to solve deep-seated problems, to regulate and guide the behavior of market players, to improve the system of capital market laws and regulations, to deal with international financial crisis and other external shocks, to improve the market system and operational mechanism, to enhance the effectiveness of market regulation, to improve service capacity of the real economy.
full response
fully improve the market system and operational mechanism
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