Cheng Siwei Pulse The Future Chinese Capital Market: Securities Market Must Be Perfected

At the fourth China International Financing Conference held yesterday, Cheng Si Wei, vice chairman of the NPC, pointed out the trend and direction that China's capital market should develop in the future.

In particular, he pointed out that China's capital market construction needs to be improved, especially in the securities market, which occupies the most important position in the capital market.

Cheng Siwei said at the forum that China is less affected by the global financial crisis. A very important reason is that our international financial competitiveness is not strong enough, the financial industry is not advanced enough, the efficiency is low, and the risk is low.

But in the long run, our financial competitiveness and low international competitiveness will probably be at a disadvantage in the international financial market.

From the perspective of China's financial market, the securities market has always occupied the most important position.

But over the past 20 years, there have also been many problems.

For example, the Shenzhen gem, which just launched in November last year, has been questioned by the market for its share price and growth for half a year.

At the same time, although the three board market has already opened in several cities across the country, it can always maintain the trend of "no row without market". The two three board markets of "incubator and garbage can" should not play a very good role. The core reason is that China's delisting system is still not strong enough.

"To build a good stock market, there must be four conditions."

In Cheng Siwei's view, the premise of the stability of the stock market is to first have high-quality listed companies, secondly, to have a good macroeconomic environment, third to have mature investment, and fourth to have effective regulators.

"In these four aspects, China's securities market is deficient, and the securities products are not the more, the more important is to build the system first."

But Cheng Siwei also said that the imperfections of the system did not affect steadily advancing financial innovation and financial derivatives business.

"Some people have recently blamed the decline of the stock market on the launch of stock index futures and margin trading, which is wrong.

Instead, they will form a balance force to prevent the stock market from falling sharply.

Only through the practice of pactions can we formulate a perfect system. We can not close the door to formulate a perfect system, because you do not know all kinds of situations, so we must deal with problems in the paction process through continuous pactions, and constantly improve. This is what we often talk about in the development and perfection, we must adopt such a way.

In addition, Cheng Siwei believes that from the financial market participants, the main body is the securities company, but there is no real investment bank, and the investment banks of the securities companies have little effect.

In addition to the need to improve the construction of the national capital market, Cheng Siwei also said at the meeting that he should develop investment banks, vigorously develop equity investment funds, and actively promote the national green finance.

For green finance, he emphasized that this is a very important trend in the development of international capital market.

"We have a large number of carbon emission indicators, but we have no voice in the international carbon trading market."

"At present, the construction of our country's green financial market and the establishment of green financial paction rules and intermediaries are not yet well developed."

Cheng Siwei said.