Multi-level capital market will welcome the six major reforms

The government work report proposes to deepen the reform of multi-level capital markets and promote the development of bonds and futures markets. The report also proposed the establishment of a national financing guarantee fund to support the listing and financing of high-quality and innovative enterprises, and expand the pilot scope of preferential tax policies for venture capital and angel investment to the whole country.

In this year's two sessions, deepening the reform of multi-level capital markets and raising the A-share market's service level to the new economy have become hot topics discussed by members. Jiang Yang, member of the National Committee of the Chinese People's Political Consultative Conference and Vice Chairman of the China Securities Regulatory Commission, said at the discussion meeting of the Chinese People's Political Consultative Conference on March 6 that the next step will be to implement the requirements of the government work report, reform the listing and listing system, deepen the reform of the board and the GEM, and increase the New technology, new industries, new formats, new models of support.

Jiang Yang said that the SFC will focus on advancing six tasks. The first is to serve the national strategy and the modern economic system, reform the issuance and listing system, deepen the reform of the Main Board and the Growth Enterprise Board, strive to increase system supply and inclusiveness, and increase support for the new modes of new technologies and new industries. The second is to continue to steadily advance the reform of the stock issuance system while maintaining the normalization of the IPO. Third, vigorously promote the construction of a multi-level capital market system, continue to deepen the reform of the new three boards, and standardize the development of regional equity markets. Actively researching and promoting the trial of equity crowdfunding, it is currently formulating measures. Coordinate the positioning of the equity market at all levels such as the Main Board, SME Board, GEM Board, the New Third Board, and the regional equity market to promote organic links. The fourth is to attach great importance to the strategic role of private equity funds, give priority to the development of venture capital, angel investment, and implement the reverse linkage system of venture capital fund investment. To promote the improvement of relevant taxation policy arrangements, the SFC is coordinating with the State Administration of Taxation on how to make venture capital funds and angel funds implement taxation policies and support the healthy development of private equity funds. The fifth is to promote the coordinated development of the exchange bond market and the inter-bank market. The sixth is to guide the healthy development of the futures and derivatives markets. Starting from the actual needs of serving the real economy and risk management, accelerating the innovation of commodity futures and options products, optimizing the listing mechanism, steadily expanding the “insurance + futures” pilot, exploring the “insurance + options” pilot, and better serving the structural reform of the agricultural supply side Stable introduction of crude oil futures and steady development of financial futures and options.

In February this year, the China Securities Regulatory Commission announced that considering comprehensive consideration of all parties, crude oil futures will be listed on the Shanghai Futures Exchange's subsidiary Shanghai International Energy Trading Center on March 26, 2018. The upcoming China crude oil futures are positioned as "international platforms, net price transactions, bonded delivery, and renminbi pricing". From the outset, they must be open to foreign countries, linked to international rules, and connected to the international clearing network. The Shanghai International Energy Trading Center issued a message on March 6 that it will reorganize two full-market production system drills from March 17 to March 18 and March 24, 2018 to ensure the smooth listing of crude oil futures on March 26. .

In fact, further improvement of the multi-level capital market has attracted attention. Xie Wei, member of the National Committee of the Chinese People's Political Consultative Conference, suggested that we must improve the multi-level capital market. The first is to optimize the conditions for differential issuance and listing. The stratification system for the implementation of the GEM board market and the new board market includes the differential issuance listing threshold, differential trading mechanism, differential information disclosure system, and improvement of the refinancing system. After the establishment of the stratification system, an internal transfer mechanism must be established. The second is to clarify the respective positions of the Growth Enterprise Market, the New Third Board Market, the regional equity trading market and the equity crowdfunding, establish a transfer and transfer mechanism, and promote the level and systemization of the SME equity financing market.