The chairman of the China Securities Regulatory Commission, Yi Huiman, pointed out at the 2020 Financial Street Forum on October 21 that the China Securities Regulatory Commission will gradually unify and simplify the channels and methods for foreign participation in China’s capital market, deepen the interconnection between domestic and foreign markets, and expand foreign institutions in the exchange bond market. Investors will have direct access to the market to broaden the scope and path of commodity and stock index futures options. And CSRC will strengthen cross-border audit and international supervision and law enforcement cooperation, and actively participate in international financial governance.

Comprehensively strengthen the infrastructure construction of the capital market

Yi Huiman pointed out that improving the basic system of the capital market is of great significance to promoting high-quality development and helping to form a new development pattern.

Improving the basic system of the capital market is an urgent need to promote the smooth circulation of the national economy. The key to promoting the formation of a new development pattern in which the domestic big cycle is the main body and the domestic and international double cycles promote each other is to improve the adaptability of supply to demand, and form a higher level of dynamic balance in which demand drives supply and supply creates demand.

Improving the basic system of the capital market is the main theme of comprehensively deepening the reform of the capital market. Since last year, the China Securities Regulatory Commission has taken the registration system reform as the leader, focused on playing the role of the “experimental field” of the science and technology innovation board reform, coordinated the promotion of key system innovations in the capital market, strengthened summary evaluation, and gradually extended effective systems to the entire market. This has played a key role in building consensus among all parties and ensuring the smooth progress of reforms.

Improving the basic system of the capital market is a fundamental strategy to prevent and defuse financial risks. The China Securities Regulatory Commission focuses on improving the system and mechanism, making up for shortcomings, strengths and weaknesses, and constantly improving the system and mechanism for risk prevention and control, and resolutely curbing the occurrence of incremental risks; at the same time, relying on institutional constraints to promote the return of listed companies, intermediaries, investors and other parties Be responsible and consolidate the internal foundation for the stable operation of the market.

Improving the basic system of the capital market is an inevitable requirement for scientifically handling the relationship between the government and the market. Yi Huiman emphasized that the establishment of an open and transparent capital market system and rules system, so that the market has clear expectations of supervision, is not only conducive to resolutely delegating power to the market for "not regulated", but also conducive to controlling "regulated" Manage well to realize a virtuous circle of market ecology.

The basic system of the capital market includes four characteristics

Yi Huiman pointed out that the basic system of the capital market should be a set of closely connected, internally coordinated, and mutually supporting institutional ecosystems, which together constitute the "four beams and eight pillars" that guarantee the normal operation and effective functioning of the capital market. Specifically, it includes at least the following four features.

One is that the basic system is extensive, systematic and comprehensive. From the perspective of the organization and operation of the securities and futures market, the basic system includes institutional arrangements in key links and important areas such as issuance, trading, information disclosure, refinancing, continuous supervision and delisting; from the perspective of the effectiveness and hierarchy of the system, it involves both the securities law and the company Laws, Fund Laws, Futures Trading Management Regulations and other laws and regulations, as well as various departmental regulations, regulatory documents and self-discipline rules that play a key role in institutional arrangements; from the perspective of market entities, it covers the regulation of listed companies, intermediaries, and trading Institutional rules for the main actions of venues, investors, etc.

Second, the core of the basic system is to promote the return of all parties in the market to their respective responsibilities. The basic system clarifies the rights and obligations of the market participants through the arrangements of laws, regulations and institutional rules, regulates the organization and operation of the market and the behavior of market entities, including the responsibility boundaries of the regulatory authorities, is to build a benign market ecology and ensure that the capital market functions and functions. Basic and critical institutional arrangements for efficient operation.

The third is that the basic system must be continuous, stable and predictable. The basic system should be fundamental and long-term. Strengthening the construction of basic market systems must embody a scientific understanding and grasp of the laws of market development, highlight the basic concepts and core principles that are conducive to the high-quality development of the capital market, and must not swing around. At the same time, the basic system must have both basic stability and advancement with the times, and continue to enrich and improve with market development.

Fourth, the basic system should reflect an organic combination of starting from reality and drawing on international best practices. my country's capital market is still in the initial stage of development. The investor structure, listed company structure, and the rule of law and integrity environment are quite different from mature markets. We need to learn from international experience, based on my country's national conditions and market conditions, and continue to strengthen the capital market. The timeliness and adaptability of basic system construction have gradually formed a capital market system that not only follows international market practices but also has Chinese characteristics.

Six aspects accelerate the construction of a more mature and more stereotyped capital market basic institutional system

Yi Huiman said that it will accelerate the construction of a more mature and more stereotyped capital market basic institutional system, and continuously enhance the attractiveness and international competitiveness of China's capital market.

The first is to take the reform of the registration system as the leader to promote the innovation of key systems in the capital market.

The China Securities Regulatory Commission will continue to follow the three principles of respecting the basic connotation of the registration system, drawing on international best practices, embodying Chinese characteristics and development stages, and steadily implement the registration system throughout the market on the basis of summarizing the pilot experience of the Sci-tech Innovation Board and ChiNext. Improve the information disclosure rule system oriented to the needs of investors; establish diversified and inclusive issuance and listing conditions, and improve the issuance and underwriting mechanism; create a clear and unified issuance review and registration mechanism with clear rights and responsibilities, unified standards, and transparent and efficient. Actively and steadily optimize the transaction settlement system, enrich risk management tools, optimize the margin trading and securities lending and refinancing systems, and steadily promote the reform of the DVP settlement system. Improve the normalization and multi-channel delisting system arrangements.

The second is to improve a more inclusive and adaptable multi-level capital market system, and continuously strengthen the support of direct financing to the real economy.

It will insist on highlighting characteristics and dislocation development, improve the differentiated positioning and related institutional arrangements of each market segment, further deepen the reform of the new third board, study and issue relevant rules for the transfer of selected companies to the board, and improve the service capabilities for small and medium-sized enterprises. Improve the differentiated supervision and risk prevention system for private equity funds, and give play to the positive role of private equity investment in supporting innovation and entrepreneurship. Promote the interconnection of bond market infrastructure, expand the scope of pilot public offerings of Reits, and actively and steadily promote futures and derivatives market innovation.

The third is to optimize the institutional mechanisms that promote the high-quality development of various market entities.

Taking the opportunity of implementing the "Opinions on Further Improving the Quality of Listed Companies", we will work with local governments and relevant departments to further improve the institutional arrangements for standardized operation of listed companies and make them better and stronger, so as to promote a major leap in the overall quality of listed companies. Improve the endogenous mechanism that promotes the innovation and development of securities, fund and futures operating institutions and is appropriately compatible with risk prevention, encourage and support business, product, service, organizational and technological innovation, improve supporting measures for industry institutions to become better and stronger, and promote the development of world-class investment Banks and wealth management institutions. Improve the audit, evaluation, legal services, and credit rating rules system, consolidate the responsibilities of intermediaries, and build a capital market intermediary system that matches powers and responsibilities.

The fourth is to strengthen the construction of the investment system.

While accelerating reforms on the financing side, we will coordinate reforms on the investment side. Strengthen the team of public fund managers, improve investment advisory business rules, and focus on improving the professional capabilities of various asset management institutions; promote the optimization of the policy environment for the third pillar pension and other medium and long-term funds to enter the market; improve the accounting, performance evaluation and incentive mechanisms for equity investment And other institutional arrangements to cultivate and strengthen the willingness and ability of long-term investment in the capital market. Accelerate the implementation of the securities class action system, improve the institutional mechanisms for the exercise, protection and relief of investor rights, and actively advocate long-term investment, value investment and a rational investment culture.

The fifth is to improve the legal guarantee and supporting support system of the capital market.

Actively do a good job of coordinating the revision of the criminal law, the legislation of the futures law, and the introduction of relevant judicial interpretations, promote the formulation of administrative regulations for the issuance and trading of asset-backed securities, gradually build a legal and regulatory system that conforms to the development of the capital market, and promote the improvement of administrative law enforcement, civil recovery and A supervisory law enforcement system in which criminal punishments are connected and mutually supportive. Deepen the reform of “delegating control, delegating control to service” and implementing the power and responsibility list system to stimulate market innovation.

Sixth, steadily promote the institutional opening of the capital market.

Expanding the high-level two-way opening of the capital market is an inherent requirement for building a new pattern of dual-cycle development. The China Securities Regulatory Commission will study the gradual unification and simplification of channels and methods for foreign participation in China's capital market, deepen domestic and foreign market connectivity, expand exchange bond market foreign institutional investors' direct entry channels, and broaden the scope and path of commodity and stock index futures options. Strengthen cross-border audit and international supervision and law enforcement cooperation, and actively participate in international financial governance.

Support the reform and opening up and high-quality development of Beijing's capital market

Yi Huiman said that the China Securities Regulatory Commission will continue to promote and support the reform and opening up and high-quality development of Beijing's capital market. Continue to deepen the reform of the New Third Board, support Beijing's construction of a private equity trading platform and intellectual property trading center, and promote the improvement of the capital's factor market system. Encourage and support all kinds of domestic and foreign institutions to actively take advantage of the new opportunities in the construction of Beijing's "two districts", accelerate innovation and development, and continue to improve and strengthen. Support Beijing to carry out pilot projects for the supervision of financial technology innovation in the capital market and promote the construction of the capital's regional equity market blockchain registration and custody infrastructure. Actively participate in Beijing's construction of a demonstration zone for the rule of law and credit capital market.

易会满：拓宽商品和股指期货期权品种开放范围和路径

证监会主席易会满10月21日在2020金融街论坛上指出，证监会将研究逐步统一、简化外资参与中国资本市场的渠道和方式，深化境内外市场互联互通，拓展交易所债券市场境外机构投资者直接入市渠道，拓宽商品和股指期货期权品种开放范围和路径。加强跨境审计和国际监管执法合作，积极参与国际金融治理。
全面加强资本市场基础制度建设
易会满指出，完善资本市场基础制度对于推动高质量发展和助力形成新发展格局意义重大。
完善资本市场基础制度，是促进畅通国民经济循环的迫切需要。推动形成以国内大循环为主体、国内国际双循环相互促进的新发展格局，关键是要提高供给对需求的适配性，形成需求牵引供给、供给创造需求的更高水平动态平衡。
完善资本市场基础制度，是全面深化资本市场改革的主题主线。去年以来，证监会以注册制改革为龙头，注重发挥科创板改革的“试验田”作用，统筹推进资本市场关键制度创新，加强总结评估、逐步将行之有效的制度推广至全市场。这对于凝聚各方共识，保障改革平稳顺利推进起到了关键作用。
完善资本市场基础制度，是打好防范化解金融风险攻坚战的治本之策。证监会着眼于完善制度机制，补短板、强弱项，不断健全风险防控的体制机制，坚决遏制增量风险发生；同时依靠制度约束促进上市公司、中介机构、投资者等各方归位尽责，夯实市场稳定运行的内在基础。
完善资本市场基础制度，是科学处理政府与市场关系的必然要求。易会满强调，建立健全公开透明的资本市场制度规则体系，让市场对监管有明确预期，既有利于把“不该管的”坚决放权于市场，也有利于把“该管的”管住管好，从而实现市场生态的良性循环。
资本市场基础制度包括四方面特征
易会满指出，资本市场基础制度应该是一整套紧密联系、内在协调、相互支撑的制度生态体系，共同构成保障资本市场正常运转和有效发挥作用的“四梁八柱”。具体而言，至少包括以下四个方面的特征。
一是基础制度具有广泛性、系统性和全面性。从证券期货市场组织运行看，基础制度包括发行、交易、信息披露、再融资、持续监管和退市等关键环节和重要领域的制度安排；从制度的效力和层级看，既涉及证券法、公司法、基金法、期货交易管理条例等法律法规，也包括各类部门规章、规范性文件和自律规则中具有关键性作用的制度安排；从市场主体看，涵盖了规制上市公司、中介机构、交易场所、投资者等主体主要行为的制度规则。
二是基础制度的核心是要促进市场各方归位尽责。基础制度通过法律法规和制度规则安排，厘清市场各参与方的权利义务关系，规范市场的组织运行方式和市场主体行为，包括监管部门的职责边界，是构建良性市场生态，保障资本市场功能发挥和高效运行的基础性、关键性制度安排。
三是基础制度必须是连续、稳定和可预期的。基础制度应该是管根本、管长远的。加强市场基础制度建设要体现对市场发展规律的科学认识和把握，彰显有利于资本市场高质量发展的基本理念和核心原则，不能左右摇摆。同时，基础制度也要兼具基本稳定和与时俱进，随着市场发展不断丰富完善。
四是基础制度应该体现从实际出发和借鉴国际最佳实践的有机结合。我国资本市场总体仍处于发展的初级阶段，投资者结构、上市公司结构、法治诚信环境等与成熟市场差异较大，需要我们在借鉴国际经验的基础上，立足我国国情市情，不断强化资本市场基础制度建设的时代性和适应性，逐步构建形成既遵循国际市场惯例又具有中国特色的资本市场制度体系。
六方面加快构建更加成熟更加定型的资本市场基础制度体系
易会满表示，加快构建更加成熟更加定型的资本市场基础制度体系，不断提升我国资本市场的吸引力和国际竞争力。
一是以注册制改革为龙头，带动资本市场关键制度创新。
证监会将在总结科创板、创业板试点经验的基础上，继续按照尊重注册制基本内涵、借鉴国际最佳实践、体现中国特色和发展阶段三个原则，稳步在全市场推行注册制。完善以投资者需求为导向的信息披露规则体系；设立多元包容的发行上市条件，健全发行承销机制；打造权责清晰、标准统一、透明高效的发行审核注册机制。积极稳妥优化交易结算制度，丰富风险管理工具，优化融资融券和转融通制度，稳步推进货银对付(DVP)结算制度改革。完善常态化、多渠道退市制度安排。
二是完善更具包容性适应性的多层次资本市场体系，不断强化直接融资对实体经济的支持。
坚持突出特色、错位发展，完善各市场板块的差异化定位和相关制度安排，进一步深化新三板改革，研究出台精选层公司转板上市相关规则，提升对中小企业的服务能力。完善私募基金差异化监管和风险防范制度，发挥私募股权投资支持创新创业的积极作用。推进债券市场基础设施互联互通，扩大公募Reits试点范围，积极稳妥推进期货及衍生品市场创新。
三是优化推动各类市场主体高质量发展的制度机制。
以贯彻落实《关于进一步提高上市公司质量的意见》为契机，会同地方政府、有关部门进一步完善上市公司规范运作和做优做强的制度安排，推动上市公司整体质量实现大的跃升。健全促进证券基金期货经营机构创新发展与防范风险适度相容的内生机制，鼓励和支持业务、产品、服务、组织和技术创新，完善行业机构做优做强的配套措施，推动发展国际一流投资银行和财富管理机构。完善审计、评估、法律服务、资信评级规则体系，压实中介机构责任，构建权责匹配的资本市场中介体系。
四是加强投资端制度建设。
在加快融资端改革的同时，协同推进投资端改革。壮大公募基金管理人队伍，完善投资顾问业务规则，着力提升各类资产管理机构专业能力；推动优化第三支柱养老金等中长期资金入市的政策环境；完善权益投资的会计、业绩评价和激励机制等制度安排，培育和壮大资本市场长期投资的意愿和能力。加快推动证券集体诉讼制度落地，完善投资者权利行使、保障和救济的制度机制，积极倡导长期投资、价值投资和理性投资文化。
五是健全资本市场法治保障和配套支持制度。
积极做好刑法修改、期货法立法以及相关司法解释出台的配合工作，推动制定资产支持证券发行、交易的行政法规，逐步构建符合资本市场发展规律的法律法规体系，推动完善行政执法、民事追偿和刑事惩戒相互衔接、相互支持的监管执法体系。深化“放管服”改革，推行权责清单制度，激发市场创新活力。
六是稳步推动资本市场制度型开放。
扩大资本市场高水平双向开放是构建双循环发展新格局的内在要求。证监会将研究逐步统一、简化外资参与中国资本市场的渠道和方式，深化境内外市场互联互通，拓展交易所债券市场境外机构投资者直接入市渠道，拓宽商品和股指期货期权品种开放范围和路径。加强跨境审计和国际监管执法合作，积极参与国际金融治理。
支持北京资本市场改革开放和高质量发展
易会满表示，证监会将一如既往地推动、支持北京资本市场改革开放和高质量发展。继续深化新三板改革，支持北京建设私募股权交易平台、知识产权交易中心，推动完善首都要素市场体系。鼓励和支持各类内外资机构积极利用北京“两区”建设的新机遇，加快创新发展，不断做优做强。支持北京开展资本市场金融科技创新监管试点，推动建设首都区域性股权市场区块链登记托管基础设施。积极参与北京建设法治诚信资本市场示范区。