Li Chao said that the preparations for the opening of The science and technology innovation board have been basically ready, and will improve the system of suspension and resumption of trading, strictly control arbitrary suspension and long-term suspension of trading, further relax the trading restrictions of stock index futures, and optimize the operation of stock index futures. The CSRC will further loose the opening policy for foreigners' A-share accounts.

Look at the key points:

1. The main institutional rules of The science and technology innovation board have been basically formed. The market organization, technical system testing and investor education are all progressing step by step. The preparatory work for the opening of the board has been basically ready.

2. The CSRC will adhere to the normal issuance of new shares, improve the efficiency of mergers and acquisitions, improve and strictly implement the delisting system of listed companies, and strive to consolidate the important foundation of the capital market.

3. The CSRC will improve the suspension and reinstatement system and strictly control arbitrary suspension and a long suspension. It enriches the tools of financial products, issue ETFs of local government bonds and so on.

4, CSRC will expand the pilot scheme for issuing the Panda Bonds, launch a pilot project of‘The belt and road’ special bonds, steadily launch crude oil, pulp and other commodity futures options, further relax the restrictions on stock index futures trading and optimize the operation of stock index futures.

5. CSRC will continue to expand the opening of the capital market to the outside world. At present, the policy of relaxing the restriction on the ratio of foreign capital to shares in the securities industry has landed, and three foreign-controlled securities firms have been approved. In addition, the CSRC will further relax the policy of opening foreign A-share accounts.

Preparations for the opening science and technology innovation board are basically in place.

Li Chao pointed out that the main institutional rules of science and technology innovation board have been basically formed, and the market organization, technology system testing and investor education are all progressing in a step-by-step manner. The preparatory work for the opening board of scientific innovation board has been basically completed.

‘This major reform is progressing smoothly on the whole.’ Li Chao believes that this reform will support the innovative development and deepening of capital market reform, and play a good role as a test field. He also said the capital market should play a key role in economic development. In the past, the real economy relied heavily on the bank-led financing channels under the economic development model of scale expansion. At present, China's economy has changed from a high-speed growth stage to a high-quality development stage. Economic development is increasingly dependent on long-term capital investment and innovation capital driven. Capital market will provide better services for the development of the real economy.

On June 5, the first review meeting of science and technology innovation board was held. The first batch of enterprises, Microcore Biology, Andiji Microelectronics and Suzhou Tianzhun were released. After the subsequent implementation of the registration procedure of the CSRC, some documents appeared. According to the arrangement, on June 11, 13 and 17, there will be three batches of follow-up enterprises, a total of 8 declaring enterprises will be considered by the Listing Committee.

With the advance of the deliberation process of the Listing Committee, the next focus of the market will be more focused on the issue pricing. The Shanghai Stock Exchange's first self-discipline Committee on public issuance of science and technology innovation board (hereinafter referred to as the self-discipline committee) recently held its third working meeting in 2019. It analyzed and judged the difficulties and challenges that enterprises may face in issuing business in the initial stage of science and technology innovation board from domestic and foreign market environment, centralized issuance of enterprises, inadequate preparation for the main business and technology of all parties involved, and laid a new threshold on the Internet. In order to ensure the smooth and orderly issuance and underwriting of scientific innovation stocks and to form a good and stable expectation with positive effect, some proposals have been made on the long-term fund signing stock lock-in, strategic allotment, commission standard of new stock allotment brokerage.

As of June 10, the Shanghai Stock Exchange has accepted 6 new applications for listing. The total number of enterprises it has accepted has reached 119. 30 new enterprises have been inquired about and 101 enterprises have been inquired about.

Normalized issuance of new shares and strict delisting system

Li Chao pointed out that the CSRC will adhere to the normal issuance of new shares, improve the efficiency of mergers and acquisitions, support market-oriented and rule-of-law re-conversion, improve and strictly implement the delisting system of listed companies, and strive to consolidate the capital market as an important foundation.

Earlier, Chairman Yi Huiman of the CSRC said that deepening the structural reform of the supply side of the capital market is the only way to promote the real economy and the high-quality development of listed companies.

We should base on incremental optimization. We should upgrade the quality of listed companies from the source and eliminate the import of diseases. Promote the establishment of a scientific innovation board and pilot registration system to start smoothly, truly implement the securities issuance registration system with information disclosure as the core, improve the transparency and efficiency of auditing, enhance the inclusiveness of issuance and listing standards and the predictability of policies, and form a replicable and popularizable system innovation. At the same time, we should promote the reform of relevant listing sectors, smooth the multi-level capital market mechanism, and attract more high-quality enterprises from all walks of life to go public. Continue to maintain the normalization of IPO, adhere to the neutrality of competition, not by ownership, not by size, not by industry, only by good and bad, and select the best.

Deepening stock reform. Drawing lessons from mature market experience, while introducing good imports and high-quality companies, we should expand exports, classify measures and smoothly resolve stock risks. Implementing the plan of action to improve the quality of listed companies, focusing on giving full play to the synergies of all parties, and striving to use several years to improve the quality of listed companies in stock. We should give full play to the role of ‘invisible hand’ in the market, improve the mechanism of merger, acquisition, reorganization and bankruptcy reorganization, support the injection of high-quality assets into listed companies, and inject ‘fresh blood’ into the improvement of quality and efficiency of listed companies. We should explore innovative ways of delisting and realize various ways of delisting. Enterprises that seriously disrupt market order and touch the delisting standard will be resolutely delisted and withdrawn to the end, so as to promote the timely clearance of "zombie enterprises" and "shell companies".

Improve the basic system. Based on the fundamental purpose of serving the real economy, in accordance with the reform direction of market-oriented legalization, and on the basis of full investigation and research, a series of systems, such as refinancing, merger and acquisition, restructuring, reduction and listing, are moderately optimized, and direct financing, especially equity financing, is vigorously developed to further improve the efficiency of capital formation and help alleviate the problem of ‘difficult financing and expensive financing’.

Further relax stock index futures trading restrictions

Li Chao said that the CSRC will improve the system of suspension and resumption of trading, and strictly control arbitrary suspension of trading and long-term suspension of trading. Tools to enrich financial products, issue local government debt ETFs, etc. We will expand the pilot program for the issuance of panda bonds, launch pilot projects for the ‘The Belt and Road’ special bond, and smoothly introduce a number of commodity futures options such as crude oil and pulp, further loose the trading restrictions on stock index futures, and optimize the operation of stock index futures.

The stock index futures have experienced four times of loosening, which are February 17, 2017, September 18, 2017, December 3, 2018 and April 22, 2019. CFFEX recently announced that with the approval of the China Securities Regulatory Commission, the China Financial Futures Exchange has further adjusted its stock index futures trading arrangements as follows:

First, since the settlement on April 22, 2019, the CSI 500 stock index futures trading margin standard was adjusted to 12% (previously 15%);

Second, since April 22, 2019, the regulatory standards for excessive trading behavior of stock index futures have been adjusted to 500 contracts (previously 50 lots), and the number of open positions for hedging transactions is not subject to this limit;

Third, since April 22, 2019, the standard for trading the stock index futures trading volume has been adjusted to 0.0345% (previously 0.046% after four adjustments to the stock index futures trading arrangements,) the settlement business standards have basically returned to the 2015 level. The return of normalized trading of stock index futures is conducive to playing a positive market function.

Continue to expand the capital market to open to the outside world

In terms of the opening of the capital market, Li Chao pointed out that it will continue to expand its openness. At present, the securities industry's policy of loosening foreign-invested shares has been implemented, and three foreign-invested securities companies have been approved. In addition, the CSRC will further relax the opening policy for foreigners' A-share accounts.

In recent years, the scope of capital cooperation between China and other Asian countries and regions has expanded. Li Chao said that at present, China has signed memorandums of understanding or regulatory cooperation arrangements for securities regulatory cooperation with more than 20 Asian countries and regions, and reached cooperation intentions in various aspects such as market access and regulatory enforcement. In terms of the interconnection of the capital market, with the foundation of interconnection with the Hong Kong market, the ETF between China and Japan has recently been launched, which will help enrich the cross-border capital product system and facilitate investors to participate in the investment transactions of the other capital market. In addition, China's domestic exchanges strategically invested in the Pakistan Exchange, the Dhaka Stock Exchange in Bangladesh, and invested in the construction of the Astana International Exchange in Kazakhstan.

In terms of opening up to the outside world, the CSRC has repeatedly stated that it will speed up the two-way opening of the capital market, ensure that the foreign-investment ratio of the securities and futures industry is completely abolished by 2021, and further improve and improve the QFII/RQFII system, deepens and improves the interconnection mechanism between domestic and foreign stock markets, gradually expands the opening up of the exchange bond market, introduces foreign traders in commodity futures with mature conditions, and further improves the level of opening up of the securities and futures market.

证监会副主席最新释放监管信号！进一步放宽外国人A股开户、坚持新股常态化发行、严格退市…还有科创板

证监会副主席李超在参加2019财新峰会香港场时释放出多重监管信号。
李超表示，科创板开板各项准备工作已基本就绪，将完善停复牌制度，严格控制随意停牌和长时间停牌，进一步放松股指期货交易限制，优化股指期货运行。证监会还将进一步放宽外国人A股账户开立政策。

来看关键点：
1、科创板主要制度规则已基本形成，市场组织、技术系统测试及投资者教育等方面工作，均在按部就班推进当中。科创板开板各项准备工作已基本就绪。
2、证监会将坚持新股常态化发行，提升并购重组效率，完善并严格实施上市公司退市制度，着力巩固资本市场这一重要基础。
3、证监会将完善停复牌制度，严格控制随意停牌和长时间停牌。丰富金融产品的工具，发行地方政府债ETF等等。
4、扩大熊猫债发行试点，开展“一带一路”专项债券试点，平稳推出原油、纸浆等多个商品期货期权，进一步放松股指期货交易限制，优化股指期货运行。
5、将持续扩大资本市场对外开放。目前证券行业放宽外资股比限制政策已落地，已核准设立三家外资控股券商。此外，证监会还将进一步放宽外国人A股账户开立政策。

科创板开板各项准备工作已基本就绪
李超指出，科创板主要制度规则已基本形成，市场组织、技术系统测试及投资者教育等方面工作，均在按部就班推进当中。科创板开板各项准备工作已基本就绪。
“这项重大改革总体进展顺利。”李超认为，这次改革将支持资本市场创新发展和改革深化，做好试验田的作用。他还表示，应发挥好资本市场在经济发展中的关键作用。过去，在以规模扩张为主的经济发展模式下，实体经济高度依赖以银行为主导的融资渠道。当前，中国经济已由高速增长阶段转向高质量发展阶段，经济发展越来越依赖于长期资本投入和创新资本驱动，资本市场将为实体经济发展提供更完善的服务。
6月5日，科创板第一次审议会议召开，首批微芯生物、安集微电子、苏州天准三家企业均获“放行”，后续履行证监会注册程序后或有批文亮相，根据安排，6月11日、13日和17日，将有后续三批，共8家申报企业接受上市委审议。
随着上市委审议进程的推进，下一步市场的关注点将更为集中到发行定价环节。上交所第一届科创板公开发行自律委员会（以下简称自律委）日前召开了2019年度第三次工作会议，分析研判了科创板开板初期企业发行业务可能面临的来自境内外市场环境、企业集中发行、各方参与主体业务和技术准备不足等方面的困难和挑战，对网下打新门槛、长线资金中签股份锁定、战略配售、新股配售经纪佣金标准等内容作出了倡议，目的是保障科创板股票发行与承销工作平稳有序，形成良好稳定预期具有正面效果。
截至6月10日，上交所新受理6家企业上市申请，已受理企业总数达到119家，新问询企业30家，已问询企业101家。

新股常态化发行，严格实施退市制度
李超指出，证监会将坚持新股常态化发行，提升并购重组效率，支持市场化、法治化再转股，完善并严格实施上市公司退市制度，着力巩固资本市场这一重要基础。
此前证监会主席易会满表示，深化资本市场供给侧结构性改革是推动实体经济和上市公司高质量发展的必由之路。
要立足增量优化。坚持从源头上提升上市公司质量，杜绝病从口入。推动设立科创板并试点注册制平稳起步，真正落实以信息披露为核心的证券发行注册制，提高审核工作透明度和效率，增强发行上市标准的包容性和政策的可预期性，形成可复制可推广的制度创新。同时统筹推进相关上市板块的改革，畅通多层次资本市场机制，吸引更多各行各业的优质企业上市。继续保持IPO常态化，坚持竞争中性，不唯所有制，不唯大小，不唯行业，只唯优劣，切实做到好中选优。
深化存量改革。借鉴成熟市场经验，在把好入口、引入优质公司的同时，拓宽出口、分类施策，平稳化解存量风险。实施提高上市公司质量行动计划，注重发挥各方协同效应，力争用几年的时间，使存量上市公司质量有较大提升。发挥好市场“无形之手”的作用，完善并购重组、破产重整等机制，支持优质资产注入上市公司，为上市公司提质增效注入“新鲜血液”。要探索创新退市方式，实现多种形式的退市渠道。对严重扰乱市场秩序、触及退市标准的企业坚决退市、一退到底，促进“僵尸企业”“空壳公司”及时出清。
完善基础制度。立足服务实体经济的根本宗旨，按照市场化法治化的改革方向，在充分调查研究的基础上，适度优化再融资、并购重组、减持、分拆上市等一系列制度，大力发展直接融资特别是股权融资，进一步提高资本形成效率，助力缓解“融资难、融资贵”问题。

进一步放松股指期货交易限制
李超表示，证监会将完善停复牌制度，严格控制随意停牌和长时间停牌。丰富金融产品的工具，发行地方政府债ETF等等。扩大熊猫债发行试点，开展“一带一路”专项债券试点，平稳推出原油、纸浆等多个商品期货期权，进一步放松股指期货交易限制，优化股指期货运行。
股指期货已先后经历了四次松绑，分别为2017年2月17日、2017年9月18日、2018年12月3日和2019年4月22日。中金所日前宣布，经中国证监会同意，中国金融期货交易所进一步调整股指期货交易安排：
一是自2019年4月22日结算时起，将中证500股指期货交易保证金标准调整为12%（此前为15%）；
二是自2019年4月22日起，将股指期货日内过度交易行为的监管标准调整为单个合约500手（此前为50手），套期保值交易开仓数量不受此限；
三是自2019年4月22日起，将股指期货平今仓交易手续费标准调整为成交金额的万分之三点四五（此前为万分之四点六），此次调整适度降低了交易保证金和手续费，调整了日内开仓量限制。
股指期货交易安排经四次调整后，结算业务标准已基本回到2015年水平。股指期货恢复常态化交易有利于发挥积极的市场功能。

继续扩大资本市场对外开放
在资本市场开放方面，李超指出，将持续扩大开放。目前证券行业放宽外资股比限制政策已落地，已核准设立三家外资控股券商。此外，证监会还将进一步放宽外国人A股账户开立政策。
近年，中国与亚洲其他国家和地区的资本合作领域范围日益扩大。李超介绍说，目前，中国已与超过20个亚洲国家地区，签订证券机构监管合作谅解备忘录或监管合作安排，在市场准入、监管执法协作等多方面达成合作意向。在资本市场互联互通方面，有了与香港市场实现互联互通的基础，近日又启动了中日间的ETF，将有利于丰富跨境资金产品体系，便利投资者参与对方资本市场投资交易。此外，中国境内交易所战略入股巴基斯坦交易所、孟加拉国达卡证券交易所，投资共建哈萨克斯坦阿斯塔纳国际交易所。
在对外开放方面，证监会多次表示，将加快推进资本市场的双向开放，确保2021年前完全取消证券期货行业的外资股比限制，并进一步修订完善QFII/RQFII制度，深化和完善境内外股票市场互联互通机制，逐步扩大交易所债券市场的对外开放，在条件成熟的商品期货品种引入境外交易者，进一步提升证券期货市场对外开放水平等。