On December 25, the Shanghai Stock Exchange (SSE) held an enlarged study meeting of the central group of the Party committee, collectively studying the requirements put forward at the Central Economic Work Conference. The SSE Party committee carried out serious study and in-depth discussion on the implementation of the important speeches of General Secretary Xi Jinping and Premier Li Keqiang at the Central Economic Work Conference, and arranged and deployed the key work items of the SSE in 2019 according to the above requirements.
The SSE Party committee unanimously held that since the 18th CPC National Congress, the CPC Central Committee with Comrade Xi Jinping as the core has been far-sighted in judging the situations, deeply pondered and grasped the historical position of China's economic and social development, and put forward the development concept with rich connotation, ideological essence and profoundness. At the key juncture of the 40th anniversary of China's reform and opening up, General Secretary Xi Jinping's important speech at the Central Economic Work Conference systematically summed up the achievements and rules of economic development in 2018, conducted in-depth analysis and research on the current economic situation, made overall arrangements for the economic work in the next year, set the principles and pointed out the direction for China's economic development in the next stage by proposing the "five musts" and "seven major tasks", and provided fundamental principles for implementing the strategic deployment at the 19th CPC National Congress and promoting the high-quality development of the economy by the Party and the country. The requirements of the Central Economic Work Conference offer powerful ideological and practical guidance for the economic work in the next year and in the future, and they are a kind of actual manifestation of the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era in the economic work. The SSE Party committee unanimously agrees with and firmly supports the requirements of the conference.
The SSE Party committee deeply realizes that under the guidance of the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the requirements of the 19th CPC National Congress, China's economy has shifted from a high-speed growth stage to a high-quality development phase, and has continued to maintain stable and healthy development. In important areas and key sectors, the reform has made breakthrough progress, and the achievements are hard-won, with a bright road ahead. At the same time, the important judgment that China's development is and will be in a period of strategic opportunities for a long time has not changed. The situations at home and abroad are undergoing profound and complex changes, and both risks and challenges exist in the world's major changes. In order to turn crisis into opportunity and transform danger to safety, we must firmly unite around the CPC Central Committee with Comrade Xi Jinping as the core, closely follow the new connotation of the significant strategic opportunities, accelerate the optimization and upgrading of economic structure, enhance the ability of scientific and technological innovation, strengthen the reform and opening up, and change the pressure into the driving force for the high-quality economic development.
The SSE Party committee clearly learns that since the 18th CPC National Congress, General Secretary Xi Jinping has made a series of important instructions and comments on the capital market, and this Central Economic Work Conference further emphasizes that the capital market has a significant impact on the financial operations. It is imperative to propel the reform, so as to create a standardized, transparent, open, dynamic and resilient capital market, improve the quality of listed companies, enhance the trading system, guide the participation of more medium and long-term funds, and accelerate the establishment of the sci-tech innovation board and the implementation of the pilot registration system at the SSE. It is a major task assigned by the CPC Central Committee and the State Council to the capital market and the SSE, which will also form a test for the SSE in the political quality, reform consciousness and sense of responsibility. The SSE Party committee will resolutely implement the requirements of the Central Economic Work Conference, and under the guidance of the Party Committee of the China Securities Regulatory Commission (CSRC), focus on the main line of the supply-side structural reform, as well as take the establishment of the sci-tech innovation board and the implementation of the pilot registration system as the top priority in the work. The SSE is determined to maintain a strict standard for the access and regulation of the listed companies, improve the quality of listed companies, and add new driving forces and advantages in enhancing the capacity for scientific and technological innovation, building a modern economic system, and promoting the healthy and stable economic development.
The SSE Party committee also stressed that the SSE will regard the Party's overall leadership as the "key stand" for its work, continuously improve the political position, effectively enhance the understanding of the political and national attributes of the SSE, insist on attaching the political importance to the SSE's development, and integrate the Party building in the whole processes and links of the SSE's business. With the Party building playing the leading role, the SSE Party committee makes overall deployment for the key tasks of the SSE in 2019. In the next stage, the SSE will focus on the work in the following eight areas:
First of all, the SSE will spare no effort in implementing the reform of the sci-tech innovation board and piloting the registration system as soon as possible. In accordance with the working principle of "high standards, rapid advancement, steady start, function enhancement, risk control, and gradual improvement", the SSE will speed up the formulation of business rules and supporting systems, strive to build a market of sci-tech innovation board full of energy and vitality, and make the registration system a model that can be replicated and promoted.
Secondly, the SSE will strengthen the construction of an early warning system for market risks. The SSE will develop a system of analytical monitoring indicators that is compatible with the sci-tech innovation board. The SSE will also improve the evaluation system for investors' trading behaviors, build an analysis framework for industries, finance, valuation and pricing, and unswervingly win the tough battle for prevention of risks.
Thirdly, the SSE will continuously improve the capability of frontline regulation. The SSE will vigorously optimize and adjust the strategies for frontline regulation, grasp the pace and strength of the frontline regulation in a scientific way, solidly advance the regulation of listed companies by focusing on information disclosure, and continue to enhance the quality of listed companies.
Fourthly, the SSE will comprehensively promote the coordinated development of the four major markets on the exchange. The SSE will continue to fuel the "New Blue Chip" campaign, give further play to the role of the bond market in direct financing, continuously improve the product chain of the fund market, increase the products of stocks and options, and build a multi-level capital market that serves the real economy.
Fifthly, the SSE will continue to promote the opening up of the capital market and strengthen the international competitiveness and voice of the A-shares market. With the strategy of interconnection, the SSE will try to achieve win-win cooperation with more overseas markets. The SSE will also step up the international promotion of the A-shares, boost the participation in the WFE affairs and the global governance of the exchange industry, and better serve the "Belt and Road" construction, so as to contribute Chinese wisdom to the construction of the global capital market.
Sixthly, the SSE will speed up the construction of the scientific and technological regulation system. The SSE will promote the life-cycle management of the technical system, take advantage of the modern information technologies such as the big data, make accurate multi-dimensional "portraits" for listed companies and investors, and bring the leading role of "fintech" into play.
Seventhly, the SSE will improve the pertinence and effectiveness of investor education and training. The SSE will launch brand products of investor education and training programs to enhance the influence and coverage of investor education and publicity, and strengthen the protection of the legitimate rights and interests for small and medium-sized investors in the capital market.
Eighthly, the SSE will unswervingly deepen the development of running the Party strictly, strengthen the political construction and work style construction, stress the Party's political discipline and political rules, implement the new deployment for the Party building in the new era, and comprehensively advance the new great project of Party building in the new era.