SSE Holds Meetings to Mark 30th Anniversary

19 Dec 2020

On the occasion of its 30th anniversary, the Shanghai Stock Exchange (SSE) held the third session of the fifth Board of Governors and the third session of the third Board of Supervisors to solicit the opinions of governors and supervisors on the SSE's work in 2020 and arrangements for 2021. On the same day, a plenary meeting of the Policy Advisory Committee under the Board of Governors and forum for the 30th anniversary of the SSE was also held to review the growth over the past 30 years and look forward to the development of the capital market in the new era.

The attendees said that in the past three decades, the SSE has played an outstanding role in improving corporate governance structure, building market-oriented platforms for direct financing, strengthening the risk resistance capabilities of the financial system, and enriching the residents' channels for wealth allocation. Since the 18th National Congress of the Communist Party of China, more important missions have been entrusted to the capital market in the process of propelling the replacement of old growth drivers with new ones and advancing high-quality economic development. The attendees suggested that, centering on the strategic goal and key task of achieving high-quality development during the "14th Five-year Plan" period, the SSE should give full play to its advantages in front-line supervision, market organization and resource allocation, adhere to the principle of “standing in awe of the market, the rule of law, expertise and investors, and forging synergy in comprehensive support for reform, development and stability of the capital market”, work with all market participants to make more efforts in improving the adaptability of the SSE to the high-quality development of the real economy, and enhance the all-round capabilities to serve the national strategy of self-reliance and self-strengthening in science and technology. In terms of deepening reforms, guided by the requirement for comprehensive implementation of the reform in the registration-based IPO system, we should build a systematic mechanism covering the entrance, the listing, the normalized delisting and other aspects, so as to improve the quality of listed companies in all aspects; in increasing the proportion of direct financing, we should adhere to the underlying principle of pursuing progress while ensuring stability in development, provide diversified financing channels covering stocks, bonds, funds and derivatives, attach equal importance to expanding business scope and tapping the potential of existing businesses, and especially accelerate the construction of the systems and mechanisms supporting scientific and technological innovation. Based on international best practices and experience, the attendees also provided opinions and suggestions on enhancing the rule of law in the capital market, building a mechanism that complements administrative regulation, improving the supply of systems, and other issues.

The 30th anniversary marks a new start, and changes lead to innovation and development. Standing at a new historical starting point, the SSE will undertake the important tasks assigned by the Party and the State during the 14th Five-Year Plan period with higher self-demand, more enterprising spirit and more rigorous and pragmatic work style, firmly implement the new development concept, actively integrate into the new development pattern, firmly establish a sense of the big picture, adhere to the systematic concept, and give full play to the exchange's pivotal role in promoting the high-level circulation between science and technology, capital and the real economy.