SSE Holds a Symposium with Foreign Institutions to Advance Comprehensive Reforms of the Capital Market

Shanghai Stock Exchange (hereinafter referred to as "SSE") recently held a symposium with foreign institutions to exchange ideas with and collect suggestions from representatives of 8 foreign institutions. The attendee in charge of the exchange stated that the SSE has been implementing the spirit of the Third Plenary Session of the 20th CPC Central Committee and firmly advancing the opening up of the capital market. Input from foreign institutions are welcome to pool efforts in deepening comprehensive reforms to ensure high-quality development of the capital market.

At the symposium, it was agreed that the Third Plenary Session of the 20th CPC Central Committee signaled China's firm determination to further deepen reforms comprehensively and expand opening-up. Along with the introduction of the new Several Opinions on Strengthening Supervision, Preventing Risks, and Promoting High-Quality Development of the Capital Market and the gradual implementation of the "1+N" policy system for the capital market, there is great confidence in the long-term sustained and steady development of China's economy and the stable advancement of the capital market. In particular, since the meeting of the Political Bureau of the CPC Central Committee and the Central Economic Work Conference convened, a raft of new policies has been implemented. More efforts were put into the counter-cyclical adjustment of fiscal policy and monetary financial policy, sending positive signals to the sustained recovery and improvement of the economy. This has enhanced the economic resilience, effectively improving international expectations for the prospects of China's economy and boosting foreign investors' confidence in the investment value of the A-share market.

Meanwhile, participating institutions put forward specific suggestions for widening the opening-up of China's capital market and further promoting its high-quality development. These include continuously optimizing the Stock Connect scheme and QFII scheme, unblocking channels for foreign investment in A-shares; increasing public communication on policy roll-out, encouraging high-quality listed companies to hold overseas roadshows to help foreign investors develop comprehensive and systematic understanding of China's economy and listed companies; enhancing the investment value of listed companies, and improving shareholder returns and corporate governance.

According to the attendee in charge of the SSE, China's economic fundamentals remain solid and have exhibited strong resilience in the complex international environment. With the implementation of a package of policies, the economy continues to pick up, providing favorable conditions for the capital market to continue innovation, reforms and opening-up in an all-round way. The SSE will uphold the principle of combining party discipline with central government strategies, follow the arrangement of the Central Economic Work Conference, and closely focus on preventing risks, strengthening supervision, and promoting high-quality development. It will continue to seek progress while maintaining stability and pursue stability through progress, as well as breaking new ground before abolishing the old, so as to promote further achievements in various tasks. The SSE welcomes suggestions from foreign institutions and their role to connect global markets as international investment banks and investment institutions, and hopes to jointly foster a safe, standardized, transparent, open, dynamic, and resilient capital market.