Shanghai Stock Exchange Holds Symposium with Securities Firms

In a comprehensive effort to implement the guiding principles of the third plenary session of the 20th CPC Central Committee, the Central Economic Work Conference, and the National Two Sessions—particularly the critical directive to "stabilize the real estate and stock markets, and prevent and resolve risks and external shocks in key areas"—Shanghai Stock Exchange (SSE) convened a thematic symposium on April 8 with representatives from 10 securities firms, including Changjiang Securities, Orient Securities, Soochow Securities, GF Securities, Guolian Minsheng, Guotai Haitong, Shenwan Hongyuan, TF Securities, Industrial Securities, and CITIC Securities. The SSE engaged in in-depth discussions with the representatives and thoroughly solicited their insights and recommendations.

During the symposium, participating firms acknowledged that the CPC Central Committee places great importance on the reform and development of capital markets. Continuous deepening of comprehensive reforms in investment and financing in the capital market, strengthening long-term mechanisms for market internal stability, and enhancing the inclusiveness and adaptability of the foundational systems are essential for high-quality development of China's capital markets. Under the strong leadership of the CPC Central Committee, China has fully leveraged its vast scale of economy and introduced a package of targeted new policies. The counter-cyclical adjustment policies at a scale beyond expectation have led to better-than-expected growth in investment and consumption, with the macroeconomy showing sustained recovery, which has significantly boosted the confidence of domestic and foreign investors in the A-share market and provided substantial support for the stable and positive trends in China's capital markets. The Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-Quality Development of the Capital Market, guidelines and implementation plans for medium- to long-term capital entering the market, the Eight Measures on Deepening the STAR Market Reform and Serving Scientific and Technological Innovation and the Development of New Quality Productive Forces, and the Opinions on Deepening the Reform of the M&A and Restructuring Market for Listed Companies have been put into practice. Listed companies take active part in the "Corporate Value and Return Enhancement" initiative, with cash dividends of RMB 2.4 trillion in 2024 and nearly RMB 150 billion in share buybacks, which has continuously enhanced investment value of listed companies. The market value of equity ETFs surpassed RMB 3 trillion. Medium- to long-term funds from social security funds, insurance institutions, and public funds continue to grow their market presence. Strategic stabilizing forces represented by Central Huijin are also growing stronger, leading to a sustained enhancement of the market's internal stability.

All participating firms expressed their optimistic prospects for the development of China's capital markets. In the face of an increasingly uncertain market environment, they emphasized the need to remain confident and united, stay focused, and concentrate efforts on managing their own affairs while working together to promote the healthy and stable development of the capital market.