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Special topic: 2024 Financial Street Forum Series-- "Capital Market empowers New quality Productivity"

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Zhou Xiaozhou, director general of the Securities Regulatory Commission, said on May 23 at a series of financial street forum activities in 2024-- "Capital Market empowering New quality Productivity". The CSRC will thoroughly implement the major decisions of the CPC Central Committee and the State Council and the deployment requirements of the new "National Nine articles", step up efforts to promote the implementation of the capital market "1N" policy system, and closely focus on serving the development of new quality productive forces. We will further improve the basic system of the capital market, give further play to the function of the capital market, solidly do a good job in the "five major articles" of finance, promote the high-level circulation of science and technology, industry and capital, and better serve the overall situation of high-quality development.

An overview of key points

Give priority to supporting the breakthrough of key core technology "sticking neck" corporate equity and debt financing.

Further promote the circulation of "raising, managing and withdrawing" of private equity venture capital funds

Give full play to the unique role of venture capital and equity investment in excavating, cultivating and supporting future and emerging industries

In-depth study and improvement of institutional arrangements such as IPO, M & An and private equity venture capital

Enhance the inclusiveness of the new industry new business type's new technology

Strengthen the construction of regulatory capacity matched with the development of productive forces of serving new quality

The market capitalization of strategic emerging industries has increased significantly.

It has exceeded 40% at present.

Zhou Xiaozhou said that the new "National Nine articles" clearly proposes to promote the deepening and implementation of the stock issue registration system, enhance the competitiveness of the capital market system, enhance the inclusiveness of the new industry new business type's new technology, and promote the development of new quality productive forces. The CSRC resolutely implements the decision-making arrangements of the CPC Central Committee and the State Council, adheres to the fundamental purpose of serving the high-quality development of the real economy, and actively gives full play to the function of the capital market in serving high-level scientific and technological self-reliance and self-reliance. guide factor resources to accelerate the accumulation of new quality productive forces such as scientific and technological innovation.

First, we will formulate and implement a package of policies and measures for high-level capital market services, science and technology self-reliance and self-improvement. To implement the task deployment of the new "National Nine articles," 16 measures for the capital market to serve the high-level development of science and technology enterprises have been issued, and a package of policies and measures have been put forward from listing and financing, mergers and acquisitions, bond issuance, and private investment. We will adhere to Science and Technology Innovation Board's position of "hard science and technology", revise and improve the guidelines for evaluating the attributes of science and technology, and further improve the R & D investment and invention patent requirements of science and technology enterprises.

The second is to actively support the listing and financing of science and technology enterprises. In recent years, Science and Technology Innovation Board and the Beijing Stock Exchange have been set up to reform the gem, continuously improve the construction of a multi-level market system, and enhance the service function of the capital market. Technology-based enterprises have become the main force of newly listed enterprises, and the market capitalization of strategic emerging industries has increased significantly, and has now exceeded 40%. The capital market plays an increasingly important role in serving scientific and technological innovation. A number of scientific and technological innovation enterprises in the fields of new generation information technology, biomedicine, and high-end equipment manufacturing have broken through the key core technologies after listing to achieve great-leap-forward development.

Third, promote the efficient integration of resources by science and technology enterprises. We will enrich restructuring payment and financing instruments, introduce targeted convertible bond restructuring rules, appropriately improve the inclusiveness of the restructuring valuation of light-asset science and technology enterprises, and improve the "small and rapid" audit mechanism for restructuring. In 2023, listed companies in the new generation of information technology, new energy and other strategic emerging industries on the Shanghai and Shenzhen stock exchanges disclosed more than 1100 M & A transactions with a transaction value of more than 360 billion yuan. We will improve the relevant institutional arrangements for equity incentives, further enrich the incentive tools of Science and Technology Innovation Board and gem listed companies, and strongly support science and technology innovative listed companies to flexibly use equity incentives to attract and retain talents.

Fourth, strengthen the support of private equity venture capital and corporate bonds for scientific and technological innovation. We will promote the promulgation of the regulations on the Supervision and Administration of Private Investment funds, improve the management system of private equity funds, and encourage venture capital funds to invest in science and technology for a long time. Since the reform of the registration system, nearly 90% of Science and Technology Innovation Board listed companies and 60% of gem listed companies have been supported by private equity funds. Private equity venture capital funds invest in about 100000 projects in key areas of scientific and technological innovation, such as semiconductors, biomedicine, and so on.Europebetslot.3 trillion yuan. We will vigorously support the financing of science and technology-based corporate bonds, and encourage policy institutions and market institutions to provide credit-increasing support for private science and technology enterprises to issue science and technology bonds. The total amount of science and technology bonds issued on the exchange market is about 700 billion yuan.

Give priority to supporting breakthroughs

Key core technology "sticking neck" enterprise stock and debt financing

"Innovation plays a leading role in the development of new productive forces." Zhou Xiaozhou said that the capital market has natural advantages in sharing innovation risks, promoting the formation of innovation capital, and optimizing the allocation of innovation resources, and there are great prospects for serving the development of new quality productive forces. The CSRC will thoroughly implement the major decisions of the CPC Central Committee and the State Council and the requirements for the deployment of the new "National Nine articles", step up efforts to promote the implementation of the "1N" policy system of the capital market, and closely focus on serving the development of new quality productive forces. we will further improve the basic system of the capital market, give further play to the function of the capital market, do a solid job in the "five major articles" of finance, and promote the high-level circulation of science and technology, industry and capital. Better serve the overall situation of high-quality development.

First, we should give better play to the function of the capital market and promote the accumulation of high-quality factors of production in the field of new-quality productive forces. We will improve the multi-level capital market system, give full play to the synergistic effect of the stock and debt market, and enhance the quality and efficiency of the development of new quality and productive forces. We will properly implement the 16 measures taken by the capital market to serve the high-level development of science and technology enterprises, and give priority to supporting the stock and debt financing of enterprises to break through the key core technology "sticking neck". We will further promote the "fund-raising, investment management and withdrawal" cycle of private equity venture capital funds, and actively give full play to the unique role of venture capital and equity investment in excavating, cultivating and supporting future and emerging industries.

The second is to continuously improve the capital market system and enhance the inclusive adaptability to the new quality productive forces. Persist in respecting laws and rules, further comprehensively deepen the reform and opening up of the capital market, deeply study and improve institutional arrangements such as issuance and listing, mergers and acquisitions, and private equity venture capital, enhance the institutional competitiveness of the capital market, enhance the inclusiveness of new industry new business type's new technology, better serve scientific and technological innovation, green development and the transformation and upgrading of traditional industries, and constantly optimize the structure of listed companies. So that investors can better share the fruits of high-quality economic development.

The third is to strengthen capital market supervision and adhere to promoting financial innovation on the track of marketization and legalization. Adhere to the political and people-oriented nature of capital market supervision, adhere to strengthening the foundation, strict supervision and strict management, coordinate development and security, strengthen the construction of regulatory capabilities that matches the development of serving new quality productivity, strictly crack down on illegal activities, and safeguard the market."Three public" order, steadily prevent and resolve risks, and jointly create a good environment for the capital market to serve the development of new quality productivity.

"The capital market to better empower new productive forces is inseparable from the strong support of enterprises, institutions, government departments and all sectors of society." Zhou Xiaozhou said that listed companies are the foundation of the capital market and must continue to play a leading role in promoting high-level scientific and technological innovation and promoting key technology research. As an important force in the capital market, industry institutions must adhere to integrity and innovation, correct business concepts, enhance professional service capabilities, and contribute greater strength in promoting the formation of innovative capital and supporting the development of new quality productivity. The China Securities Regulatory Commission will also take the initiative to strengthen policy coordination with relevant ministries and commissions and local governments to jointly promote the formation of a strong synergy for the capital market to serve the development of new productive forces.