"SSE Release", the official microblog of the Shanghai Stock Exchange (SSE), held the first "Microblog-based Interview" with the theme of "'Guidance for Dividend Distribution' and Market Integrity Construction" on August 22. "The SSE pursues legalization, marketization, openness, and internationalization by adhering to the principles of independence, neutrality, service, self-regulation, competition, standardization, transparency, and accountability. Currently, the SSE has to fulfill its major duties of organizing the market trading, preventing market risks, tightening frontier supervision, developing innovative products, propelling technological progress, and providing all-round services for market participants, in a bid to build a sound market ", said SSE Vice President Xu Ming.
Xu said that the SSE expected to further give full play to its positive role in boosting the reform and innovation of the market, build a more mature and rational market, and elevate the market value.
Firstly, listed companies are the source of the market value and investment value. More efforts should be made to improve the corporate governance of listed companies for enhance their quality, and increase the value of the blue chip market, in addition to fueling the standardization and transparency of listed companies' operation.
Secondly, the SSE will foster investors, especially long-term investors, through product and business innovation. At present, it is taking the lead in the innovation of 12 products. The SSE also encourages fund companies to develop more products and meanwhile supports sunshine private fund, PE, VC, pension funds and other long-term capital to get into the market.
Thirdly, the SSE will create a good environment favorable for the reform, development, and innovation of the market, apart from strengthening investor education and integrating it with all the reform, development, and innovation measures.
Xu also held that building an open financial market is a key step for developing the Chinese capital market and turning Shanghai into an international financial hub. In the next 10 years, one of the SSE's most important missions is to deepen the market reform and boost its internationalization process, so as to adapting to the opening-up of the Chinese financial market. The SSE's primary goal is to build itself into an exchange in line with China's economic strength and the international status of RMB for facilitating the development of the national economy.
Concerning the tax on dividends concerned by investors, Lin Yongfeng, Head of No. 2 Listed Company Supervision Department of the SSE, said that cancelling tax on cash dividends would contribute to intensifying listed companies' intention of cash dividend distribution. According to sources, the China Securities Regulatory Commission is coordinating with relevant authorities to further study relevant policies of cash dividend distribution, in an effort to provide a good external environment for the cash dividend distribution of listed companies.
FTSE Mondo Visione Exchanges Index:
Shanghai Stock Exchange: Enhancing Blue Chips' Value By Speeding Up Reform And Innovation
Date 23/08/2012