On the morning of November 20, Gui Minjie, Deputy to the 18th CPC National Congress (the Congress for short), Secretary of the CPC Committee of the Shanghai Stock Exchange (SSE) and SSE Governor, presided over an outreach meeting for the leading group of the SSE CPC Committee, at which Gui conveyed the essence of the report to the Congress (the Report for short), and put forward specific requirements for implementing the essence of the Report and promoting all the work of the exchange.
Apart from a general review of the Party Congress, Gui Minjie conveyed Hu Jintao's report, the essence of the work report of the 17th CPC Central Commission for Discipline Inspection and the revision of the CPC Constitution. According to Gui, the Congress is a meeting held in the critical period of building a moderately prosperous society and deepening reform and opening up in all respects, which features clear-cut stands, profound thoughts, and truth-seeking and pioneering spirits. It is of great significance to guide the overall situation of social and economic progress. To study and implement the essence of the Report, we should keep in mind four points, namely the theme of holding high the great banner of socialism with Chinese characteristics, the basis of the primary stage of socialism, the overall approach of the promotion of economic, political, cultural, social and ecological progress, and the mission of achieving socialist modernization and great rejuvenation of the Chinese nation. Besides, we should bear in mind the basic requirements of "Eight Principles" and always adhere to the socialist core value system of "Three Initiatives".
Gui pointed out that the Congress defined the goal of promoting the macroeconomic stability and supporting development of the real economy for the modern financial system, which gave a strategic direction for the construction of the SSE's multi-tiered blue chip market. Following the requirements of the Congress, the SSE will renew its efforts to improve the market functions and enhance the capability of serving the real economy. First of all, to deepen the reform of the financial system, the exchange will cooperate with regulatory authorities in deregulation and simplification of procedures for approval, and give full play to its role of a market organizer. Besides, to improve the financial regulation, the exchange will enhance the transparency of regulation, attach importance to classified supervision of listed companies and direct channels for information disclosure, and protect rights and interests of investors. Moreover, to advance the financial innovation, the SSE will give guidance and support for industry innovation, accelerate the development of the bond market, and develop more trading patterns and instruments. Furthermore, to safeguard the financial stability, the SSE will intensify risk monitoring, and prevent and eliminate systematic risks of the capital market. In addition, according to the requirements for speeding up the development of the multi-tiered capital market, the SSE will strengthen the construction of the multi-tiered blue chip market, and provide services for enterprises with varied scales and development levels in different industries through the construction of over-the-counter market and the development of SME private placement bonds.
At the meeting, based on the Report, Gui talked about his views about the Congress while Huang Hongyuan, Deputy Secretary of the SSE CPC Committee and SSE President, as well as other members of the SSE CPC Committee and the President's Office discussed about the future development of the capital market, the difficult and important tasks in the current work and the future development direction. They unanimously concluded five points for the SSE to implement the essence of the Report in the work.
Firstly, the SSE should improve its political literacy, and enhance its vision as well as senses of mission and responsibility. The exchange undertakes the responsibilities of enforcing laws and regulations, maintaining market orders, eliminating rule-breaking behaviors, and safeguarding rights and interests of investors. In line with the exchange's functions and positioning, the SSE CPC Committee, SSE cadres and staff should have good political literacy, combine the work with national strategy and destiny, and show the spirits of responsibility, vision, outlook and courage.
Secondly, the SSE should have a sense of urgency and a strong ambition. The exchange has much to do to promote the achievement of the goal of building a moderately prosperous society in all respects put forward in the Congress. Its services for the real economy are far from enough to meet the demand. Therefore, the SSE should make more effort with the sense of urgency, great courage and high spirits on the basis of higher requirements and standards to make the market more attractive and influential.
Thirdly, the SSE should free the mind, dare to practice, and take initiatives in the work. Over more than two decades, the capital market has made remarkable achievements through exploration and innovation in the reforms, with its size topping the global list, its system improved, its functions strengthened, its order rationalized, and its services more open to the outside world. The capital market has entered a new stage of development, which could provide an environment for deregulation, innovation, and expansion. The exchange will further change the inertial thinking, get rid of the path dependence, simplify the procedures, and enhance the efficiency. What's more, the exchange will not only free the mind, encourage creativity, and have the courage to think and act, but also improve the initiative, consciousness and vision in innovation.
Fourthly, the SSE should apply creativity and innovation to the work. Under the leadership of the CPC Central Committee, the State Council and the CPC Committee of the China Securities Regulatory Commission, by implementing the essence of the Report, determining confidence, shouldering responsibilities, and seizing opportunities, the exchange will promote the coordinated development of the stock market, the bond market, the fund market, and the derivatives market with the focus on the multi-tiered blue chip market, and creatively improve its services based on bigger goals and higher requirements.
Fifthly, the SSE should enhance its capability of serving the real economy and improve its services. The exchange will take it as its own duty to serve various market participants and promote the markets' development, and improve its overall services in a market-participant-oriented, market-oriented and international way by changing its thinking, broadening its horizon, innovating in service patterns, enriching service modes, and intensifying service consciousness.
Finally, Gui stressed that it was a primary political task for the SSE to study and implement the essence of the Report in the short and long run. The exchange's Party members and staff should study and understand the essence, rich contents and basic requirements of the Congress, and strengthen the determination and consciousness of implementing the essence of the Report. Besides, they should unify thoughts and actions based on the essence of the Report, and conduct an activity for the concentrated education on socialism with Chinese characteristics, the Scientific Outlook on Development, the goal of building a moderately prosperous society in all respects, the Party Constitution and the Party spirit through study on the Report. Moreover, they should combine what they learn from the Report with their work, endeavor to transform the essence of the Report into effective work measures, and go all out to push forward the scientific development of the exchange-based markets, thus making more contributions to the building of a moderately prosperous society in all respects.
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Gui Minjie: Building A Better Blue Chip Market To Serve The Real Economy - Shanghai Stock Exchange's Study And Implementation Of Essence Of Report To The 18th CPC National Congress
Date 23/11/2012