Tang Rui, Deputy General Manager Of Shenzhen Stock Exchange: Give Full Play To The Role Of Market Hub Of Shenzhen Stock Exchange To Help Build A New Development Pattern Of "Double Cycle"

On November 28, the "Southern finance and Economics International Forum 2020 annual meeting", jointly sponsored by the headquarters of Guangdong, Hong Kong and Macao Bay area of China Central Radio and television and hosted by the 21st century economic report, was held in Guangzhou Poly intercontinental hotel. The theme of the forum was "new pattern, new market, new challenge - global capital choice and breakthrough in post epidemic era".

Tang Rui, deputy general manager of Shenzhen Stock Exchange, attended the meeting and delivered a keynote speech on "giving play to the role of Shenzhen Stock Exchange as a market hub and helping to build a new development pattern of" double cycle ".

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Tang Rui pointed out that in the post epidemic era, under the influence of import and export obstacles, international financial market turbulence, Sino US strategic game, commodity price fluctuation, global debt imbalance and other factors, China's capital market is facing an increasing degree of uncertainty, and the task of market risk prevention and control, reform and stable development is of great importance. Under the strong leadership of the CPC Central Committee, China took the lead in controlling the epidemic. In the first three quarters, GDP turned negative to positive, and the long-term trend of economic growth continued to consolidate, showing strong development toughness and vitality, which brought new opportunities and opportunities to the development of capital market.

"First of all, new growth points are quietly growing. At present, although many enterprises and industries are facing difficulties in operation and development, the epidemic has also stimulated the vigorous rise of new technologies, new formats and new platforms such as 5g, artificial intelligence and smart city. Online education, intelligent logistics, data economy, life and health are showing their talents. These new economies characterized by scientific and technological innovation and digital transformation need strong support from the direct financing system It's a good idea Said Tang Rui.

Secondly, Tang Rui also pointed out that the value chain of the original industrial chain is facing reconstruction. Affected by the epidemic situation, the global supply chain and investment chain have declined. China has a vast market space and strong development toughness. Under the new development pattern of "double cycle", the supply chain of global industrial chain is facing re connection, re optimization and re consolidation. Capital market is the key means to break through the blocking point of economic cycle and will play an important role in improving the integrity of China's industrial chain.

"Thirdly, the investment value of China's capital market is growing day by day. After the outbreak test, the world is more aware of the vitality of China's economy, and has more confidence in the strength and toughness of China's economy. With the deepening of financial opening-up and comprehensive deepening of capital market reform, the domestic capital market is undergoing profound structural changes and the quality of assets has been consolidated, which has increasingly become an important gravitational field of global asset allocation. Take Shenzhen stock market as an example, the market value of foreign investors holding shares in Shenzhen stock exchange companies is about 5% Said Tang Rui.

In this context, the Shenzhen stock exchange is about to undertake its own historical mission.

Tang Rui pointed out that Shenzhen Stock Exchange will give full play to the role of market hub, firmly shoulder the responsibility of taking the lead in the capital market, keep close to the new development pattern, take the initiative to seek change, and make scientific response. It will put support innovation, service innovation and leading innovation in a more prominent position, and strive to build a "high-quality innovation capital center, a world-class exchange".

In the process of achieving this goal, Shenzhen Stock Exchange will make efforts in the following five aspects:

First, we should speed up the establishment of a more mature and well-defined market structure with clearer levels, provide a more inclusive and efficient investment and financing environment for innovative and entrepreneurial enterprises, focus on "three innovations and four innovations", keep a close eye on new industrial growth points, and turn the economic highlights in the epidemic situation into the fulcrum of China's high-quality economic development;

The second is to shape a high-level innovative capital circulation mechanism, improve the basic systems of refinancing, merger and reorganization and reduction of holdings, improve the survival of the fittest mechanism, smooth diversified exit channels, vigorously promote the virtuous cycle of science and technology, industry and finance, continuously improve the overall level of China's supply chain and industrial chain, support the development of high-quality enterprises, and promote the development of traditional industries;

The third is to lay out product lines around the industrial chain, supply chain and innovation chain, fully match the needs of both sides of investment and financing, build a high-quality fixed income market, steadily promote the pilot of public offering REITs, cultivate ETF products with Shenzhen characteristics, expand the derivatives system, build a global asset allocation platform with innovative market characteristics, improve the efficiency of price discovery and risk management ability, and promote resources Effective configuration;

Fourth, learn from international best practices, improve the institutional arrangements for cross-border investment and financing, promote the deep integration and development of Shenzhen and Hong Kong, realize the transformation from pipeline and single point opening to institutional and systematic opening, further broaden the channels for international investors to participate in domestic capital market, and attract more medium and long-term funds into the market;

Fifthly, it is necessary to build an accurate and effective supervision and risk control system, comprehensively improve the governance capacity and governance level of the exchange, promote supervision in principle, deeply plough into classified supervision, strengthen scientific and technological supervision, strengthen the construction of regulatory capacity in an open environment, create a unified risk management and monitoring platform, always maintain the prudence of treading on thin ice, see ye Zhiqiu's acuteness, and strive to keep the risk response in the market curve In front of.