On February 7, the China Securities Regulatory Commission (CSRC) issued the "Opinions on the Implementation of the "Five Articles" on Capital Market Finance", requesting the promotion of elemental resources to scientific and technological innovation, advanced manufacturing, green and low-carbon, and people's livelihood, such as major strategies, key areas and weak links, and to better meet the needs of high-quality development of high-quality financial services.
The document points out that it is necessary to support the issuance and listing of high-quality science and technology-based enterprises, and increase the new generation of information technology, artificial intelligence, aerospace,new energyWe will support strategic industries such as new materials, high-end equipment, biomedicine and quantum science and technology. We are actively exploring ways to combine an effective market with a competent government, further improving the system and mechanism for accurately identifying science and technology-based enterprises, and providing greater support for the issuance and listing of science and technology-based enterprises that have made breakthroughs in key core technologies in the fields of new industries, new forms of business and new technologies.
In addition, it is necessary to enrich the product and institutional system of the capital market to promote green and low-carbon transformation. We will continue to strengthen the information disclosure requirements for listed companies to practice green development, study and formulate green stock standards, harmonize business rules, and promote the improvement of the green financial statistics system.
At the same time, the capital market has been enriched with green financial products. Support qualified green industry enterprises to issue and list on the stock market, finance mergers and acquisitions, and issue green bonds and green asset-backed securities. Further enhance the convenience of green bond declaration acceptance and audit registration. Launch more green-themed public equity funds. Encourage the development of green private equity venture capital funds. Promote the construction of the carbon futures market and the R&D and listing of carbon emission rights futures in a steady and orderly manner, and support qualified financial institutions to participate in carbon emission rights trading on the premise of compliance with the law and risk control. Develop more green and low-carbon futures and options varieties that meet the development needs of the real economy. Support Guangzhou Futures Exchange to build a green futures exchange. Enrich the green index system and its derivatives. Continuously deepen green international cooperation and promote two-way opening of green securities market.
For the original text, see below:
On the capital market to do a good job in the financial "five articles" of the implementation of views
The CSRC's dispatching organizations, exchanges, subordinate units, associations, and departments and bureaus within the Commission:
In order to thoroughly implement the Third Plenary Session of the 20th CPC Central Committee, the Central Financial Work Conference, the spirit of the Central Economic Work Conference and the "State Council on Strengthening Supervision and Preventing Risks to Promote the High-quality Development of the Capital Market Several Opinions" (Guofa [2024] No. 10) deployment requirements, and actively play the function of the capital market, and strive to do a good job in science and technology finance, green finance, financial inclusion, pension finance, digital finance "five articles", better serve the high-quality development of the economy and society, the development of the implementation of this opinion.
I. General requirements
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implementing the spirit of the 20th CPC National Congress and the 2nd and 3rd Plenary Sessions of the 20th CPC Central Committee, implementing the New Development Concept in a complete and accurate manner, focusing on the construction of a system and mechanism to support comprehensive innovation and serve the development of new-quality productive forces, deepening the structural reforms of the supply side of the financial sector, perfecting the basic system of the capital market, enhancing its inclusiveness and adaptability, and strengthening the functions of the capital market in promoting capital formation and optimizing resource allocation. It will deepen the reform of the supply-side structure of finance, improve the basic system of the capital market, enhance its inclusiveness and adaptability, strengthen the function of the capital market in promoting capital formation and optimizing resource allocation, and promote the concentration of factors and resources in major strategies, key areas and weak links such as scientific and technological innovation, advanced manufacturing, green and low-carbon manufacturing, and popularization of people's livelihoods, so as to better satisfy the demand of high-quality development for high-quality financial services, and to assist in the construction of Chinese modernization.
--Adhere to political leadership and serve the overall situation. Deeply grasp the political and popular nature of capital market work, adhere to the vocation of serving the real economy, firmly grasp the concept of finance for the people, and provide higher quality and more efficient financial services for economic and social development.
--Adhering to the problem-oriented and precise policy implementation. Focusing on the key points and striving for effectiveness, efforts will be made to overcome the blockages and difficulties in the capital market to do a good job in the "five major articles" of finance, create a favorable institutional environment, enhance the precision and effectiveness of policies, and promote a virtuous cycle of economy and finance.
--Adhering to the principles of honesty and innovation, and seeking progress amidst stability. We will make good use of the "key move" of reform and insist on promoting the innovative development of the capital market on the track of marketization and rule of law. We will deal with the relationship between the government and the market, deepen the comprehensive reform of investment and financing in the capital market, and strengthen risk prevention, control and regulatory capacity building.
--Adhere to system integration and synergy. The capital market to do a good job in the financial "five articles", not only to do each article has its own focus, but also to focus on systemic, holistic, synergistic, and strengthen the coordination and convergence with the financial, fiscal, industrial and other areas of policy.
II. Strengthening financial services for science and technology-based enterprises throughout the entire chain and life cycle
(i) Supporting the issuance and listing of high-quality technology-based enterprises. We have continued to promote the implementation of a package of policies and measures, including the "Sixteen Measures on Capital Market Services for High-level Development of Science and Technology Enterprises" and the "Eight Measures on Deepening the Reform of the Science and Technology Innovation Board to Serve Scientific and Technological Innovation and the Development of New Productivity". Adhering to the "four directions", we will further enhance the inclusiveness of new industries, new forms of business and new technologies, and increase support for strategic industries such as new-generation information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, and quantum science and technology. We will actively explore ways to combine an effective market with a competent government, further improve the system and mechanism for accurately identifying science and technology-based enterprises, and provide greater support for the issuance and listing of science and technology-based enterprises that have made breakthroughs in key core technologies in the field of new industries, new forms of business and new technologies. Continuously support the issuance and listing of high-quality unprofitable technology-based enterprises. Improve the information disclosure rules for technology-based enterprises. Optimize the underwriting mechanism for new share issuance, dynamically assess the effect of the pilot implementation of the deepening of the underwriting system for the Science and Technology Innovation Board, and expand the scope of application at an appropriate time. Steadily promote the implementation of the "asset-light, high R&D investment" recognition standard and the refinancing shelf issuance system. Guiding science and technology-based enterprises to make good use of the "two markets and two resources" for domestic and overseas listing, and supporting the return of overseas-listed high-quality science and technology-based enterprises to A-shares.
(b) Optimizing the system of mergers, acquisitions, restructuring and equity incentives for technology-based listed companies. Implement the Opinions on Deepening the Reform of the Merger, Acquisition and Reorganization Market for Listed Companies, and take various measures to activate the merger, acquisition and reorganization market. Encourage science and technology-based enterprises to carry out upstream and downstream industrial mergers and acquisitions in the same industry, and support listed companies to carry out mergers, acquisitions and reorganizations around industrial transformation and upgrading, and to find the second growth curve. Support listed companies to acquire high-quality unprofitable assets that can help strengthen and supplement the chain and enhance the level of key technologies. Supporting technology-based enterprises to reasonably carry out cross-border mergers and acquisitions. Improve the inclusiveness of valuation for M&A and restructuring of technology-based enterprises, and support the adoption of diversified valuation methods adapted to the characteristics of new quality productivity. Improve the system of merger and absorption rules and support listed companies to carry out merger and absorption. Encourage technology-based listed companies to implement M&A and reorganization by comprehensively applying various payment tools such as shares, directional convertible bonds, cash, etc., and establish a mechanism for payment of share consideration in installments. Promoting the simplified procedures for reviewing mergers and acquisitions and reorganizations. Encourage the development of M&A funds. Compile more science and technology innovation indices and develop more science and technology innovation-themed public funds and related futures and options products. Enhance the inclusiveness and flexibility of equity incentives for science and technology-based enterprises, optimize the implementation procedures and arrangements for reserved interests, and optimize the application of short-term trading and window period regulations to the granting and vesting of equity incentives.
(c) Guiding private equity venture capital funds to invest in early, small, long-term and hard science and technology. Implement the policy arrangements of the General Office of the State Council on promoting the high-quality development of entrepreneurial investment, unimpeded the diversified exit channels of private equity VC funds, and promoted the virtuous circle of "fund-raising, investment, management and retirement". Optimize the "reverse linkage" policy for the exit of private equity venture capital funds. Promoting the pilot project of allocating shares in kind from private equity VC funds to investors. Study and improve the share transfer system mechanism of private equity venture capital funds. Supporting the development of private equity secondary market funds (S funds). Supporting the pilot of direct equity investment by financial asset investment companies. Broaden the sources of funding for private equity venture capital funds through multiple channels, attract the participation of social capital more vigorously, and actively develop patient capital.
(d) Increasing support for science and technology innovation in the multi-level bond market. Promote the high-quality development of science and technology innovation corporate bonds, optimize the issuance and registration process, encourage relevant institutions to provide credit enhancement support for the issuance of bonds by science and technology-oriented enterprises in accordance with the principles of marketization and the rule of law, and explore the development of more science and technology innovation-themed bonds. Incorporate high-quality enterprise science and innovation bonds into benchmark market-making varieties, and increase policy support for exchange pledge repo discount coefficients. Explore intellectual property asset securitization business. Supporting the issuance of real estate investment trusts (REITs) for projects in the fields of artificial intelligence, data centers, smart cities and other new infrastructures, as well as science and technology innovation industrial parks, to promote the revitalization of stock assets and support the digital transformation of traditional infrastructures.
III. Enriching the product system of the capital market to promote green and low-carbon transformation
(v) Improving the capital market green financial standard system. Continuously optimize green bond standards, unify the use of raised funds, information disclosure and regulatory requirements, and study and improve assessment and certification standards. Encourage rating agencies to incorporate environmental information indicators into bond issuance rating methods. Implementing the Exchange's sustainable information disclosure rules and continuously strengthening the information disclosure requirements for listed companies practicing green development. Studying to strengthen the construction of sustainable rating and authentication system and improve the regulatory mechanism. Proactively participate in the formulation of international sustainability standards and promote the International Council on Sustainability Standards to further enhance the inclusiveness and operability of the standards. Study the formulation of green stock standards and harmonize business rules. Promote the improvement of the green financial statistical system.
(vi) Enriching green financial products in the capital market. Supporting qualified green industry enterprises to go public, finance mergers and acquisitions, and issue green bonds and green asset-backed securities. Further enhance the acceptance of green bond declarations and the convenience of audit and registration. Launch more green-themed public equity funds. Encourage the development of green private equity venture capital funds. Promote the construction of the carbon futures market and the R&D and listing of carbon emission rights futures in a steady and orderly manner, and support qualified financial institutions to participate in carbon emission rights trading on the premise of compliance with the law and risk control. Develop more green and low-carbon futures and options varieties that meet the development needs of the real economy. Support Guangzhou Futures Exchange to build a green futures exchange. Enrich the green index system and its derivatives. Continuously deepen green international cooperation and promote two-way opening of green securities market.
IV. Enhancing the effectiveness of capital market services for financial inclusion
(vii) Improving institutional arrangements for capital market services for small, medium and micro enterprises. In-depth promotion of the Beihai Stock Exchange and the New Third Board's inclusive finance pilot program will support the listing of high-quality small and medium-sized enterprises that are "specialized, special and new". Accelerating the establishment of a statistical evaluation system for inclusive financial services on the Beihai Stock Exchange and the New Third Board, and giving play to the role of the evaluation "baton", guiding market institutions to tilt their resources towards inclusive financial services, and increasing the docking services for SMEs and micro-enterprises. Standardize the development of regional equity markets, improve the comprehensive services of "specialized, special and new" special boards, and strengthen the organic connection with national securities trading venues. Regional equity markets will be promoted to harmonize their rules and standards.
(viii) Enriching the ways in which the capital market serves the main bodies involved in agriculture. Improve the "insurance + futures" model, steadily promote the normalization of operations, promote the participation of more funds, and broaden the implementation area according to local conditions. Support the development of agricultural futures and options varieties. Actively develop corporate bonds for rural revitalization, further enhance the convenience of audit and registration, and support enterprises to issue bonds for modern rural industries and integrated development of rural industries. Supporting agricultural technology enterprises to grow bigger and stronger through the capital market, and studying and compiling indices reflecting the revitalization of the countryside, modern agriculture, animal husbandry and aquaculture, and other areas focusing on the "three rural areas".
(ix) Better meeting the diversified investment needs of residents. Promote the acceleration of wealth management transformation by securities and fund management organizations. Enrich the product spectrum of public funds with different risk-return characteristics. Steadily reduce the comprehensive fee rate of the public fund industry, standardize the fund sales fee mechanism, and guide short-term trading funds to long-term allocation funds. Improve the investment consultant system and rules, promote the pilot transfer of public fund investment consultant business, explore the construction of industry practice standards, cultivate and grow the talent team, and expand the scope of investable products in an orderly manner.
V. Promoting capital markets to better meet the diversified financial needs of the elderly
(j) Serving the goal of sound appreciation of medium- and long-term funds such as pension funds. It has implemented the Guiding Opinions on Promoting the Entry of Medium- and Long-Term Funds into the Market and the implementation program, and has opened up the entry points and blockages for the entry of medium- and long-term funds such as social security, insurance and wealth management funds into the market. Promoting the inclusion of eligible index funds and other equity funds into the investment scope of personal pensions. Promoting the improvement of the regulatory system for insurance funds' equity investment, better encouraging and guiding insurance companies to carry out long-term equity investment, and expanding the scope of the pilot program for insurance funds to carry out long-term stock investment. Supporting qualified employers to explore the liberalization of personal choices for enterprise annuities, and encouraging enterprise annuity fund managers to explore differentiated investment. Support various types of medium- and long-term funds to carry out financial futures and derivatives hedging transactions. Promote various types of professional institutional investors to establish and improve the long-term cycle assessment mechanism for more than three years.
(xi) Providing high-quality financial products and services for the elderly. It supports qualified health, pension and other silver economy enterprises in stock and bond financing, and explores the issuance of asset-backed securities and REITs with pension facilities as the underlying assets, and supports public fund management companies to set up subsidiaries specializing in pension financial services. Promote the securities fund management institutions to increase the pro-ageing and age-friendly transformation of business outlets and service APPs. Strengthening the popularization and education of financial knowledge for the elderly and protecting the legitimate rights and interests of elderly investors.
VI. Accelerating Digitalization and Intelligent Empowerment of Capital Markets
(xii) Enhancing the digitalization of the securities and futures industry. Promote the digital transformation of industry institutions. Steadily advancing the pilot of financial technology innovation in the capital market and the special pilot of "data elements x capital market", and steadily promoting the application and implementation of data element-related technologies in key areas of the capital market. Improve the function of the unified query platform for public fund account share information, and steadily promote the optimization of the account management function of securities companies in the pilot transfer routine. Promoting more "green light" projects for the issuance of shares and bonds of digital economy and platform enterprises.
(xiii) Strengthening the construction of digital infrastructure for securities and futures. Improve the intelligent regulatory platform. It has deeply promoted the construction of regulatory big data warehouse and industry basic database, optimized and improved industry data standards, opened up data silos, continuously carried out data governance actions, and enhanced data service capability. Accelerate the intelligent transformation of supervision, strengthen system interoperability, enhance cross-sectoral data and information sharing, and further enhance supervision efficiency and risk identification and prevention capability. Strengthen information security management, and continuously enhance the ability of market-wide and industry-wide technical information to be autonomous, safe and controllable.
VII. Strengthening the service capacity of industry organizations in the "five major articles" of finance
(xiv) Improving the positioning and governance of industry organizations. It has urged securities and futures institutions to rectify their business philosophy and prioritize functionality. Industry institutions are guided to incorporate the "five major articles" on financial services into their long-term strategies for business development, strengthen the construction of their organizational and management systems, and make appropriate adjustments to their internal institutional setups, resource inputs, and performance appraisals. Guiding industry institutions to combine the characteristics of shareholders, regional advantages, talent reserves and other resource endowments to do a good job in the "five articles" of finance according to local conditions. Encourage securities companies, futures companies and other industry institutions to actively participate in the cause of rural revitalization, and carry out "one company, one county" twinning assistance. We will establish a sound system of statistics and assessment and evaluation for the capital market to do a good job in the "five articles" of finance, and improve the classification and evaluation index system for industry organizations in terms of service to scientific and technological innovation and information technology input. Cultivate a good industry culture and strengthen the construction of the capital market talent team.
(xv) Strengthening compliance management and risk prevention and control. Supervise industry institutions to firmly grasp the concept of "compliance creates value", implement comprehensive risk management and full compliance management requirements, adhere to the principle of "no business if you can't see or control it", avoid a flurry of activity, and prevent "pseudo-innovation" and "chaotic innovation". We will also strictly prevent "pseudo-innovation" and "chaotic innovation". With regard to the risk characteristics of different areas of the "five major articles" of finance, it has explored the establishment of a hard constraint system for early correction of risks, and urged industry organizations to improve their risk identification, monitoring and early-warning, and stress-testing mechanisms.
VIII. Enhancing the synergy of the capital market to do a good job in the "five articles" of finance
(p) Improving working mechanisms. It has strengthened collaboration with relevant departments and local governments, done a good job of coordinating policy research and formulation, continued to promote the improvement of the regulatory system and policy system for the capital market to do a good job in the "five major articles" of finance, and supervised the implementation of various measures on the ground. We will effectively utilize the subjective initiative of all parties and steadily do a good job in researching and promoting innovative initiatives.
(xvii) Coordinating risk prevention and supervision. It will strengthen risk monitoring, early warning and early correction, identify, warn, expose and dispose of potential risks early, improve risk assessment and feedback mechanisms for innovative activities, and maintain the smooth operation of the capital market. We will adhere to the main responsibility and main business of supervision, crack down on all kinds of illegal and illicit behaviors in the name of financial "five articles", strictly prevent the diversion of the real to the virtual, self-indulgence, and effectively protect the legitimate rights and interests of investors.
(xviii) Strengthening publicity and guidance. Focusing on the capital market to better serve the development of new productivity, strengthen the capital market to do a good job in the financial "five articles" of major reforms, important policies, publicity and interpretation, and strive to create a favorable public opinion environment. Carry out a variety of publicity and education activities to strengthen investor education. Summarize experiences and practices in a timely manner, and increase the publicity and promotion of typical practices and model cases. Dynamically assess the effect of policies and optimize the arrangement of relevant measures in due course.
China securities regulatory commission CSRC
February 7, 2025
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