Shang Fulin, set the tone: basically completed share reform.

<P> Develop the capital market is building a socialist harmonious society inherent requirement of building a harmonious society has an irreplaceable role in </ P> <P> promote the construction of multi-level market system. .Support enterprises in the overall market and large enterprise market and abroad will also be issued to promote the return of A shares of foreign companies </ P> <P>: News, vigorously develop the corporate bond market, bond trading system to promote innovation </ P> <P> continue to promote the market .innovation and development, to encourage high-quality brokerage and Make a number of conditions; Discovery Fund to carry out trust management company, the specific arrangements for the implementation of Employee Stock Ownership </ P> <P> comprehensive strengthening of market supervision, establish and improve market regulation and supervision of listed companies .joint mechanism. .Before the end of August next year, the full implementation of financial reporting disclosure regime broker </ P> <P> accordance with high standards, stable starting principle, sound and introduced financial futures </ P> <P> strengthening of market regulation after the share reform, do not share reform .company arrangement. .Debts continue to focus on the work of promoting the company mergers and acquisitions, securities firms do a good job finishing up comprehensive management </ P> <P> CSRC Chairman Shang Fulin yesterday at the "China Financial Forum", said the Chinese capital market reform share the basic .completed and is currently taking place in the turning point, is entering a new stage of development. .The next step will strengthen the Commission include promoting the multi-level marketing system, the development of corporate bond markets, including the six priorities. .</ P> <P> capital market entered a new stage of development </ P> <P> Shang Fulin said the development of capital markets is a socialist harmonious society inherent requirements of the market economy, capital market is the use of market instruments .an important channel for the allocation of resources in building a harmonious society has an irreplaceable role. .</ P> <P> "The current China's capital market is entering a new stage of development," said Shang Fulin, "the capital market is undergoing a turning point." </ P> <P> Shang Fulin said first .economic and social development of capital market services, the capacity has been strengthened. .In the many years of research, based on the active and steady promotion of the split share structure reform, there are already 93% of the company to complete the reform process or to enter. .Market value of 96%, basically completed the split share structure reform, the establishment of a comprehensive market mechanism basis. .The timely implementation of the reform process of the new from the old and new shares issued for a number of large enterprises and high growth companies to create an effective market conditions, strong support for the enterprise reform and financial development. .Financing market in recent years in excess of the highest level in history year. .</ P> <P> followed by the capital markets significantly improved the overall running order. .In accordance with the State Council, to clean up the occupied capital of listed companies as a breakthrough, and comprehensively promote the operation of listed companies, the current occupancy rates dropped by over 60% in early 2005. .Has made significant progress in debts. .Through integrated governance, risk securities industry historical average compression by 95%. .Customer deposits, deposits and other third-party institutional infrastructure in steadily. .</ P> <P> third is the ability of capital markets to further enhance sustainable development. .Capital market investment structure for the outstanding problems, in conjunction with relevant parties to actively explore, issued a series of policies to promote the construction of institutional investors. .Market has formed a diversified pattern of development of institutional investors, meet our high-tech SMEs and the Zhongguancun Science Park development, have launched the SME sector and enterprises to enter the park agent market, so a useful discussion and try. .At the same time introduced the warrants, money market funds and other product innovation, and promote the capital securities business, and developing the conduct margin trading rules, to build a financial futures exchange. .</ P> <P> The fourth is to improve the system to promote administration by law, capital markets continue to improve the rule of law. .</ P> <P> fifth is the industry's service quality continues to improve. .Fulfill our WTO commitments, and actively promote the establishment of Sino-foreign joint venture securities and financial institutions and fund management companies, there are 24 joint venture fund management companies and 8 joint venture securities companies are allowed to set up. .Amount in the fund management for more than 40% of the joint venture company by the management. .The next six priority areas </ P> <P> Shang Fulin said China's capital market is in an important period of development, market development in general is facing a favorable situation, but the development must be the difficulties and problems .adequate estimates. .</ P> <P> Shang Fulin, that the future work of the Commission has six points: first, to promote the construction of multi-level market system to support the overall listing of qualified enterprises and large enterprises will also be issued inside and outside the market, to promote the overseas listed companies .A return of shares issued in the domestic market and accelerating the issuance and listing of high growth SMEs, continue efforts to improve the quality of listed companies, improve the investment value of the overall market, promote the construction of the GEM market, and expand the scale of the exchange market and further expand the share transfer agent .function of the system to form a unified non-listed companies under the supervision of the transfer platform to offer shares to promote the construction of the OTC market. .</ P> <P> Secondly, to develop corporate bond market, improve corporate bond issuance system, establishing a sound market-oriented company into the audit system, bond issues, improve the bond credit rating system, the establishment of the main bond market credit mechanism .intermediaries and investment institutions to play to identify risks, risk diversification, the risk function of commitment and resolve to promote the bond trading system of innovation, improve the structure of bond investors, improve bond market liquidity, promoting the establishment of a unified interconnected bond market, promote the exchange market .and inter-bank market. .</ P> <P> Third, continue to promote market innovation and development, to encourage high-quality group of qualified securities companies and Make, by issuing and listing, and improve capital replenishment mechanism for securities companies to continuously improve the structure of fund products, and promote fund sales .business innovation, and actively explore the fund company to carry out trust management business, the implementation of ESOP arrangements. .Gradually expand and expand the pilot margin trading. .</ P> <P> Fourth, the comprehensive strengthening of market supervision, establish and improve market regulation and supervision of listed companies in the joint mechanism. .Establishment of the CEO's accountability mechanisms. .Construction of the system of non-listed company regulation system and regulatory framework, promote the establishment of illegal distribution, the work of the illicit trade in long-term mechanism. .Strengthen supervision of securities companies daily. .Before the end of August next year, full implementation of the Third-party monitoring and financial reporting disclosure system, further improve the fund supervision system of rules, to comprehensively strengthen fund governance, fund sales and other key aspects of risk control supervision. .Targeted to strengthen the regulation of securities intermediaries, investors also have to make education work to raise the level of investor risk prevention and awareness. .</ P> <P> Fifth, the steady introduction of financial futures, according to high standards, the principle of stability started to implement the relevant financial institutions, institutional arrangements and the corresponding preparations, continue to carry out financial futures investor education, from the system .stock index futures and mechanisms to do the work of preventing and eliminating risks to ensure the futures market and the smooth running smoothly. .</ P> <P> Sixth, continue to focus on the five have been carried focus of follow-up arrangements to strengthen the post-split share structure reform of market regulation, do not share-trading reform of company arrangement. .To promote the center to improve the quality of listed companies, continue to focus on debt settlement work, and promote mergers and acquisitions of listed companies to further enhance the level of standardized operation of listed companies do a good job finishing up comprehensive management of securities companies, as transferred to regular supervision to lay a good foundation .institutional investors to develop the implementation of the deployment, focusing on improving the efficiency and quality of law enforcement continue to promote the perfect capital market and legal system. .</ P> <P>: News, Shang Fulin stressed that the financial services industry in a harmonious society is an important new era shoulder the historic mission. .Commission will actively promote the reform and development of capital markets, and strive to consolidate the basis for the healthy operation of capital markets, and promote a harmonious society in the capital market to play its due role. .</ P>.