In recent years, the CPC Central Committee, under the correct leadership of the State Council, China Securities Regulatory Commission to actively promote the market for basic system construction, market function gradually effectively, capital market has realized the importance of developing breakthrough, play a role in the economy, the scope and extent of the growing also. Recently, around the capital market reform and regulatory markets concerned about hot issues, press spokesman for the China Securities Regulatory Commission reporter interviews. Here are the main contents of the interview.
According to the press: http://during the past year, continued to rise in China's stock market momentum, but recently the stock market turbulence contributed significantly, would you please tell me how to evaluate the current health of the stock market, 2008 stock market will continue to maintain a good trend?
A: in the Chinese economy continued health faster development, and capital market reform and opening up constantly advancing, financial market liquidity ample background, stock market faster development momentum has its necessity and reasonableness. Recently, a significant increase in market volatility, both by external economic and financial environment change uncertainty factors, and the capital market's own adjustment needs. We clearly recognize that, as a result of the development time is short, market external environment and internal operating mechanism is not perfect, the current and future fairly long a period, capital market "in emerging and transition" of periodic characteristics not fundamentally changed.
2008 is our capital market reform and development of key for one year, are facing the good opportunities and further challenges. We will continue the scientific development concept as a guide, careful analysis and grasp of the current development of China's capital market law, periodic characteristics and internal and external environment, to continue to strengthen the market infrastructure optimization market structure, regulation and enforcement, grasping regularity, enhanced scientific, maintaining the market running smoothly, promote the healthy development of the stock market.
Reporter: the first time, Chinese peace launched a hundred billion refinancing of motion, it is noted that the recent many listed companies hatched similar plans, monitoring layer on the holders of what kind of attitude?
Answer: companies listed on refinancing is an important feature of the capital market, is the market for resource optimization of important ways, but should not be malicious acts of "money".
Recently, some listed companies have raised the refinancing or plan raises concerns about the market parties. Although listed companies raised the refinancing of motion is a listed company in accordance with the legal requirements through internal legal procedures for independent, but publicly made then, before the financing decision shall be based on market conditions and its actual requirements, carefully consider the scale of financing and funding opportunity, carefully consider the investors. At present, China's system of corporate refinancing market level, investors can give full play to the role of market constraints on the behavior of the refinancing of listed companies to make a choice. China Securities Regulatory Commission, formally accepted the issuer financing application, it will depend on market situation and the possibility of financing programmes, in accordance with the laws and regulations, and compliance requirements for issuers of financing applications for strict auditing.
At present, China Ping'an financing motion still in fulfilling the company's internal legal procedures, has not yet been submitted to the regulatory authorities to apply for financing. In the company I will formally submitted applications for funding, I will be in accordance with the provisions of laws and regulations, law review, urging the company to enhance information disclosure.
Reporter: strengthening the gem is this year's capital market reform a priority, as we introduce the gem on the progress of construction work?
A: the gem as multi-level capital market system, an important part, will address the innovation-oriented country strategy for growing entrepreneurial companies as the main service object with a focus on supporting innovative enterprises. Gem, helps to alleviate SMEs, especially small and medium-sized high-tech enterprise financing problems, to improve the venture capital mechanism to promote the development of venture capital and innovative mechanisms of formation.
In order to steadily promote including gem, multi-level capital market system construction, according to the requirements of the State Council, China Securities Regulatory Commission in the careful analysis of China's economic development stage, capital markets development level as well as the full reference of the international markets on the basis of lessons, guided by the Securities Act, the regulatory framework for company law, formed the main Chinese gem system design. At present, including the initial public offering of shares and on the growth enterprise market management measures "such as the gem of primary rules and system design has been practically completed. China Securities Regulatory Commission will in due course on the initial public offering of shares and on the growth enterprise market management measures "open for comment and published in the modified.
Reporter: now market in terms of stock index futures problem awareness is high, on various occasions also repeatedly talked about the readiness, stock index futures when launched, it will be launched on the market and what impact?
A: develop stock index futures trading is a complex system involving regulatory adjustment, product design, rule making, system development, intermediaries ready, investor education and supervision arrangements, and other aspects of work. Stock index futures professional, risk is relatively high, the preparations must be prudent, careful, meticulous. Over the past two years, according to the "high standard, steady start" principle, stock index futures all preparations down-to-Earth. Currently preparations basically completed, we will be in on the preparations for the further improvement of the inspection, the alternative press index futures trading.
From international experience, at the launch of stock index futures in the early stages, there is a rising stock market ups and downs, the long-term implications for then is neutral. China index futures after the stock market trend, mainly depends on the macroeconomic situation and investor expectations. The long term, stock index futures will not change our long-term trend in the stock market.
Reporter: recently, listed companies act of illegal trading stock frequently occur, even listed companies collectively touch control, regulatory authorities on this phenomenon have attitude, how to take effective measures to prevent similar cases of
Frequently occurring?A: after the revision of company law, securities law expressly prohibits the listed companies engage in short-term trading and selling shares in proportion to the hyperlink. On high tube 6 months trading stock of securities law expressly provides that all stock returns to listed companies. On the proportion of sales unit of China Securities Regulatory Commission and Shanghai and Shenzhen stock exchanges, depository and Clearing Corporation has taken technical means to effectively limit. In April 2007, the China Securities Regulatory Commission issued as "public company directors, supervisors and senior managers of the company shares and their change management rules also provide for the company directors, supervisors and executives at public companies report within 30 days before the announcement, the listed company notices, notice of top 10 preannouncement days may not be sold to the company stock.
Here, we again stress that listed companies trading in the company's stock, any violation of the above requirements, the China Securities Regulatory Commission will remain closely, in strict accordance with the law, found together, and together, the alleged crimes, referred to the judicial authorities in a timely manner. By always keeping high pressure situation, and constantly strengthen efforts to combat and punish, effectively curbing illegal trading listed companies the company's frequent momentum.
Reporter: for markets of false information disclosure and insider trading, market manipulation and other violations, regulatory authorities in the area will be punished according to what new initiatives?
Answer: in recent years, illegal state securities activities crackdown constant increase. Since last year, Securities Futures regulators coordinate police, prosecution, judicial authorities, GOU on "," "guangfa securities borrowing Yanbian North highway" and "industrial" and "take the lead in big brother 777", and a number of securities law cases dealt with according to law, the annual total out 398, transferred to the public security organ case 21 onwards, to 61 implemented a ban in the market. At the same time, establish and improve the fight against illegal securities activities of early warning mechanisms and the rapid reaction mechanism, the suspects were arrested 48 people, ban illegal intermediaries 19, effectively curbing the illegal activities of multiple securities. In a future period, the authorities will address the new situation of the illegal activities of securities, new features, it is necessary to reinforce the fight against illegal activities, and focus on doing the following:
One is to establish and strengthen the securities illegal activities of the rapid reaction mechanism, further enquiries trial separation, investigation and punishment of the interaction between the powers of law enforcement, the implementation of the new system, illegal to securities, so that "timely detection, time and timely investigation", improve efficiency and cases and reaction speed.
The second is increased on insider trading, market manipulation and false information disclosure and other violations of the crackdown, and through initiatives focused on a number of social concern, the market impact of illegal case and made public in a timely manner.
Three is to strengthen the Securities Futures regulators and public security, procuratorial, law and other judicial authorities in coordination and cooperation against securities crime, the pursuit of cases handled by the legal effect and social effects.
Fourth, will increase awareness efforts to take full advantage of a variety of information platform, timely disclosure of the investigation into the illegal case, in order to deter wrongful, caution investors to realize against and prevention of organic unity.
The speaker concluded by saying that at present, China's capital market reform development is at a new starting point. The whole of society to develop awareness of the importance of capital market deepening, emerging market reforms to promote the development of fine atmosphere; a sustained, rapid growth, further development of the capital market has created a favourable external environment; with capital market reform and development of measures for promoting, capital market has been initially have the economic and social development of the services to play a larger role. For capital market issues, the need to reform as the driving force, development of ways to solve them. China Securities Regulatory Commission will follow the 17th CPC National Congress on the capital market to the plan and requirements, adhere to the scientific development concept as a guide, firmly promoting capital market reform and opening up, and constantly improve market efficiency and the competitiveness of industry, further expanding capital market breadth and depth, the prevention of risks, strengthen supervision and protection of the legitimate interests of investors, promoting capital market to better serve our global economic and social development, to a well-off society in an all-round way to make a greater contribution.
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