头条英文播报|Reforms seen as catalyst for 'new bull run'

头条英文播报|Reforms seen as catalyst for 'new bull run'

来源：中国日报



Investors check share prices at a securities firm in Nanjing, Jiangsu province. [Photo by Xing Qu/For China Daily]

Measures to strengthen market's role, promote what experts call a solid rally

China's A-share market may have started what some are calling a "new bull run" that is more sustainable and rational than before, backed by deepened market-oriented reforms, experts said on Monday.

The benchmark Shanghai Composite Index rallied by 1.77 percent to close at 3443.29 points on Monday, giving the index a rise of more than 15 percent since the beginning of the month.

The ChiNext index, which tracks the innovative, startup-heavy board in Shenzhen, rose for the eighth consecutive session by 3.99 percent to close at 2889.43 points, the highest level in more than four and a half years.

Also on Monday, the ChiNext's listing committee held its first meeting to review initial public offering applications on the board, the latest landmark in its market-oriented reform that aims to abolish regulatory IPO approvals and give the market a greater say.

Other measures to empower market forces are also on the way. A meeting of the country's top body guiding financial regulation has urged comprehensive efforts to intensify the crackdown on capital market violations and reiterated the nation's "zero tolerance" for such activities.

According to a statement published after a meeting of the State Council's financial stability and development committee on Saturday, the country has substantially raised the cost of capital market violations via legislation, while regulators must strengthen the enforcement of laws to ensure a healthy market environment.

Cheng Shi, chief economist at Hong Kong-based corporate financing platform ICBC International, said the statement reflected the policy stance of enhancing compliance with market rules to improve information transparency, boosting the market's role in resource allocation.

Respect for the market's role will pave the way for the long-term prosperity of China's capital market, Cheng said. "The quality of listed firms will improve as market-oriented reforms accelerate the growth of companies with solid fundamentals while driving out loss-making ones."

"The greater say of the market presents the biggest difference in the new bull run from the previous ones," said Wang Haoyu, managing director of Beijing-based CreditEase Wealth Management.

The difference may make the emerging trend more fundamental-driven and less sentiment-driven, holding down dramatic market surges and meltdowns, Wang said.

Market-oriented reform efforts — ranging from IPO reform on the ChiNext and Shanghai Stock Exchange's sci-tech innovation board to the deepened capital market opening-up — have helped usher in more long-term institutional investors who put emphasis on fundamentals, he said.

Wang said he expects the A-share market to offer some of the strongest upside potential across the worldwide capital markets over the rest of the year, underpinned by abundant liquidity, a fast economic recovery by global standards and reasonable valuations.

As market sentiment rose recently, however, regulators detected that funds began to flow into the market via illegal channels. They have stepped up efforts to halt the violations to avoid asset price bubbles.

The China Banking and Insurance Regulatory Commission, the top banking and insurance regulator, will intensify its crackdown on illegal lending by banking and insurance institutions that finances leveraged stock investments, a commission spokesperson said on Saturday.

Analysts said the moves are in line with Xi Jinping thought on socialist economy with Chinese characteristics, which upholds the market's decisive role in resource allocation and calls for better performance from the government in its role.

Dong Dengxin, director of the Finance and Securities Institute at the Wuhan University of Science and Technology, said the moves underscored the regulators' intention to promote compliance with the law and maintain market order instead of imposing administrative controls.

Dong also called on investors to remain rational and refrain from excessive speculative trading.

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记者：周兰序

播报：Andrew Pasek

【背景阅读】

金融委会议释放促资本市场健康发展鲜明信号

新华社北京7月13日电 近日，国务院金融稳定发展委员会召开第三十六次会议，研究全面落实对资本市场违法犯罪行为“零容忍”工作要求。

这是继金融委会议在今年4月、5月三次密集关注资本市场造假问题后，再次聚焦资本市场乱象治理，释放出全力维护资本市场健康稳定和良好生态的鲜明信号。

近年来，中国经济转型升级步伐不断加快，这个过程需要中国资本市场扮演更重要的角色。与此同时，中国居民家庭配置金融资产的需求正在快速提升，越来越多投资者关注资本市场的投资机会，这同样需要一个制度健全、对投资者合法权益保护有力的市场。

在此背景下，只有对欺诈发行、财务造假等市场乱象“零容忍”才能真正形成一个健康良性的市场生态。

这次会议认为，市场主体的诚信建设，事关资本市场长期健康发展。欺诈发行、财务造假等违法犯罪行为是资本市场的“毒瘤”，损害广大投资者合法权益，危及市场秩序，制约资本市场功能的有效发挥，必须坚决、果断、及时地加以纠正。

要看到，一段时间以来，由于制度建设存在短板，资本市场违法犯罪成本较低，发生了多起恶性财务造假案件。其中，不乏昔日“明星企业”造假，造成极为恶劣的市场影响。

随着新证券法落地实施，积极变化正在发生。会议指出，新修订的证券法已大幅提高资本市场违法犯罪成本，监管规章制度正在不断完善，构建了立体处罚的有力框架，证监会和相关部门要进一步加强证券执法和司法工作，坚决打击、遏制资本市场违法犯罪活动，保护投资者特别是中小投资者权益，回应社会各方面期待。

值得关注的是，会议提出全面落实对资本市场违法犯罪行为“零容忍”要求，多措并举加强和改进证券执法工作。从七个方面部署了一套治理乱象、促进市场平稳健康发展的“组合拳”。

业内人士认为，无论是对重大违法犯罪案件依法从重从快从严惩处；还是对典型重大、社会影响恶劣的个案，依法及时启动“集体诉讼”；还是深化退市制度改革、进一步提高证券违法犯罪刑罚力度等，都是对近期市场关注焦点的及时反馈和回应。

华兴证券首席经济学家庞溟表示，金融监管部门正逐步实现主体监管与功能监管的统一，建立、建设、健全跨部门协调工作制度、跨境监管合作制度，探索灵活监管模式等。“这将有效补足监管短板，加强监管力度，严防监管套利，有效形成监管合力。”

庞溟认为，要充分认识到治理证券市场违法犯罪是一个长期的、艰巨的任务，关键在于以法治化、专业化、市场化、常态化的原则加强制度建设，有效震慑市场乱象，推动形成崇法守信的良好市场生态和文化，将有利于资本市场长期健康发展。（来源：新华社）


责任编辑：刘怿莎