中文

Speakers:

Mr. Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC)

Mr. Yan Bojin, chief risk officer of the CSRC and director general of the Department of Public Offering Supervision of the CSRC

Mr. Shen Bing, director general of the Department of Fund and Intermediary Supervision of the CSRC

Mr. Guo Ruiming, director general of the Department of Listed Company Supervision of the CSRC

Mr. Zhang Chaodong, a person in charge of the Department of Personnel and Education of the CSRC

Chairperson:

Ms. Shou Xiaoli, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

March 15, 2024

Shou Xiaoli:

Ladies and gentlemen, good afternoon. Welcome to this press conference held by the State Council Information Office (SCIO). Today, we are very pleased to have invited Mr. Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC), to brief you on strengthening regulation and forestalling risks to promote high-quality development of the capital market, and to take your questions. Also present at today's press conference are Mr. Yan Bojin, chief risk officer of the CSRC and director general of the Department of Public Offering Supervision of the CSRC; Mr. Shen Bing, director general of the Department of Fund and Intermediary Supervision of the CSRC; Mr. Guo Ruiming, director general of the Department of Listed Company Supervision of the CSRC; and Mr. Zhang Chaodong, a person in charge of the Department of Personnel and Education of the CSRC.

Now, I will give the floor to Mr. Li Chao for his introduction.

Li Chao:

Friends from the media, good afternoon. Today, we are releasing four key documents. I'd like to take this opportunity to introduce the main background and summarize the contents of these documents.

To thoroughly implement the guiding principles of the Central Financial Work Conference and in accordance with the relevant work arrangements of the State Council, the CSRC, in collaboration with relevant parties, has formulated and issued four documents after careful investigation and research, and gathering opinions from all involved parties. The first document focuses on tightening scrutiny over initial public offerings (IPOs) and improving the quality of listed companies from the source. The second document aims to strengthen the supervision of listed companies. The third document focuses on enhancing the supervision of securities companies and public funds, as well as expediting the establishment of first-class investment banks and investment institutions. Lastly, the fourth document emphasizes implementing strict standards for political integrity, capability development and disciplined conduct, thereby comprehensively enhancing the self-improvement of the CSRC system. Of these four documents, the first three will be released in full today, while the main content of the fourth document on self-improvement will be announced through a press release.

In formulating these documents, we have paid attention to the following aspects:

First, we have adhered to goal orientation and problem orientation. We have focused on accelerating the construction of a safe, regulated, transparent, open, dynamic and resilient capital market, enhancing the market's functions and roles. We did not avoid contradictions, faced problems directly, effectively responded to market concerns, and developed a path for the capital market with Chinese characteristics.

Second, we have firmly focused on the key priorities of strengthening supervision, preventing risks and promoting high-quality development. Strong supervision and risk prevention are essential for high-quality development and are areas in which investors and market participants have voiced many opinions and suggestions. This document emphasizes "strengthening the foundation" and "strict supervision and management." On one hand, it focuses on improving the quality of listed companies, protecting the legitimate rights and interests of investors, and further enhancing market supervision measures. On the other hand, it also emphasizes the need to address internal challenges and strengthening the management of the CSRC. 

Third, we have maintained a systematic approach and implemented comprehensive strategies. The documents issued this time form an organic whole, systematically proposing policy measures from various aspects such as IPOs, continuous supervision of listed companies, and supervision of intermediaries.