China News Service:

Just now, Mr. Li Chao mentioned that the CSRC is implementing strict standards for political integrity, capability development and disciplined conduct, comprehensively improving itself and promoting the high-quality development of the capital market. May I ask, in this regard, what are the key considerations and important measures of the CSRC? Thank you.

Zhang Chaodong:

Thank you for your question. the CSRC's work, including its self-improvement, has always received great attention from all sectors of society. There are many expectations and numerous suggestions that have been put forward. We listen to them carefully and strive to make improvements. On March 6, Wu Qing, chairman of the CSRC, emphasized at a press conference on economy, during the second session of the 14th National People's Congress, that strict supervision and management are essential. Strict management means strict self-discipline and strict control over our team. On the first day after the Spring Festival, the discipline inspection and supervision team stationed at the CSRC also held a special meeting to put forward strict supervisory requirements for strengthening the self-improvement of the CSRC. Through years of practice, we have deeply realized that the effectiveness of the CSRC's self-improvement is crucial for the overall situation of the reform, development and stability of the capital market. It also concerns the image and credibility of the CSRC.

To this end, we have thoroughly studied and comprehended the guiding principles of General Secretary Xi Jinping's series of important speeches, instructions, and directives. We have earnestly implemented the relevant requirements from the Office of the Central Financial and Economic Affairs Commission and the Central Financial Work Commission. Approaching self-improvement from a political standpoint, we have formulated specific opinions on comprehensively strengthening the self-improvement of the CSRC system.

During the drafting process of the opinions, we focused on the "three ones": The first is "one standard," which refers to the implementation of strict standards for political integrity, capability development and disciplined conduct. The second is "one goal," which is to provide a strong guarantee for high-quality development of the capital market. The third is "one orientation," which is to adhere to strictness as the priority, using rigorous management to promote stern supervision. Along with the rapid development of the capital market, the young team at the CSRC has been tested and has grown. However, we are also acutely aware that there is still a significant gap between the requirements of the CPC Central Committee and the expectations from a broad array of investors, and that some prominent issues exist. As vice chairman Li Chao just mentioned, we must be strict with ourselves and engage in self-revolution, confront substantive issues, deeply probe the ideological roots, maintain strict control and management with unwavering resolve all the way through, making great efforts to resolve these issues and to truly achieve a major transformation in thought, perspective and action. The opinions mainly propose the following key measures:

In terms of upholding the political nature and people-oriented focus of capital market regulations, we propose strong advancement in the building of political institutions and in the education and guidance of regulatory officials to uphold their original aspirations of serving the nation through finance and serving the people with finance. They must loyally fulfill the functions and duties entrusted by the Party and the state, carrying out all tasks with a sense of mission and responsibility. In the practice of strengthening regulation, preventing risks and promoting high-quality development, we must keep a firm political direction and persistently adhere to the people's standpoint.

In terms of strict management, we emphasize the need to continuously advance the normalization and long-term implementation of central inspections and rectifications, highlighting the governance of people, authority and affairs through systems. We observe a strict tone and measures, forming and consolidating a strict atmosphere. Issues such as the "revolving door" phenomenon between government and business, as well as "evasive resignations," have severely damaged the credibility of regulation and the healthy ecology of the capital market, attracting widespread criticism. Moving forward, we will address the fundamental issue raised by the discipline inspection and supervision team stationed at the CSRC, which is to diminish the "value of official status" for departing personnel. We will implement comprehensive measures from both ends of business and management, govern across the entire chain and deepen specialized rectifications.

In terms of strict supervision, we resolutely implement the requirement that supervision must be "sharp and thorny," with defined boundaries, reflecting the strict orientation in aspects such as stringent systems, enforcement and outcomes. Focusing on strict supervision, we optimize the regulatory system and enhance the guarantee of regulatory strength. Concurrently, we improve the supervisory capacities of our cadres, strengthen regulatory accountability and promote assertive regulatory actions.

In terms of changing work styles, we emphasize the need for practical actions and immediate execution, rigorously ensuring task implementation and resolutely rectifying pointless formalities, bureaucratism, hedonism and extravagance. We strictly investigate and deal with behaviors that violate the guiding principles of the central Party leadership's eight-point decision on improving work conduct and deeply promote exercising full and rigorous governance in compliance with the Party, improving Party conduct, building integrity and fighting corruption. We insist on in-depth investigation and research, to listen earnestly and respond sincerely to the market's concerns and doubts with a humble and cautious attitude, to make the utmost effort to solve prominent issues and to work wholeheartedly to build a positive image for the CSRC.

Self-improvement is an ongoing journey. Next, we will earnestly ensure the implementation of the opinions and with new achievements in our self-improvement. We will promote the high-quality development of the capital market. Thank you.