Dear President Chen Gongyan, distinguished delegates, distinguished guests and comrades,
Good morning everyone! Today’s conference is a grand meeting of the securities industry. On behalf of the China Securities Regulatory Commission, I would like to extend my warm congratulations on the convening of the conference! I would like to extend my sincere greetings to the delegates and employees in the whole industry, and express my heartfelt thanks to friends, departments and units from all walks of life who care about and support the reform and development of China’s capital market!
Since the 18th National Congress of the Communist Party of China, under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, and through the joint efforts of all parties concerned, China’s securities industry has significantly improved in terms of capital strength, development concept, service quality, standardization level and market competitiveness. Numbers are the most convincing. In the past five years, the capital of the securities industry has increased by 2.2 times and the total assets by 2.7 times. Service enterprises have completed 6 trillion yuan of equity financing, 15 trillion yuan of debt financing and 3.5 trillion yuan of mergers and acquisitions. These figures reflect that the whole securities industry has undergone gratifying changes, playing an increasingly important role in promoting capital formation, optimizing resource allocation, and serving the real economy and investors. In particular, the securities industry is constantly enhancing its awareness, ability and consciousness in serving the national strategy. The securities industry has always played the role of a bridge between investors and financiers, between investors and markets, and between the government and markets, with a glorious mission and great responsibilities. At present, China’s economy is improving steadily, new kinetic energy is constantly improving, and new formats are constantly developing and growing. With the comprehensive deepening of reform and the high-level opening to the outside world, China’s capital market is showing a broader prospect. The new great era calls for first-class investment banks, which will also create rare opportunities for the growth of investment banks. I sincerely hope and firmly believe that through the joint efforts of my colleagues in the securities industry, including all of you here, we will certainly be able to seize the opportunity to give up my responsibility and responsibility.Build a world-class investment bank with China institutional characteristics and China cultural elements.
First, I hope that everyone will focus on their main business and better serve the innovation-driven strategy and supply-side structural reform. Vigorously developing the capital market is the proper meaning of the supply-side structural reform. Securities companies should focus on their main business, adhere to the new concept of development, and always serve the implementation of the national innovation-driven strategy. At present, they should focus on serving the outstanding task of "three to one, one reduction and one supplement" and promoting the optimal allocation of more resources to the areas most needed by the real economy. Really fulfill the responsibilities of diligence and responsibility, strictly control the quality of listed companies from the source, and can’t "just recommend them without guaranteeing them" at once. Securities companies should not only focus on underwriting and sponsorship, but also make a fuss about mergers and acquisitions, revitalize the stock, provide more professional services for state-owned assets reform of state-owned enterprises, resolve excess capacity, clear the market of "zombie enterprises", and catalyze innovation, and accelerate the support for industrial transformation and upgrading.
Second, I hope everyone will take the initiative and actively participate in the implementation of the "Belt and Road" strategy. The competition between financial services and financial resources has always been one of the core elements of international competition. Without first-class investment banks, there can be no first-class international competitiveness. We support qualified securities companies to actively serve the whole process at home and abroad around customers’ "going out"; We support qualified securities companies to actively expand the international market, especially seize the opportunity of the "Belt and Road" construction, actively set up locations in countries and regions along the route, carry out cross-border business, and provide more abundant and convenient investment and financing services for entities. At the same time, we will welcome overseas institutions to cooperate in China with a more open attitude, gradually relax market access and expand market interconnection.
Third, I hope everyone will innovate and develop, and strive to improve service quality. Undoubtedly, without innovation, the securities industry will have no vitality. At the same time, innovation is a double-edged sword. Innovation must be carried out on the premise of compliance management and risk control and around the needs of the development of the real economy. It is impossible to evade internal control and external prudential supervision under the banner of innovation. Otherwise, it will eventually lead to "detachment from reality to emptiness", self-entertainment and risk. High-quality service is the foundation for securities institutions to settle down, and it is also the basis for serving the real economy and preventing and controlling financial risks. Securities institutions should always take "know your customers" as the principle and create value for your customers as the purpose, promote customer-centered product and service innovation, and better meet the growing needs of enterprise investment and financing and residents’ wealth management.
Fourth, I hope everyone will keep the bottom line and jointly promote the healthy development of the capital market. All kinds of securities institutions must put the prevention and control of financial risks in a more important position and jointly create a good market order and a stable market environment. In this respect, we must rely on everyone to act together and care for each other. Securities companies should not only think about attracting customers and collecting commissions, but also earnestly fulfill the corresponding responsibilities of investor protection. They should also identify customers and find abnormal trading behaviors in accordance with laws and regulations, stop what should be stopped and report what should be reported. At the same time, we must restrain our employees, adhere to professional ethics, embody professionalism, and inject positive energy into market development.
China Securities Association is a statutory self-regulatory organization, and Chapter 9 of the Securities Law clearly stipulates the responsibilities of the Securities Association. In recent years, China Securities Industry Association has earnestly fulfilled its responsibilities of "self-discipline, service and transmission", and has done a lot of fruitful work, playing an increasingly important role. The Party Committee of CSRC fully affirmed the work of the Association, and the industry also strongly supported and placed high hopes on the work of the Association. The securities association should strengthen its own construction at a new starting point, constantly strengthen the "four consciousnesses" and firmly grasp the correct political direction. While providing better services for the industry, the securities industry association still has great potential in self-discipline management. It is necessary to strengthen self-discipline inspection and strict disciplinary action on the basis of summing up experience. Members and their employees who violate the self-discipline rules should be dealt with seriously, resolutely exposed and recorded in the integrity file, so that they can really take responsibility for their actions. The association should continue to improve mechanisms such as dispute mediation and investor assistance, and earnestly safeguard the legitimate rights and interests of investors. The association should promote the openness, fairness and justice of the capital market, and strive to become a self-discipline organization with strong self-discipline, in-place service, industry trust and market recognition.
Comrades, this congress will elect a new leadership team of the Association. I hope that the new team will effectively improve its political stance, strengthen its mission, unite and lead its members to seize the opportunity, work hard and make unremitting efforts for the healthy and stable development of China’s capital market, and make our due contribution to the victory of the 19th Party Congress!
I wish the conference a complete success! Thank you!
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