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Ten Key Points of Yi Huiman's News Broadcast Interview
1. The impact of Sino-US economic and trade friction on the capital market is objective, but the degree is controllable. China's capital market is becoming more resilient and its ability to resist risks is improving.
2. In the long run, we are still very confident in maintaining the continuity, stability and health of the capital market.
3. At present, the price-earnings ratio of the Shanghai Composite Index is 13 times, which is lower than the world's major stock indexes. The market valuation, which is at a historical low, shows the great potential for market development.
4. The total amount of leveraged financing in our market is only 1.2 trillion, only 20% in 2015, and the leverage has been digested by 80%.
5. Off-site allocation is generally punctuated and scattered, and relevant risk disposal has achieved phased results.
6. We have also prepared a rich and series of toolboxes. We are fully capable and confident to maintain the steady development of the capital market.
7. Scientific innovation board can help Chinese scientific innovation enterprises to develop by leaps and bounds, which is completely unaffected by Sino-US trade friction.
8. The establishment of scientific boards and the pilot registration system reform have entered the sprint stage.
9. The capital market will continue to be pushed forward in a more open market environment. The foreign capital ratio limit for joint venture securities, fund management and futures companies has been raised to 51% and will no longer be set after three years.
10. The next step will be to deepen and perfect the interconnection mechanism between domestic and overseas stock markets, expand the opening of the exchange bond market and improve the opening level of the futures market.
iFeng: 易会满：A股估值历史低位 科创板完全不受中美贸易摩擦影响
Sogou: Yi Huiman's "Appearing" News Broadcast Says SciTech Board Has Entered the Sprint Stage (Attached 10 Points)
The following is the full text of Yi Huiman's interview on the news broadcast
Yi Huiman, Chairman of CSRC: Resilience of China's Capital Market Enhances and Anti-Risk Ability Improves
Yi Huiman, chairman of the China Securities Regulatory Commission, said in an interview with reporters that the impact of Sino-US economic and trade frictions on the capital market is objective but controllable. China's capital market is becoming more resilient and its ability to resist risks is improving.
Since the United States escalated the Sino-US economic and trade friction in early May, Shanghai and Shenzhen stock markets have experienced varying degrees of fluctuations. In response, Yi Huiman said that the capital market has gradually digested and reflected the impact of Sino-US economic and trade frictions from the market operation for a period of time.
Chairman of China Securities Regulatory Commission Yi Huiman:This also shows that the resilience of the entire capital market is further strengthened and the ability to prevent and control risks is further improved. The market is gradually becoming rational, and the ecology of the capital market has been further improved. Therefore, regarding this trade friction issue, I think in the long run, we are very confident in maintaining the continuity, stability and health of the capital market.
Yi Huiman said that economic fundamentals have provided strong support for the capital market. A series of policies and measures to deepen reform and opening-up and boost the real economy are gradually coming to fruition. The overall judgment that the economy is stable and going well is in line with current reality and future trends.
At present, the Shanghai Composite Index trades at 13 times earnings, lower than major global indexes such as Dow Jones (19 times), CAC40(19 times), Nikkei 225(16 times), DAX30(16 times) in Germany and FTSE 100(17 times) in Britain. The historically low market valuation shows great potential for market development.
CCTV reporter Zhao Shuguang:How do you assess the risks in the current capital market?
Chairman of China Securities Regulatory Commission Yi Huiman:We think that the risks of instability in the capital market are generally controllable, which is a very important basic judgment to judge the continued health of the capital market. The total amount of leveraged financing in our market is only 1.2 trillion, only 20% in 2015, and leverage has been digested by 80%.
Yi Huiman said that the risk incidence rate of private equity funds is 0.39% according to the number of institutions in the industry as a whole. The default rate in the exchange bond market was 0.96% by the end of last year (2018); The proportion of market value that the stock pledge touches the closing line is relatively small; Off-site distribution is generally punctuated and scattered, and relevant risk disposal has achieved phased results.
Yi Huiman, Chairman of China Securities Regulatory CommissionAs for whether there will be drastic fluctuations in the capital market in the future if there are large changes in the external environment. We have also made full research and judgment on this issue. Under the leadership of the CPC Central Committee and the State Council, the Financial Stability and Development Committee has made unified arrangements, fully complied with market rules, and fully adhered to the thinking of sticking to the bottom line. We have also prepared a rich and series of toolboxes. Therefore, we are fully capable and confident to maintain the steady development of the capital market.
Yi Huiman said that the healthy development of the capital market cannot be separated from the support of the real economy, while serving the development of the real economy is the bounden duty of the capital market. At present, the CSRC is firmly pushing for the establishment of scientific boards and the pilot registration system to enhance the service level of the capital market to improve the innovation capability of China's key core technologies.
Chairman of China Securities Regulatory Commission Yi Huiman:We have basically completed the design of the infrastructure system and more than 100 scientific and technological enterprises have applied. We can actually help China's economic transformation and the leapfrog development of China's science and technology innovation enterprises by making science and technology innovation boards. This is not affected by Sino-US trade friction at all. We feel that we have the responsibility to make science and technology innovation boards better and more stable under this background, and truly achieve our strict standards and steady start.
Yi Huiman said that the reform of setting up scientific innovation boards and piloting the registration system has entered a sprint stage. The reform will not only achieve breakthroughs in key system innovations, but also become a testing ground for the reform, thus driving the capital market to deepen the reform in an all-round way.
Chairman of China Securities Regulatory Commission Yi Huiman:For example, how to increase the judicial supply to raise the cost of illegal breach of contract. How to increase medium and long-term funds to further improve our market structure. Another example is how to further improve the supervision of the whole transaction and improve the effectiveness of supervision. Another example is how to judge the current refinancing, reduction of shares and delisting. I think such key issues and sensitive issues need to be solved step by step by the CSRC in the next reform.
Yi Huiman said that the reform of China's capital market will continue in a more open market environment. At present, the CSRC has raised the foreign capital stock ratio limit of joint-venture securities, fund management and futures companies to 51%, and will not impose any restrictions after three years. In the next step, the CSRC will deepen and improve the interconnection mechanism between domestic and overseas stock markets, gradually expand the opening of the exchange bond market to the outside world, and further improve the opening level of the futures market.
Guo Shuqing:China's financial system can withstand the impact of external changes
On May 27, Guo Shuqing, Party Secretary of the Central Bank and Chairman of the China Banking Regulatory Commission, also received a news broadcast interview.
What impact will the US side's continuous escalation of Sino-US economic and trade friction have on China's economy? Does China's financial industry have enough ability to resist external shocks? How will the financial industry cope with market changes? Guo Shuqing, Party Secretary of the People's Bank of China and Chairman of the China Banking Regulatory Commission, was interviewed by reporters on the 27th.
With limited influence, China is fully capable of coping with economic and trade frictions.
Reporter: Recently, the US side has been escalating economic and trade frictions. How big is the impact on China's economy?
Guo Shuqing: From China's point of view, although the United States can increase tariffs to the limit, the impact on China's economy is limited. The impact of economic and trade friction is completely controllable, and we have the ability and confidence to deal with it.
First, China's domestic consumption has become the most important driving force for economic growth. The vast majority of products exported to the United States are very suitable for domestic sales. China is in a period of consumption upgrading, and a large and rapidly expanding market will absorb a large part of them.
Second, great progress has been made in market diversification. The number of countries and regions that sell our products overseas is increasing. The "the belt and road initiative" initiative is increasingly effective. Markets outside the United States welcome more Chinese products.
Third, the United States cannot completely restrict the export of Chinese products to the United States. A considerable part of Chinese products will be exported to the United States either because no substitute can be found or because American importers are willing to share the cost of the tariff increase.
Fourth, China's industrial structure is accelerating adjustment and upgrading, requiring a certain proportion of production to be transferred overseas. This will help us to realize industrial upgrading, further improve labor productivity and accelerate China's high-quality development.
Fifth, the impact on China's financial market is limited. Financial markets are often more sensitive and prone to overreaction, with strong fluctuations last year. China's economy has started well in 2019 and can effectively support the financial market. Its current resilience has been significantly enhanced and its further impact will be smaller.
History has already proved and will continue to prove that blockade or sanctions will not only not prevent China's development, but will instead stimulate our determination to start a new business and accelerate the pace of transformation and development. China's economy is resilient, its industrial structure is complete, its market space is vast, and its development potential is huge. A long-term improvement in economic fundamentals is the fundamental support for coping with risks and challenges. What is particularly important is that we have unique political and institutional advantages, which are a strong guarantee to deal with all kinds of risks and challenges.
Steady operation of China's financial system withstands the impact of external changes
Reporter: The market is worried about whether China's financial system can withstand changes in the external environment against the background of US escalating Sino-US economic and trade frictions. What do you think is the ability of our financial system to cope with external shocks? Is there any need to worry?
Guo Shuqing: Worry is unnecessary. In recent years, we have continued to deepen the reform, expand the opening up, improve the corporate governance structure, optimize the institutional system, standardize the market order, prevent and resolve financial risks in key areas. The financial chaos governance effect is obvious, the industry operates smoothly, and risks are generally controllable.
In recent years, we have dismantled shadow banks, focusing on products that violate laws and regulations, are nested layer by layer, have low transparency and hidden risks. In the past two years, we have reduced 12 trillion yuan of high-risk assets. The banking system stepped up efforts to dispose of non-performing assets and revitalized the credit stock, with a total of 3.48 trillion yuan of non-performing loans disposed of in two years. We will severely punish illegal financial activities, resolutely crack down on illegal financial groups and high-risk institutions, greatly reduce the pressure on illegal peer-to-peer lending platforms, and curb the barbaric growth in the financial sector.
Frankly speaking, when the Sino-US economic and trade frictions first occurred last year, everyone was ill-prepared and a little unsure. The financial market overreacted and there were large fluctuations in the stock and foreign exchange markets. However, after more than a year, we can see that the problem is not so serious and the actual impact on the economy is very limited. The economic trend has been steady and positive, structural adjustment has been carried out in an orderly manner, and the transformation of new and old kinetic energy has continued.
So far this year, the financial market, whether in the stock market, bond market or foreign exchange market, has been relatively stable, and I believe the impact will be smaller. Like the exchange rate issue, there is no panic in the market and no panic among the people.
At present, financial risks are generally controllable and have changed from divergence to convergence. We all take the initiative to deal with risks. We deal with them in a self-revolutionary way, instead of waiting until a crisis occurs.
Do one's own thing well and improve one's ability to serve the real economy.
Reporter: What should the financial industry do well under the current situation?
Guo Shuqing: Finance is the blood vessel of the real economy and is a symbiotic and co-prosperous relationship with the real economy. We will vigorously push forward the structural reform on the financial supply side, further enhance the financial service capability of the real economy, unswervingly push forward the opening of the financial industry, resolutely fight hard to prevent and resolve financial risks, and play an active role in dealing with economic and trade frictions.
In terms of service to the real economy, first, we will continue to implement a prudent monetary policy and maintain reasonable and sufficient liquidity. Fully mobilize credit, bonds, equity, insurance and other financial resources to effectively increase on-balance-sheet financing supply and meet effective financing needs. The second is to improve the market-oriented financial policies and measures to support scientific and technological innovation. We will promote greater innovation in financial products and services, explore products and services such as intellectual property pledge, supply chain financing, innovative and entrepreneurial financial bonds, equity funds, industrial funds, angel investments, etc., broaden diversified financing channels for science and technology enterprises, and improve the level of financial services for science and technology innovation. The third is to strengthen market-oriented financial services and exchange rate risk management for export-oriented enterprises affected by trade frictions and encourage them to continuously explore new export markets. Fourth, continue to vigorously develop inclusive finance, vigorously support private enterprises and small and micro enterprises, and promote the reduction of financing costs on the basis of solving financing difficulties.
The most important thing in dealing with Sino-US economic and trade frictions is to do one's own thing well. For the financial industry, it is necessary to continuously deepen the structural reform on the financial supply side, promote the optimization of the financing structure, financial institution system, market system and product system, and further improve the adaptability and flexibility of financial supply to the real economy. At the same time, it will persistently control the chaos in the financial market, orderly resolve the risks of shadow banks, strengthen the true identification and effective disposal of non-performing assets, deal with high-risk institutions according to law, and crack down on illegal financial activities. More attention should be paid to expanding effective demand through supply-side structural reforms, preventing risks in promoting high-quality development, and ensuring economic operation within a reasonable range. We will further strengthen policy coordination and jointly prevent abnormal fluctuations and resonance in financial markets.
Speculative shorting of RMB will inevitably incur huge losses.
Reporter: The RMB exchange rate has depreciated recently. In your opinion, what is the reason? You said that shorting RMB will inevitably incur huge losses. Where is your confidence in this aspect?
Guo Shuqing: In recent years, the effective exchange rate of RMB has been stable in global currencies. The Chinese government has made efforts to strike a balance between improving exchange rate flexibility and maintaining exchange rate stability, which has been widely recognized by the international community. In the past ten years or so, any significant devaluation of RMB is basically due to external reasons.
The most recent was in May this year, when the offshore RMB fell more than 3% against the US dollar. This was entirely the result of the US escalating economic and trade frictions and thus affecting market sentiment.
It should be pointed out that although the foreign exchange market has fluctuated recently, there is no panic among Chinese enterprises and residents. More and more people realize that it is unrealistic to obtain investment income by buying and selling foreign exchange, and it is also unsafe to transfer financial assets overseas. In mature market countries, almost no enterprises or residents rely exclusively on "foreign exchange speculation" to obtain investment income.
The short-term fluctuation of RMB exchange rate is normal, but in the long run, China's economic fundamentals determine that the RMB cannot continue to depreciate. China is still the largest engine of world economic growth and has excellent market space and growth potential. As the quality of economic development improves, the RMB market exchange rate will continue to approach purchasing power parity. Speculative shorting of RMB will inevitably incur huge losses.
The financial sector will not stop opening to the outside world, let alone go backwards.
Reporter: Last year, we introduced 15 measures to open up the banking and insurance industries. Earlier this month, we introduced 12 new measures. What is the progress of these opening measures? What is the direction of financial liberalization next?
Guo Shuqing: The 15 measures for opening up the banking and insurance industry introduced last year and the 12 new measures announced in early May this year are being implemented and steadily pushed forward. Some newly established foreign-funded institutions have been approved, and relevant laws and regulations are being revised according to procedures. We are pushing ahead in an all-round way according to our own timetable and road map. In addition to the banking and insurance industry, we will also increase the opening up of the securities fund industry to the outside world and promote the sustained and healthy development of the capital market.
In opening up to the outside world, we will not stop or regress, and the door to financial opening will open wider and wider. There is still a lot of room for opening up the financial industry in the future. We will promote the full implementation of the pre-admission national treatment plus negative list management system, treat all domestic and foreign entities equally, and build a fair competitive market environment. The opening up of the financial sector to the outside world should always be compatible with the ability to control risks, and special efforts should be made to prevent large-scale entry and exit of short-term cross-border capital. Therefore, we particularly welcome those foreign-funded institutions with good market reputation and credit records, which have characteristics and expertise in risk control, credit rating, wealth management, professional factoring, consumer finance, pension insurance, health insurance and other aspects to enter China, enrich market players, innovate financial products and stimulate market vitality.
iFeng: 易会满：中美经贸摩擦对市场影响可控 A股处历史低位
Sogou: Yi Huiman: Market Effects of Sino-U.S. Economic and Trade Friction Controllable, A-shares at Historical Low
The market has gradually digested the impact of Sino-US trade friction.
Yi Huiman said that overall, the impact of Sino-US economic and trade frictions on the capital market is objective, but the extent is controllable. Judging from the market operation over a period of time, the capital market has gradually digested and reflected the impact of Sino-US economic and trade frictions. This shows that the capital market is becoming more resilient, its ability to resist risks is improving, its rational awareness of the market is improving, and its market ecology is more effective. We are fully confident of maintaining the stable and healthy development of the capital market.
Judging from the domestic economic fundamentals, the trend from stable to good has not changed. A series of policies and measures to deepen reform and opening up and boost the real economy are gradually being implemented, which is conducive to stabilizing investors' expectations. China has a complete industrial chain, complete production factors and a huge domestic market. China's economy is stable for a long time. It is irrational and irrational if any leader in any country in the world does not attach importance to the market with a population of nearly 1.4 billion.
Point 2: A-share valuation is at a historic low
Lever digestion 80%
Yi Huiman said that from the perspective of A-share market itself, it also has the foundation for stable operation:
First, the market valuation is at a historical low. The Shanghai Composite Index trades at 13 times earnings, while Shanghai and Shenzhen 300 and Shanghai 50 trade at 12 and 10 times earnings, respectively, which are lower than Dow Jones and other major global indexes.
Second, leverage risk has been effectively controlled. At present, the leveraged capital of the stock market, including on-site financing and structured asset management products, is about 1.2 trillion yuan, down nearly 80% from the peak in 2015.
Third, the capital market reform will be accelerated. The establishment of scientific innovation boards and the pilot reform of the registration system have entered a critical stage. This reform will achieve a breakthrough in the innovation of key systems, thus driving the capital market to deepen the reform in an all-round way.
Fourth, the opening up of the capital market continued to increase. This year, the opening-up measures regulated by relevant agencies have gradually come to the ground. With A shares officially included in MSCI index and gradually increasing the inclusion ratio, FTSE Russell will also officially include A shares in its index series in the near future, indicating that international investors are optimistic about the prospect of A shares market.
From the perspective of preventing and resolving market risks, further accumulation of risks has been avoided through the intensive comprehensive management of financial chaos last year, especially the comprehensive management of shadow banks such as asset management and peers. We will actively work with relevant departments to smoothly and orderly promote risk mitigation in key areas of the capital market such as stock pledge, bond default and private equity funds.
At present, the relevant risk management work has achieved phased results.
First, the risk of stock pledge financing is controllable. The proportion of market value of stock pledge financing touching the closing line is very small. The potential risks of stock pledge financing are controllable, bearable and predictable, and there will be no stampede.
Second, the default risk of exchange bonds is controllable. By the end of 2018, the default rate in the exchange bond market was 0.96% based on the outstanding amount of default bonds. At present, we have actively solved the problem of bond default through various means, strengthened incremental management and stock disposal, and will not create cross-cutting and infectious risks.
Third, the risks of private equity funds can be controlled. According to the number of institutions in the industry as a whole, the risk incidence rate is 0.39%. The above risks are generally controllable, which is an important basis for judging the sustained and healthy development of the capital market.
In the next step, we will continue to strengthen our research and judgment on changes in the external environment. Under the unified command and coordination of the Financial Stability and Development Committee of the State Council, we will bring into full play our overall joint efforts, respect market laws, adhere to the bottom line thinking, enrich the policy tool reserve, and have confidence, determination and ability to maintain the stable and healthy development of the capital market.
Point 3: Capital Market Should Deepen Reform
Better Service for High Quality Economic Development
Yi Huiman said that the capital market is the foundation of the modern financial system, is the "barometer" of the real economy, and plays a leading role in the financial operation. We stick to the deployment requirements of deepening the structural reform on the financial supply side, and have worked out an overall plan for improving the quality of listed companies, greatly increasing the cost of illegal activities, promoting the comprehensive reform of relevant listed sectors as a whole, guiding medium-and long-term capital to enter the market, creating a good ecology in the capital market, and protecting the legitimate rights and interests of small and medium-sized investors. The next step is to deepen the capital market reform and pay attention to the "five combinations". One is the combination of temporary solution and permanent cure; the other is the combination of marketization, legalization and internationalization; the third is the combination of current and stable expectation; the fourth is the combination of transaction liquidity and stability of financing function; the fifth is the combination of protecting and encouraging the legitimate rights and interests of "good students" and increasing the illegal cost of "bad students".
Through dealing with the above combinations, we will further improve the structure of investors, financiers and intermediaries in the capital market so as to form a good market ecology, create a standardized, transparent, open, dynamic and resilient capital market, provide higher quality and higher efficiency financial services for economic and social development and the needs of the people, and promote the formation of a virtuous circle between finance and the real economy.
Point 4: Scientific Innovation Board Reform Not Affected
Yi Huiman said that at present, Scientific Innovation Board is advancing smoothly and orderly as planned and has not been affected by Sino-US economic and trade frictions. According to the principle of "strict standards and steady start", we will firmly push forward the establishment of scientific innovation boards and the pilot registration system, so as to enhance the service level of the capital market to improve the innovation capability of China's key core technologies.
Scientific innovation board will promote the development of science and technology innovation enterprises from three aspects:
One is to help solve the equity financing of science and technology innovation enterprises. Scientific innovation board is an important part of the existing multi-level capital market. It focuses on the characteristics of scientific and technological innovation enterprises, designs the system, and increases inclusiveness so that enterprises can obtain necessary equity financing through the capital market at the stage of rapid development and become better and stronger.
The second is to help scientific and technological innovation enterprises to strengthen corporate governance and establish a modern enterprise system. After listing, science and technology innovation enterprises will pay more attention to corporate governance, strengthen awareness of disclosure, standardize production and operation, and finally realize long-term sustainable development.
Third, it is conducive to the development and growth of science and technology innovation enterprises relying on talents. SciDev.Net optimizes relevant institutional arrangements, encourages scientific and technological innovation enterprises to implement employee stock ownership plans and option incentives, increases cohesion and innovation power, stimulates innovation potential, and forms a sustained driving force for scientific and technological innovation.
Scientific innovation board is the "experimental field" for capital market reform. The CSRC will conduct a comprehensive evaluation of the innovation and operation of the Scientific Innovation Board to promote the formation of replicable and replicable experiences. At the same time, we will promote the reform of the Growth Enterprise Market and the New Third Board as a whole, grasp the market positioning, promote complementary advantages, and promote the steady and healthy development of the multi-level capital market.
Point 5: The process of opening up China's capital market to the outside world will not be affected.
Yi Huiman said that judging from his more than 30 years of working experience in the financial industry, the problem of the US accusing China of opening up its financial industry actually does not exist. In recent years, the opening level of China's capital market in terms of securities and asset management services is greatly improving. We have greatly relaxed the access restrictions for securities, futures and fund companies, and our efforts to internationalize commodity futures such as crude oil, iron ore and PTA in the futures market are also obvious to all.
Sino-US economic and trade frictions will not affect the process of opening up China's capital market and financial industry. Expanding the opening up of financial industry is also the need to improve China's financial industry's own service level and international competitiveness. We have always insisted that the level of opening up of the financial service industry is commensurate with China's level of economic development, financial market perfection and financial supervision. In 2018, China formulated and made clear to the public the timetable and road map for the opening of the financial sector. We will steadily push forward this work in accordance with the established plan and pace.
In the next step, the CSRC will accelerate the two-way opening of the capital market, ensure that the foreign capital stock ratio restriction in the securities and futures industry will be completely removed by 2021, further revise and improve the QFII/RQFII system, deepen and improve the interconnection mechanism between domestic and overseas stock markets, gradually expand the opening of the exchange bond market to the outside world, introduce overseas traders in mature commodity futures varieties, and further enhance the opening level of the securities and futures market to the outside world.
Point 6: Listed Companies Should Practice Hard
Give Full Play to "Head Goose Effect"
Yi Huiman said that the impact of Sino-US economic and trade frictions on listed companies is objective, challenging in the short term but reaching a new balance in the long run. According to the 2018 annual report, listed companies realized operating income of 45.45 trillion yuan, up 11.48% year on year, and net profit of 3.39 trillion yuan, down 1.82%, keeping the overall operation stable.
Sino-US economic and trade friction is both a challenge and an opportunity for listed companies. It forces related companies to intensify innovation, improve independent research and development capabilities, continuously improve product market competitiveness and realize long-term sustainable development of enterprises. Faced with external uncertainties, listed companies have to train hard and continue to play a good "head goose effect" in promoting the economy and their own high-quality development.
The quality of listed companies is the support and cornerstone of the capital market. Improving the quality of listed companies is a grand systematic project that requires the joint efforts of listed companies, regulators, investors and market participants. From the perspective of the CSRC, to improve the quality of listed companies, we must adhere to the general tone of seeking progress while maintaining stability, firmly grasp the direction of marketization, legalization and internationalization, and deepen the structural reform on the supply side of the capital market.
We should persist in focusing on information disclosure, improve corporate governance and internal control, urge major shareholders and the "key minority" of directors and supervisors to abide by the law in good faith and perform their duties conscientiously, and give investors a real, transparent and compliant listed company through continuous supervision and accurate supervision.
It is necessary to keep the entrance gate and improve the quality of listed companies from the source. We will optimize the system of mergers and acquisitions, promote the normalization of targeted convertible bond mergers and acquisitions and other pilot projects, accelerate the injection of more "good assets" that conform to the national development strategy and are conducive to strengthening the strength of independent innovation and core competitiveness into listed companies, and promote the efficient integration of "market, technology and capital". We should open up export channels, expand exit channels through reorganization and listing, bankruptcy and reorganization, and diversified delisting, so as to realize market-oriented survival of the fittest.
At present, the CSRC is paying close attention to the study and formulation of an action plan to improve the quality of listed companies. It is hoped that through 3 to 5 years of efforts, listed companies will be guided to operate more steadily, with more standardized operations, more authentic and effective credit, more prominent main businesses, continuous enhancement of innovation capability and core competitiveness, and continuous optimization of investor return mechanism, so that the quality of listed companies will be greatly improved.
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