At the age of 83, he advocated the use of policies to create a bull market in stocks. Although the effect is obvious, it has been controversial

Caixin reporter learned that Zhou Zhengqing, the third chairman of the China Securities Regulatory Commission, passed away recently at the age of 83.Zhou Zhengqing served as chairman of the China Securities Regulatory Commission from July 1997 to February 2000.

Zhou Zhengqing is a native of Tianchang, Anhui Province. He began to work in 1951. He successively served as the deputy director of the Financial Research Office of the Beijing Branch of the People's Bank of China and the director of the Chaoyang District Office of the Beijing Branch of the People's Bank of China. He was promoted to the Beijing Branch of the People's Bank of China in September 1983.Vice President, was promoted to President of Beijing Branch again in May 1984; entered Southwestern University of Finance and Economics to study in 1988; promoted to Vice President of the People's Bank of China in 1993, served as Director of the Securities Commission of the State Council in 1995, and concurrently served as the Securities Regulatory Commission in July 1997Chairman, retired as Chairman of the China Securities Regulatory Commission in 2002.He is also an alternate member of the 15th Central Committee and a representative of the 8th National People's Congress.

5middot;19 quotes

When Zhou Zhengqing took office at the China Securities Regulatory Commission, it coincided with the outbreak of the Asian financial crisis. At that time, domestic illegal securities issuance and trading activities were rampant, securities companies embezzled a large number of margins, and incidents of violations of laws and regulations in the futures market frequently occurred.To rectify and clean up, a total of 41 illegal stock trading places were shut down.

In addition to rectifying the market, Zhou Zhengqing used policy means to create a bull market many times during his tenure, the most famous being the 5middot;19 market in 1999.

In March 1999, the China Securities Regulatory Commission submitted a request for instructions on further promoting and regulating the development of the securities market, including reforming the stock issuance system, entering the market with insurance funds, gradually solving the legal financing channels of securities companies, and allowing some qualified securities companies to issue securities.Six policy proposals, including financing bonds and expanding the pilot scale of securities investment funds, were approved by the State Council in May. After just one and a half months, the stock index rose by 70%.

On June 14 of the same year, an official of the China Securities Regulatory Commission issued a speech pointing out that the rise of the stock market was restorative; on June 15, the scene of editorial regulation of the stock market was staged again, and the People’s Daily once again published a special commentator’s article with firm confidence and standardized development, emphasizing:This is not the end of the rebound, but just a restorative market, which is a good start for a long-term upward market. The stock market index is normal, the average price-earnings ratio is normal, the trend is normal, and the hot spots are normal.

On June 22, Zhou Zhengqing publicly pointed out: At present, what our country is facing is not only a round of market conditions, but a major turning point in China's securities market.All market participants should cherish this hard-won good situation and jointly promote the stable and healthy development of the securities market.

After the end of the market at the end of June 1999, Zhou Zhengqing once again used policies to push the stock index up.On September 8, 1999, the China Securities Regulatory Commission issued a notice on issues related to the placement of shares by legal persons to allow three types of enterprises (namely state-owned enterprises, state-owned holding enterprises and listed companies) to enter the market (this was explicitly prohibited by the central government two years ago)And on October 25, 1999, the State Council approved insurance companies to purchase securities investment funds to enter the securities market indirectly.This is the financial background of the stock index hitting new highs in 2000 and 2001.

On June 14, 2001, the Shanghai Composite Index reached an all-time high of 2245.44 points in the intraday session.Since then, it was officially announced that the bull market that started on May 19, 1999 was truly over, and then a four-year bear market journey began, and the stock index returned to the starting point.

Advocate policy market

After stepping down as chairman of the China Securities Regulatory Commission, Zhou Zhengqing still clearly supports the policy market.

In 2012, Zhou Zhengqing attended the 8th China Securities Market Annual Conference and stated that the current stock market is falling irrationally, and various legal and market measures should be taken to stabilize the stock market, and the Chinese stock market should maintain a slow market.He believes that the function of my country's capital market to maintain and increase value is too weak, and the majority of shareholders are locked up.It is necessary to refer to the practice of the 5middot;19 market and take effective measures to promote the development of the capital market.

In 2013, at the Ninth China Securities Market Annual Conference, he said that in order to study the development of the capital market, the first thing is to concentrate on solving the continuous downturn and ensure the sustainable and stable growth of our capital market.We need to maintain a slow pace, fast growth is not good, and a downturn is not right. If it grows a little every year and continues to grow every year, let alone 1,000 points, if it increases by 100 points a year from ten years ago, it should be 3,000 or 4,000 points now.This issue should be followed in accordance with the spirit of the Third Plenary Session of the 18th Central Committee, and the spring breeze of the reform of the Third Plenary Session should be used to promote the stable, healthy and upward development of the capital market, and effectively reverse the continuous downturn.

In 2014, he attended the 10th China Securities Market Annual Conference and stated that invigorating the stock market is the need to revitalize the real economy, to deepen reforms, to adjust the structure, to promote the development of an innovative economy, and to revive the bull market, has been urgent.

In March of this year, Zhou Zhengqing's son Zhou Ke died of a heart attack at the age of 45 when he was the general manager of China Post Fund.Zhou Ke has served as the general manager since the establishment of China Post Fund in 2006.China Post Fund has outstanding personality in the public offering market, and it landed on the New Third Board in 2015, becoming the first listed public offering fund company.Zhou Ke used to be the deputy general manager of the development department of the head office of CITIC Industrial Bank and the deputy general manager of Capital Securities Co., Ltd.

Inventory of previous Chairman of the China Securities Regulatory Commission

Counting from the first chairman of the China Securities Regulatory Commission in 1992, there have been eight terms now. They are Liu Hongru, Zhou Daojiong, Zhou Zhengqing, Zhou Xiaochuan, Shang Fulin, Guo Shuqing, Xiao Gang and Liu Shiyu.

Liu Hongru (October 1992-February 1995)

Liu Hongru, 88, is the first chairman of the China Securities Regulatory Commission and the founder of China's capital market.In 1992, the national stock frenzy and the 8middot;10 stock subscription fraud case broke out in Shenzhen, prompting the rapid establishment of the Securities Commission of the State Council and the China Securities Regulatory Commission.In October of that year, Zhu Rongji personally appointed Liu Hongru as the first chairman of the China Securities Regulatory Commission.

Until 1998, when the Securities Commission and the China Securities Regulatory Commission were formally merged into the current China Securities Regulatory Commission, a centralized and unified regulatory model with the China Securities Regulatory Commission as the core was gradually formed, and China’s securities market supervision entered a new era.During the period when Liu Hongru was in charge of the China Securities Regulatory Commission, 23 more policies and regulations were implemented, including the Interim Regulations on the Administration of Stock Issuance and Trading and the Interim Measures for the Administration of Stock Exchanges.He boldly innovated securities products and launched H-shares. Tsingtao Brewery was listed as the first company in the mainland to issue H-shares.

In February 1995, the 3middot;27 treasury bond futures incident broke out, and on March 30, Liu Hongru resigned.

Zhou Daojiong (March 1995-June 1997)

The 85-year-old Zhou Daojiong is the second chairman of the China Securities Regulatory Commission. When he took office, he had to face a major test: dealing with major violations of 3middot;27 treasury bond futures.He personally presided over the subsequent over-the-counter agreement liquidation of 3middot;27 treasury bond futures, and suspended the nationwide pilot treasury bond futures trading.

On September 20 of the same year, the China Securities Regulatory Commission, the Ministry of Supervision and other departments announced the investigation results and handling decisions on the 3middot;27 incident. Guan Jinsheng, president of Wanguo Securities, was sentenced to 17 years in prison for dereliction of duty and embezzlement of public funds.Wanguo Securities and Shenyin Securities merged.

Taking this as an opportunity, in 1996, Zhou Daojiong personally presided over and successively issued 12 gold medals, including the circular on several issues concerning the regulation of the behavior of listed companies and the circular on resolutely stopping overdrafts in stock issuance, and resolutely dealt with the Changhong incident,Huatian incident and more than 90 cases of violations of laws and regulations.The title of Zhou Daojiong's firefighting captain was born from this.

In addition, Zhou Daojiong resolutely reformed the distribution method, and issued the distribution quotas to the provinces in the past.A large number of large state-owned enterprises have been listed in order to assign the number of listings to each province.

Zhou Zhengqing (July 1997--July 1997; February 2000)

Zhou Xiaochuan (February 2000-December 2002)

The 70-year-old Zhou Xiaochuan, as a typical representative of the market group, is the fourth chairman of the China Securities Regulatory Commission.He embedded market-oriented reforms into the supervision of the securities market.The supervisory position at the beginning of his tenure was that the China Securities Regulatory Commission should be a good referee, not biased, and not end.

Strict supervision and cracking down on insiders have also become Zhou Xiaochuan's main achievements in purging the securities market.Taking the opportunity of cracking down on fund shady scenes, he began to unleash a series of combined punches to strengthen supervision.

In March 2001, Cha Meilun, who had just resigned as the vice chairman and chief operating officer of the Hong Kong Securities Regulatory Commission, was strongly invited to join the China Securities Regulatory Commission as the vice chairman of the supervision work.Subsequently, the shady scene in the stock market was exposed one after another, and a large number of listed companies that violated laws and regulations were investigated and dealt with.

On March 17, 2001, the company's listing approval system was officially launched, and the administrative approval system finally withdrew from the stage of history.During Zhou Xiaochuan's term of office, there was a debate between the theory of casinos and the theory of overturning and restarting.Zhou Xiaochuan also implemented the policy of reducing state-owned shares during his tenure, but because the index plummeted rapidly, it was suspended after only four months.

Shang Fulin (December 2002-October 2011)

The 67-year-old Shang Fulin is the fifth chairman of the China Securities Regulatory Commission, and he is also the longest-serving chairman of the China Securities Regulatory Commission.

The biggest achievement of Shang Fulin during his term of office is the completion of the share structure reform and the realization of full circulation of A shares.In order to ensure the smooth progress of the share structure reform, the share reform has formulated two operating principles: one is to implement the pilot first, coordinate the promotion, and implement step by step; the other is to unify the organization and decentralize decision-making.By the end of 2006, a total of 1,269 companies in the Shanghai and Shenzhen stock markets had completed or entered into share reform procedures, accounting for 97% of the market value.Then the Shanghai and Shenzhen stock markets began a round of magnificent bull market.

On June 6, 2005, the Shanghai Composite Index rose from the lowest point of 998.23 points to 6124.04 points on October 16, 2007, with a maximum increase of 513.6%.This has also become the highest point in the history of China's securities market.But since the end of 2007, the stock market has plummeted all the way.In one year, the Shanghai stock index plummeted to 4459.11 points, a sharp drop of 72.81%.

Guo Shuqing (October 2011mdash;mdash;March 2013)

The 62-year-old Guo Shuqing, as a radical reformer, took over as the sixth chairman of the China Securities Regulatory Commission.In just 17 months, nearly 70 policies were introduced in a stormy manner.

Guo Shuqing adheres to the principles of openness, fairness, and fairness, and is guided by the promotion of institutional and market vitality. He advocates value investment and has zero tolerance for insider trading and illegal activities.During his tenure, the A-share market suffered a continuous downturn, but Guo Shuqing insisted that the capital market should be self-reliant and stimulate market vitality through institutional innovation and policy innovation.Such thinking has encouraged the industry.

Although he has not had time to touch the most fundamental issuance review system in the capital market, he raised the question of whether IPOs can be done without review, which cheered the market.Before and after the 18th National Congress of the Communist Party of China, Guo Shuqing stated that we must persist in the reform of the marketization of the issuance system.What is particularly worth mentioning is that during his term of office, he introduced a listed company exit system that had not been implemented for many years, reconnecting with the delisting system introduced by Zhou Xiaochuan when he was the chairman of the China Securities Regulatory Commission more than ten years ago.

Xiao Gang (March 2013-mdash;mdash;February 2016)

The 60-year-old Xiao Gang is the seventh chairman of the China Securities Regulatory Commission. During his tenure, the A-share market experienced a vigorous leveraged bull market, which collapsed under the policy of regulatory deleveraging, triggering multiple rounds of sharp falls. The circuit breaker mechanism has become the history of the China Securities Regulatory Commission.The shortest-lived policy, the market complained a lot, and Xiao Gang himself was involved in rumors of resignation many times.

Liu Shiyu (February 2016-mdash;mdash;now)

Liu Shiyu, 57, is the current chairman of the China Securities Regulatory Commission.As soon as he took office, he stopped the reform of the IPO registration system and the strategic emerging board, started to clean up the IPO barrier lake, strictly controlled the quality of listed companies, emphasized the front-line law enforcement of the exchange, and severely cracked down on various violations of laws and regulations in the market.

According to the data of the China Securities Regulatory Commission, as of the end of 2017, there were 484 companies that were normally pending review among the companies that had not passed the meeting.The number of companies under review for IPOs has dropped from the peak of 895 at the end of June 2016 to 484 at the end of 2017, and the water level of the barrier lake has dropped by nearly half, which is a remarkable effect.

Even so, Liu Shiyu is still dissatisfied with the speed of the settlement of the barrier lake, and even believes that most of the more than 300 companies released in 2017 are companies in traditional industries, which does not have much significance for improving the market structure.Local securities regulatory bureaus have increased the difficulty of acceptance of companies planning to IPO, reducing the number of companies queuing up from the source.

According to the latest data from the China Securities Regulatory Commission on July 19, there are currently 279 companies that are currently pending review. Compared with the 484 queued companies at the end of 2017, the water level of the barrier lake has dropped by nearly half.■