After Yi Huiman becomes chairman of the China Securities Regulatory Commission, he will face the pressure of the overall downward pressure on China's economy and the pressure of deepening reforms in the capital market.(China News Service)
Analysts pointed out that the overall valuation level of the Shanghai and Shenzhen markets is currently at a historically low level, and the stock market has basically bottomed out.This is a rare bargain for Yi Huiman, who took over the leadership of the China Securities Regulatory Commission, allowing him to regulate China's capital market more safely and effectively.
Chinese public opinion generally welcomes Yi Huiman, the former chairman of the Industrial and Commercial Bank of China, replacing Liu Shiyu as chairman of the China Securities Regulatory Commission, and expects Yi Huiman to promote capital market reforms and inject vitality into the sluggish Chinese stock market.
Analysts pointed out that the current overall valuation level of the Shanghai and Shenzhen markets is at a historically low level.The stock market has basically bottomed out, which is conducive for the government to boldly push forward some major reform measures. Anyway, the stock market will not fall much further.This is a rare bargain for Yi Huiman, who took over the leadership of the China Securities Regulatory Commission, allowing him to regulate China's capital market more safely and effectively.
Securities Daily reported yesterday that Liu Ying, a researcher at the Chongyang Institute for Financial Studies at Renmin University of China, believes that Yi Huiman’s appointment as chairman of the China Securities Regulatory Commission is a major move in China’s capital market in 2019 and has landmark significance.In terms of increasing the proportion of direct financing, I believe that Yi Huiman will have great experience in ICBC for more than 30 years and will further promote the vigorous development of the capital market.
Industry insiders generally believe that one of Yi Huiman's important tasks after taking office will be to promote the establishment of a science and technology innovation board on the Shanghai Stock Exchange and pilot a registration system.On January 23, the Comprehensive Deepening Reform Committee of the Central Committee of the Communist Party of China (Central Committee for Deepening Reform) approved the overall implementation plan for establishing a science and technology innovation board on the Shanghai Stock Exchange and piloting a registration system.The Shenzhen Reform Commission meeting stated that it is necessary to enhance the inclusiveness of the capital market for technological innovation enterprises, focus on supporting key core technological innovations, and improve the ability to serve the real economy; steadily pilot the registration system, and coordinate the promotion of issuance, listing, information disclosure, trading, delisting, etc.Reform the basic system and establish and improve a stock issuance and listing system centered on information disclosure.
Guo Xiaobei, a researcher at the Minsheng Banking Research Institute, said that Yi Huiman will face four deep-seated issues when he takes office: lifting and cashing out restricted shares, improving the equity structure of IPO companies, promoting the revision and improvement of securities laws, corporate laws and criminal laws, and effectivelyProtect the legitimate rights and interests of investors, especially small and medium-sized investors.At the same time, the China Securities Regulatory Commission needs to further strengthen the governance of listed companies this year, reduce administrative intervention in transactions, actively cultivate medium and long-term investors and listen to the voice of the market.
Ge Shouching, senior researcher of macro strategy at the Institute of Financial Research, believes that after the chairman of the China Securities Regulatory Commission changes leadership, the market usually performs better.Yi Huiman has created many legends, and the market has high hopes for him.
Some netizens also joked that regardless of Yi Huiman's ability, at least his name Yi Huiman is more auspicious than the names of previous presidents. Maybe the Chinese stock market will really turn around.
However, there has always been a saying that China's two presidents are the most difficult to do. One is the chairman of the Football Association and the other is the chairman of the China Securities Regulatory Commission.The chairman of the Football Association is often scolded for the poor performance of the Chinese football team, and the chairman of the China Securities Regulatory Commission is often the punching bag of investors because of the stock market's constant decline.
Still facing many challenges and pressure
Although Yi Huiman took over the China Securities Regulatory Commission at a more favorable time than his predecessor, the challenges and pressures he faces have not diminished, including the pressure of the overall downward trend of China's economy and the pressure of deepening reforms in the capital market.
Of course, Yi Huiman cannot control the deterioration of the external environment and the downward trend of the economy, but he must try his best to fulfill the requirements for capital market reform at the Central Economic Work Conference last December, that is, to create a standardized, transparent, open, dynamic and effective capital market through deepening reform.Resilient capital market, improve the quality of listed companies, improve the trading system, guide more medium and long-term funds to enter, promote the establishment of the Science and Technology Innovation Board on the Shanghai Stock Exchange and the pilot registration system to be implemented as soon as possible.
According to the plan formulated under the leadership of Liu Shiyu, the former chairman of the China Securities Regulatory Commission, the China Securities Regulatory Commission will promote reform work in six aspects in 2019: promoting the establishment of the Science and Technology Innovation Board and the pilot registration system as soon as possible; improving the quality of listed companies; focusing on preventing insider trading, market manipulation and other illegal actsactivities and abnormal trading behaviors that seriously interfere with market order; accelerate the opening of the capital market to the outside world, speed up the approval process of foreign-controlled securities companies, fund companies, and futures companies; promote the construction of the rule of law in the capital market, accelerate the revision of securities laws, promote the revision of criminal laws, and significantly improve securities and futuresCosts of illegal crimes; promote the entry of long-term funds into the market, and encourage institutional investors such as the National Social Security Fund, various pension funds, insurance funds, and trust funds to invest in A-shares.
It is expected that Yi Huiman will continue to promote the above framework reforms.As the ninth chairman of the China Securities Regulatory Commission since its establishment in 1992, whether Yi Huiman can live up to his reputation in this position depends on his wisdom and hard work.
