Reporter: Chen Kangliang
Source: China News Agency
The 20th National Congress of the Mainland Government proposed to improve the function of the capital market and increase the proportion of direct financing.At a meeting of the Party Committee of the China Securities Regulatory Commission to convey the spirit of the 20th National Congress, the China Securities Regulatory Commission stated that it is necessary to adhere to the combination of the general laws of the capital market with the actual situation of the Chinese market, combine with the excellent traditional culture of China to accelerate the construction of modern capital markets with Chinese characteristics.Where is the "special" of modern capital markets with Chinese characteristics?How can we build better?Recently, Zhang Yuewen, director of the Capital Marketing Research Office of the Financial Research Institute of the Institute of Finance of the Chinese Academy of Social Sciences, accepted an exclusive interview with China News Agency's exclusive interview with China News Agency.
The summary of the interview is now as follows:
China News Agency reporter: How to understand the concept of modern capital market with Chinese characteristics?
Zhang Yuewen: The capital market has occurred from the birth of western developed countries to an important part of China's socialist market economy. This historical process continues to have theoretical innovation and practice exploration.In the context of socialism with Chinese characteristics, in the face of the actual requirements of serving the real economy higher quality in the capital market, it is necessary to build and form the distinctive characteristics of the capital market according to the characteristics of China's economic development, highlight the Chinese capital marketSocialist attributes and family attributes in developing countries.The "characteristics" of modern capital markets with Chinese characteristics are mainly reflected in the development foundation, development goals and development paths.
China News Agency reporter: What is the basis of the development of modern capital markets with Chinese characteristics?What is the difference between this foundation and western countries?
Zhang Yuewen: The capital market is a place where capital owners and demanders are traded. It is essentially serving the real economy. What kind of real economy is, what kind of capital market is suitable for it.
For the nature of the real economy, people usually divide them from the basic economic system and development stage.In European and American developed capitalist countries, the capital market has a comprehensive regulatory system and regulatory system, advanced infrastructure and powerful market functions.But fundamentally, the capital markets of these countries serve the capitalist economic system, and their fundamental goal is to safeguard the interests of specific classes.
China implements the basic socialist economic system and the socialist market economy system.Can socialist countries develop the capital market?Marxist classic writers have already answered.Marx pointed out in the Critical Criticism of the Gosa Program that labor and production materials to create wealth together are the use value, and wealth creation activities run through the entire process of socialist society and communist society.At the stage of socialism, wealth creation is still the process of collection of factors such as labor, land, capital, technology, and management. Wealth distribution is the distribution of factors participating in the creation of wealth creation in accordance with their respective contributions to wealth creation.
The Third Plenary Session of the Eighteenth Central Committee of the Mainland Government proposed to improve the compensation mechanism determined by the factors such as capital, knowledge, technology, and management.The share of production factors participating in income distribution not only depends on their respective investment, but also depends on their "contributions" and supply and demand status.Capital is not only involved in production, but also has the power to participate in allocation in accordance with market principles, which has established the position of capital in socialist production.Capital transactions based on ownership and distribution rights and capital markets that provide services for capital transactions should naturally become an integral part of the socialist market economy.
Another major country in China is the world's largest developing country.Since the birth of China, although China's material production capacity has been greatly improved and gradually developed into the world's second largest economy, there are still problems with imbalances and inadequate development, and the structural contradictions of the real economy are more prominent.China's capital market is an important starting point for the financial service real economy. It is necessary to improve services from the perspective of promoting the balanced development of the real economy and improving economic operation efficiency.Sexual contradictions, which is obviously different from the main concern of the Western capital market in macro.
China News Agency reporter: What are the development goals of modern capital markets with Chinese characteristics?In order to achieve these goals, which aspects need to be strengthened in the future?
Zhang Yuewen: In terms of function, the capital market serves the real economy. The relationship between the two parties is suitable for most economies.However, if the basic economic system and the stage of economic development are divided, countries will be very different. This is the fundamental reason why China's capital market has its own characteristics in the development goals.
A major breakthrough of socialist political economics with Chinese characteristics is that China is still in the primary stage of socialism, and the essence of this stage is to liberate and develop productivity, eliminate exploitation, eliminate polarization, and gradually achieve common prosperity.Obviously, the development goals of the capital market with Chinese characteristics should be coordinated with the goals of the real economy.
As socialism with Chinese characteristics has entered a new era, the main contradictions in Chinese society have transformed into the contradiction between the people's growing good life needs and imbalanced and inadequate development."People -centered".The main task of the capital market is to support structural contradictions in economic development. Simple financing expansion is no longer the only sign of the level of market development.
The development of capital markets with Chinese characteristics in the new era must strengthen the construction of basic systems, firmly grasp the fundamental purpose of serving the real economy and protecting investors' legitimate rights and interests, adhere to the direction of marketization, rule of law, and internationalization, and continuously improve ChinaThe attraction and international competitiveness of the capital market.The key to the current reform of China's capital market system is to take the comprehensive implementation of the stock issuance registration system as the leader to drive the key system innovation of the capital market.Based on the experience of the early science and technology board and the GEM pilot, the registration system is implemented in the entire market, and the basic systems such as the stock marketing, transaction, information disclosure, investor protection, and delisting of stock listing, transaction, information disclosure, investor protection and delistingThe market -oriented level of the stock market.
China News Agency reporter: In the development path of modern capital markets with Chinese characteristics, how to properly handle the relationship between the government and the market?
Zhang Yuewen: Due to many factors such as history, economy, politics, society, and culture, the development path of capital markets in various countries has different development paths.In Western countries that advocate free market economy, their capital markets have taken the development path of gradually evolving from a free market model from a free market model to regulatory free market models to limit the role of the government as much as possible.The development of China's capital market has been briefly experienced the exploration of the free market model in the early days, but it is generally "the market development model under the leadership of the government".
The combination of effective markets and the government is an important feature of national economic operation in the new era of socialism with Chinese characteristics.In the long -term process of improving the capital market system, the government will continue to play an important role.The main manifestation is that the government still needs to act as the designer of the capital market system, the builder of the capital market mechanism, and the supervisor of the capital market.In addition, the government also needs to play special investors in the capital market to ensure the preservation and appreciation of state -owned assets and maintain the smooth operation of the market.
It is important to emphasize that government behavior should not replace or interfere with the normal operation of the market mechanism. The main purpose is to make up for the defects of the market mechanism and solve the problem of market failure.It is necessary to strengthen the central government's centralized and unified leadership and establish and improve the laws and regulations of government behavior, clarify the relationship between the government and the market, properly protect the interests of various market entities, encourage financial products and services innovation, carry forward the spirit of financial entrepreneurs, and continuously strengthen capitalThe function of the market to serve the real economy.
