Interview: China to expedite building safe, standardized capital market: official

BEIJING, Dec. 4 (Xinhua) -- China will expedite building a safe, standardized, transparent, open, dynamic and resilient capital market, said Yi Huiman, chairman of the China Securities Regulatory Commission.

To this end, the commission has planned a series of measures for implementation, including strengthening the supervision of the capital market, enhancing reforms and innovations, and building a high-performing team, Yi said in an exclusive interview with Xinhua.

The capital market "has unique advantages in serving the real economy," said Yi, adding that with highly transparent information and sensitive price signals, the capital market is an important channel for resource allocation and policy transmission.

Characterized by the sharing of risks and benefits, the capital market can promote the improvement of corporate governance and effectively stimulate social innovation and entrepreneurship, according to Yi.

Yi vowed to further improve the registration-based initial public offering system and the multi-level capital market system, raise the quality of listed companies, and advance high-level institutional opening up.

In 2022, more than 5,000 listed companies achieved a total added value of more than 18.23 trillion yuan (about 2.57 trillion U.S. dollars), accounting for 15.1 percent of China's GDP, and their R&D investment value accounted for 50 percent of the national R&D expenditure, Yi said.

He added that strengthening supervision and preventing risks serve as important guarantees for the high-quality development of finance.

Risks in key areas of the capital market have continued to ease and are generally controllable, Yi said.

"Going forward, we will focus on improving regulatory adaptability and pertinence to create a more favorable environment for the reform and development of the capital market," said Yi.

The commission will continue to adopt a "zero-tolerance" principle in cracking down on fraudulent issuance, financial fraud, market manipulation and other illegal activities, he said.

Yi vowed to strengthen supervision capacity building and make sure no supervision vacuum occurs.