ZHOU Ming, Chairman of the Board
In 2015, CSDC kept to the fundamental demand of capital market to serve the development of real economy, and made great efforts in enhancing risk management, construction of infrastructure and service capacity, supporting the development of multi-level capital market and promoting the bi-directional opening of capital market. During the year, CSDC cooperated with Shanghai Stock Exchangein launching the 50ETF Options, completed all the preparatory work for the Shenzhen-Hong Kong Stock Connect program, ensured the steady operation of the Shanghai-Hong Kong Stock Connect program, channeled great energy in supporting the rapid development of National Equities Exchange and Quotations, and ensured the on-schedule launching of Funds Mutual Recognition between Hong Kong and the mainland. In the construction of infrastructure, we made sustained efforts to optimize the Unified Account Platform, fully opened the “one person, multiple accounts” for individual investors after opening the “one person, multiple accounts” for investors from ordinary institutions and for individual investors in Shanghai-Hong Kong Stock Connect program in 2014, studied and proposed connection plan for futures and spot accounts. We actively pushed ahead the establishment of unified account system serving the multiple markets of futures and spot, floor trading and over-the-counter trading, public and private markets. In self-discipline management, we strengthened the management of clearing and settlement participators, especially risk management of pledged bond repo trade, and launched the standardized and dynamic adjustment mechanism of conversion rate of pledged bond. We also strengthened the daily management of account opening agencies and imposed more serious penalty on acts of violating the rule of using real names in accounts. In market service, we kept innovating on service method to upgrade service quality and completed the construction of All-at-One-Counter project phase I. Besides, we actively strengthened the service for various participants in registration and settlement systems and protection of the lawful rights and interests of investors. Substantial achievements have been made in all fields.
On behalf of CSDC, I would like to extend my heartfelt gratitude to all the parties in the market and investors for their constant support, concern and help.
As financial market infrastructure, the registration and settlement infrastructure is of systematic importance. It supports and guarantees the efficient operation of the whole capital market, and also concentrates the counterparty risks of the whole market. A safe, highly efficient, steady and reliable registration and settlement infrastructure plays an extremely important role in the long-term steady and healthy development of capital market. The resolution of the Third Plenary Session of the 18th CPC Central Committee decided to “strengthen financial market infrastructure construction to ensure that the financial market operates in a safe, efficient and stable way”, and the Proposal to the 13th Five-Year Plan adopted by the Fifth Plenary Session of the 18th CPC Central Committee further stated to “establish safe and highly efficient financial infrastructure, and effectively apply and develop financial risk management tools, to prevent systematic and regional financial risks”.
The year of 2016 is the first year of the 13th Five-Year Plan, a critical year for China to complete building a moderately prosperous society in all aspects and to push forward supply-side structural reform. The capital market has its unique advantages and role in optimizing resource allocations, upgrading the quality and efficiency of real economy and supporting and serving the structural reform on the supply side. The CSDC will further carry out the guiding principles of the Third, Fourth and Fifth Plenary Sessions of the 18th Central Committee of the CPC and in a series of speeches by General Secretary Xi Jinping, implement the working requirements of the Central Economic Working Conference and the National Securities and Futures Regulatory Working Conference according to the decisions and deployment of the CPC Central Committee and State Council on reform and development of capital market. Under the leadership of the China Securities Regulatory Commission, CSDC will focus on serving the development of real economy in the orientation of market-oriented and legalized reform in the main principles of boldly undertaking responsibilities, promoting development, preventing risks, guarding the bottom line, consolidating the foundation and planning for long-term development, continually strengthen the registration and settlement infrastructure construction, improve capacity building, make full efforts in various supporting and service work for the reform and development of capital market, endeavor to support and promote the two-way opening of capital market, strengthen market service and protection of the lawful rights and interests of investors, and guard the bottom line to avoid systematic risks, so as to make greater contributions to the long-term healthy and steady development of capital market.