In the first half of the year, there were frequent new moves in the capital market. How did it affect you？

　　Xinhua News Agency, Beijing, July 2nd Question: In the first half of the year, there were frequent new moves in the capital market. How did it affect you?

　　Xinhua News Agency reporters Xu Sheng and Pan Qing

　　Set up science and technology innovation board and pilot the registration system, add several new varieties to the futures and options markets, issue criminal judicial interpretations of market manipulation and "rat warehouse", and set up a leading group for investor protection … …

　　On the one hand, it stimulates the market vitality with science and technology innovation board’s reform, and on the other hand, it fills the shortcomings of the system and escorts the future with strict supervision. In the first half of this year, China’s capital market reforms frequently took place.

　　Science and technology innovation board also piloted the registration system to sing the leading role of reform.

　　In the first half of this year, the protagonist of China’s capital market reform was obviously the establishment of science and technology innovation board and the pilot registration system. Since this reform was announced in November last year, the relevant preparatory work has advanced rapidly.

　　In March, the relevant institutional framework of science and technology innovation board was basically completed, and the Shanghai Stock Exchange began to accept enterprise applications; In June, after several rounds of inquiries, a number of enterprises passed the examination of the Shanghai Stock Exchange and completed registration with the CSRC; At the end of June and the beginning of July, Huaxing Yuanchuang and many other enterprises have realized or are preparing to sell offline, waiting for public transactions.

　　"science and technology innovation board reform is a major event in China’s capital market. The success of science and technology innovation board can drive the reform of the entire capital market and stimulate the vitality of the entire market, thus helping China’s economic transformation and upgrading." Yang Delong, chief economist of Qianhai Open Source Fund, said.

　　Many new varieties have been added to the futures market.

　　In the first half of the year, the commodity futures market ushered in a "new face" — — The jujube futures contract was officially listed on Zhengzhou Commodity Exchange on April 30th, which filled the blank in the dried fruit futures market.

　　In addition to commodity futures, the options market has accepted many new members. On January 28th, natural rubber options, cotton options and corn options contracts appeared on the three major commodity exchanges in Shanghai, Zhengzhou and Dalian respectively.

　　In addition, the new generation trading system in the financial futures market was also launched in the first half of the year, and the one-way large margin system for stock index futures was implemented, and the risk control and abnormal trading management were further improved.

　　Jiang Mingde, chief consultant of Yixin Weiye Fund, said: "The industrial chain coverage of commodity futures continues to expand, further enriching the risk management means of entities; The improvement of the financial futures market system provides a more convenient and effective means for institutional investors to manage risks. "

　　A number of new policies fill the regulatory shortcomings.

　　The illegal cost is too low and the regulatory policy is not strong enough. In the first half of the year, the capital market ushered in a number of policy supplies, which raised the illegal cost from the legal level and made the regulatory policy grow "teeth".

　　First, in the third draft of the securities law, the illegal cost is significantly higher than that of the current law; Then, the Supreme Law issued some opinions to provide judicial guarantee for the pilot registration system reform in science and technology innovation board; Then, on June 28th, the "two highs" issued a judicial interpretation, and the sword refers to the illegal behavior of manipulating the market and "rat warehouse".

　　The ever-tightening institutional cage is escorting the future of China’s capital market. "These short-board policies of supervision have significantly enhanced the shock of laws and regulations. It can be expected that with effective implementation, the market environment will be significantly improved. " Chen Shaoxia, general manager of Wuxi Fangwan Investment Co., Ltd. said.

　　The supervision with the letter as the core has been significantly enhanced.

　　Supervision with information disclosure as the core has become one of the key words of supervision in the first half of the year.

　　During the listing stage in science and technology innovation board, the Shanghai Stock Exchange made a series of professional and meticulous inquiries about the applicants, which was impressive. In the main board market, shortly after Kangmei Pharmaceutical was questioned, the regulatory authorities announced the results of the stage investigation; Zhangzidao, which has been inquired by Shenzhen Stock Exchange for many times, can be called a "classic" because its scallops ran and ran back.

　　The effective operation of the capital market depends on high-quality information disclosure. A spokesperson for the CSRC said that it is necessary to strictly enforce the law and crack down on chaos, so that all kinds of fraud and fraud have nowhere to hide, so that all kinds of responsible subjects can be punished and pay the due price.

　　"Sunlight is the best insecticide." Fu Lichun, a financial academic member of the China Market Society, said, "If the letter is untrue, inaccurate and insufficient, there will be no effective matching between investment and financing in the market; Taking the letter as the core means the openness and transparency of supervision, which means making the capital market more market-oriented and more efficient. "

　　The protection of investors has been continuously upgraded.

　　"Investor protection" is one of the high-frequency words in the capital market in the first half of the year.

　　On March 29th, the CSRC set up a leading group for investor protection, with Yi Huiman, Chairman of China Securities Regulatory Commission as the team leader. On May 15th, the CSRC announced the establishment of "May 15th National Investor Protection Publicity Day". At the same time, the third draft of the securities law has a special chapter to protect the rights and interests of investors. The process of strengthening the protection of investors’ legitimate rights and interests through amending the law is also accelerating.

　　In the view of Guo Wenying, chairman of the CSI Small and Medium Investor Service Center, the protection of investors’ legitimate rights and interests requires the participation of legislation, justice, government, regulatory authorities, market players and news media. "The revision of the securities law will provide a more solid legal guarantee for the future investor protection work."