证监会释放信号加强金融市场监管与开放并举

7月26日证监会主席吴清在北京召开座谈会，与10家在华外资证券基金期货机构、QFII机构等代表深入交流。上个月，吴清与其他证监会领导先后在深圳、广州、上海、北京等地调研。构建与服务科技创新和新质生产力发展相关的市场服务体系、刺激市场活力、加强市场监管是上一轮调研中一以贯之的主题。

在本次座谈会上，吴清发言表示将努力稳定国外投资者和投资机构对中国市场的信心，并强调证监会将按照第二十届三中全会的相关部署，出台深化资本市场改革开放的一揽子举措。与此同时，吴清也对外资机构提出了几点期望，包括为健全法律制度、完善市场定价机制、加强交易监管等方面建言献策，以及发挥外资机构优势，坚持长期主义等。

参会的外资机构一致表达了对中国市场与金融工作方向的认同，并提出了有序扩大资本市场开放、提升外资机构投资便利性、增强对科技创新制度的包容性、培育耐心资本等具体建议。这些建议与中国近期印发的《境外机构投资者境内证券期货投资资金管理规定》、《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》等政策高度一致。

毫无疑问，扩大资本市场开放将与加强监管并行不悖。7月31日，官方宣布李明将接替方星海出任证监会副主席职务。李明曾任证监会首席检查官、稽查局局长等职务，具有丰富的监管经验。此前李明曾表示，对证券违法行为的处罚力度将越来越大，违法成本只会越来越高。有专家分析称，李明的晋升再度表明了官方加强金融市场监管的决心。

On July 26, Chairman of the China Securities Regulatory Commission (CSRC) Wu Qing held a symposium in Beijing. During the event, he engaged in in-depth discussions with ten representatives from foreign-funded securities, funds, futures, and QFII institutions operating in China. Last month, Wu Qing and other CSRC officials conducted inspections in Shenzhen, Guangzhou, Shanghai, and Beijing. The consistent themes of these inspections were building a market system that effectively supports technological innovation and high-quality productivity, boosting market vitality, and strengthening market regulation.

At this symposium, Wu Qing voiced his intention to stabilize foreign investors and investment institutions’ confidence in the Chinese market. He emphasized that the CSRC will introduce a policy package to deepen the reform and opening-up of the capital market, in line with the directives of the 20th Third Plenum. Meanwhile, Wu Qing also outlined his expectations for foreign institutions. He expects them to provide suggestions for improving the legal framework, enhancing market pricing mechanisms, and strengthening transaction supervision, while also leveraging their advantages and remaining committed to their operations in China.

Foreign institutions at the meeting unanimously endorsed China's market and financial agenda. They also put forward several suggestions, including orderly expanding the opening of the capital market, improving investment convenience for foreign institutions, enhancing the inclusiveness of the technological innovation system, and cultivating patient capital. These suggestions are well-aligned with China's recently issued policies, such as the Regulations on the Management of Domestic Securities and Futures Investment Funds of Foreign Institutional Investors and the Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board Market to Serve Technological Innovation and the Development of New-Quality Productivity.

Undoubtedly, expanding the opening-up of the capital market will go hand in hand with strengthening supervision. This commitment was underscored by the official announcement on July 31 that Li Ming would replace Fang Xinghai as Vice Chairman of the CSRC. With his extensive experience as Chief Inspector and Director of the Inspection Bureau at the CSRC, Li Ming brings a strong background in financial regulation. He has previously indicated that the penalties for securities violations will become increasingly severe. Experts view Li Ming's promotion as a clear demonstration of the government’s resolve to reinforce financial market supervision.