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| Some Opinions of the State Council on Promoting the Reform, Opening and Steady Growth of Capital Markets | | 国务院关于推进资本市场改革开放和稳定发展的若干意见 |
(No. 3 [2004] of the State Council) | |
（国发[2004]3号） |
The people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, all ministries and commissions of the State Council, and all agencies under the direct control of the State Council: | |
各省、自治区、直辖市人民政府，国务院各部委、各直属机构： |
Since the distribution of the Notice of the State Council on Further Enhancing the Macro-control of the Securities Market [No. 68 (1992) of the State Council], China's capital markets have embraced rapid growth and reaped stunning achievement. With scale-forming on a preliminary basis, continuous improvement of the market infrastructure, gradual perfection of the legal system, and further upgrading of market standardization, China's capital markets have become an important component part of the socialist market economy by contributing greatly to the reform and development of state-owned enterprises and the financial market, to the optimization of resources allocation and to the promotion of economic restructuring and growth. In order to vigorously promote the reform, opening and steady growth of capital markets by carrying forward the spirit of the 16th CPC National Congress and the 3rd Plenary Session of the 16th CPC Central Committee and by implementing the strategic goal of building a well-off society in an all-round way, the opinions are hereby put forward as follows: | |
《国务院关于进一步加强证券市场宏观管理的通知》(国发〔1992〕68号)下发以来，我国资本市场发展迅速，取得了举世瞩目的成就。资本市场初具规模，市场基础设施不断改善，法律法规体系逐步健全，市场规范化程度进一步提高，已经成为社会主义市场经济体系的重要组成部分，为国有企业、金融市场改革和发展，优化资源配置，促进经济结构调整和经济发展，作出了重要贡献。为贯彻落实党的十六大和十六届三中全会精神，围绕全面建设小康社会的战略目标，积极推进资本市场改革开放和稳定发展，现提出如下意见。 |
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| I. Fully Understanding the Importance of Developing Capital Markets | | 一、充分认识大力发展资本市场的重要意义 |
Developing capital markets is a task of strategic importance linked to the fulfilling of the strategic goal of quadrupling China's GDP within the first two decades of this century. First, it will facilitate the improvement of the socialist market economy, bring into fuller play the role of capital markets in optimizing resources allocation, and effectively turn social capital into long-term investment. Second, it will facilitate the restructuring and strategic transformation of the state-owned sector of the economy and accelerate the development of the non-state-owned sectors. Third, it will facilitate the increase of the ratio of direct financing, improve the structure and efficiency of the financial market, and maintain financial security. | |
大力发展资本市场是一项重要的战略任务，对我国实现本世纪头20年国民经济翻两番的战略目标具有重要意义。一是有利于完善社会主义市场经济体制，更大程度地发挥资本市场优化资源配置的功能，将社会资金有效转化为长期投资。二是有利于国有经济的结构调整和战略性改组，加快非国有经济发展。三是有利于提高直接融资比例，完善金融市场结构，提高金融市场效率，维护金融安全。 |
China's financial markets have been developing step by step with the course of economic restructuring. Due to the lack of coordination during the primary stage of the restructuring as well as flaws in the system design, there remain with the capital markets some underlying problems and structural conflicts, which have hampered the way in which market functions could be brought into effective play. These problems arise from, thus must be solved through, the development of capital markets. The 16th CPC National Congress has put forward the strategic goal of building a well-off society in an all-round way; the 3rd Plenary Session of the 16th CPC Central Committee has adopted the Decision of the Central Committee of the Communist Party of China on Some Issues concerning the Improvement of the Socialist Market Economy, which has set plans for developing capital markets and clarified the orientation towards the reform, opening and steady growth of such markets. We should, by having a correct understanding of the current situation, seizing opportunities and changing our mentality, vigorously develop capital markets, increase the ratio of direct financing, create and cultivate a sound investment environment, bring into full play the role of capital markets in promoting capital formation, optimizing resources allocation, propelling economic restructuring, improving corporate governance, etc., in an effort to make new contributions to the sustained, coordinated and healthy development of the national economy in a fast speed and the building of a well-off society in an all-round way. | |
我国资本市场是伴随着经济体制改革的进程逐步发展起来的。由于建立初期改革不配套和制度设计上的局限，资本市场还存在一些深层次问题和结构性矛盾，制约了市场功能的有效发挥。这些问题是资本市场发展中遇到的问题，也只有在发展中逐步加以解决。党的十六大提出了全面建设小康社会的战略目标，十六届三中全会通过了《中共中央关于完善社会主义市场经济体制若干问题的决定》，对资本市场发展作出了部署，为我国资本市场改革开放和稳定发展指明了方向。要认清形势，抓住机遇，转变观念，大力发展资本市场，提高直接融资比例，创造和培育良好的投资环境，充分发挥资本市场在促进资本形成、优化资源配置、推动经济结构调整、完善公司治理结构等方面的作用，为国民经济持续快速协调健康发展和全面建设小康社会作出新的贡献。 |
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| II. The Guidelines for and Tasks of Promoting the Reform, Opening and Steady Growth of Capital Markets | | 二、推进资本市场改革开放和稳定发展的指导思想和任务 |
The guidelines for promoting the reform, opening and steady growth of capital markets are: taking Deng Xiaoping Theory and the important thought of the "Three Represents" as our guidance, fully implementing the spirit of the 16th CPC National Congress and the 3rd Plenary Session of the 16th CPC Central Committee, following the principle of openness, fairness and impartiality and the policy of the rule of law, supervision, self-discipline and standardization, upholding the serving of the overall situation of the national economy and its coordinated development, upholding the rule of law in the regulation of markets, and the protection of the lawful rights and interests of investors or individual investors in particular, upholding the unleashing of market forces in capital markets and the optimal play of the role of market, upholding the coordination of the momentum of reform, the speed of development and the sustainability of the general public, and the correct handling of relations among reform, development and stability, upholding the development-based solution of problems cropping up on our way forward and the correct handling of relations between development of capital markets and prevention of market risks, and upholding the principle of progressiveness and the continuous upgrading of opening to the outside world. | |
推进资本市场改革开放和稳定发展的指导思想是：以邓小平理论和“三个代表”重要思想为指导，全面落实党的十六大和十六届三中全会精神，遵循“公开、公平、公正”原则和“法制、监管、自律、规范”的方针，坚持服务于国民经济全局，实现与国民经济协调发展；坚持依法治市，保护投资者特别是社会公众投资者的合法权益；坚持资本市场改革的市场化取向，充分发挥市场机制的作用；坚持改革的力度、发展的速度与市场可承受程度的统一，处理好改革、发展、稳定的关系；坚持用发展的办法解决前进中的问题，处理好加快资本市场发展与防范市场风险的关系；坚持循序渐进，不断提高对外开放水平。 |
The tasks of promoting reform, opening and steady growth of capital markets are: building transparent and efficient capital markets featuring a rational structure, a sound mechanism, perfect functions and safe operations while aiming at the expansion of direct financing, improvement of the modern market system and the fuller play of the basic role of market in resources allocation. To fulfill such goals, we must establish an efficient capital markets system in helping enterprises of various types raise funds and in satisfying diverse investment needs. We must improve the market-oriented products innovation system and form a products structure of capital markets by giving due consideration to both price discovery and risk management and by coordinating stocks financing and bonds financing. We must cultivate a whole set of listed companies and market intermediaries featuring good faith, standardized operation and a sound governance mechanism, and strengthen the mechanism for restraint of market players and survival of the fittest. We must improve the market supervision and administration system featuring clearly defined duties and responsibilities, effective control of risks and good coordination and cooperation, in a way to best protect the lawful rights and interests of investors. | |
推进资本市场改革开放和稳定发展的任务是：以扩大直接融资、完善现代市场体系、更大程度地发挥市场在资源配置中的基础性作用为目标，建设透明高效、结构合理、机制健全、功能完善、运行安全的资本市场。要围绕这一目标，建立有利于各类企业筹集资金、满足多种投资需求和富有效率的资本市场体系；完善以市场为主导的产品创新机制，形成价格发现和风险管理并举、股票融资与债券融资相协调的资本市场产品结构；培育诚实守信、运作规范、治理机制健全的上市公司和市场中介群体，强化市场主体约束和优胜劣汰机制；健全职责定位明确、风险控制有效、协调配合到位的市场监管体制，切实保护投资者合法权益。 |
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| III. Further Improving the Relevant Policies and Promoting the Steady Growth of Capital Markets | | 三、进一步完善相关政策，促进资本市场稳定发展 |
Appropriate policy guidance and support are a must for the steady growth of capital markets. All departments must further improve the relevant policies in an effort to create a sound environment for the steady growth of capital markets. | |
资本市场的稳定发展需要相应的政策引导和支持。各部门要进一步完善相关政策，为资本市场稳定发展营造良好环境。 |
The approval system for issuance and listing of securities must be improved. We should better the mechanism under which quality enterprises of all types can utilize capital markets on an equal footing, thus improving the efficiency for resources allocation. | |
完善证券发行上市核准制度。健全有利于各类优质企业平等利用资本市场的机制，提高资源配置效率。 |
Investment returns on capital markets must be highlighted. We should take effective measures to reverse the situation in which some listed companies focus excessively on listing and fund raising while paying inadequate attention to restructuring and investment returns, improve the overall quality of listed companies and offer investors chances of sharing the benefits of economic growth and increasing their wealth.
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重视资本市场的投资回报。要采取切实措施，改变部分上市公司重上市、轻转制、重筹资、轻回报的状况，提高上市公司的整体质量，为投资者提供分享经济增长成果、增加财富的机会。
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