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| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 21 [2015]) | | （〔2015〕21号） |
The price fluctuations of the stock market are governed by its operating pattern, and the government will not intervene in the stock market under normal circumstances. The functions and responsibilities of the government are to establish and maintain the “open, fair and impartial” market order, protect the lawful rights and interests of investors especially minority investors, and promote the long-term stable and sound development of the stock market. However, when the stock market has severe abnormal fluctuations which may trigger systemic risks, the government must take multiple measures in a resolute and timely manner to stabilize the stock market. In the previous period, China Securities Finance Corporation Limited (“CSF”) purchased stocks, which has played a positive role in maintaining the stability of the stock market and preventing systemic risks. Along with the gradual change from severe abnormal market fluctuations to normal fluctuations, more emphasis shall be laid on playing the self-regulation role of the market, and the internal stability mechanism of the market shall be continuously improved through furthering reform. CSF will not exit in a number of years to come, and its functions of stabilizing the market will remain unchanged. Although it will not conduct stock market operations under normal circumstances, it will continue to play its stability maintenance role by multiple forms when the market has severe abnormal fluctuations which may trigger systemic risks.
．．．．．． | | 股市涨跌有其自身运行规律，一般情况下政府不干预。政府的职责是建立和维护“公开、公平、公正”的市场秩序，保护投资者特别是中小投资者的合法权益，促进股市长期稳定健康发展。但在股市发生剧烈异常波动、可能引发系统性风险时，必须及时果断采取多种措施稳定股市。前一段时期，中国证券金融股份有限公司入市购买股票，对于维护股市稳定、防范系统性风险发挥了积极作用。随着市场由剧烈异常波动逐步趋向常态化波动，应更加注重发挥市场自我调节的作用，通过深化改革不断完善市场的内在稳定机制。今后若干年，中国证券金融股份有限公司不会退出，其稳定市场的职能不变，但一般不入市操作，当市场剧烈异常波动、可能引发系统性风险时，仍将继续以多种形式发挥维稳作用。
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