On Thursday, October 21st, the main contents of today’s headlines are:

China Securities Journal

CSRC: the implementation of the registration system must be based on national and market conditions

In his keynote speech at the 2021 Financial Street Holdings Co.Ltd(000402) Forum Annual Meeting on October 20, Yi Huiman, chairman of China Securities Regulatory Commission, stressed that we should steadily promote the reform of the registration system and help the virtuous cycle of economy and finance. The implementation of the registration system must be based on the national and market conditions, and can not simply engage in “taking doctrine”. We will strengthen strict supervision of financing and M & A activities in specific sensitive areas, reduce risk spillovers, and hope relevant parties to establish a responsibility mechanism and system to prevent disorderly expansion of capital at the same time. Adhere to the “hard technology” positioning of the science and innovation board, standardize the positioning of the gem to serve growing innovative and entrepreneurial enterprises, and prevent plate arbitrage. Further improve the issuance supervision mechanism of the whole chain and the supervision, check and balance mechanism of the whole process, make solid and steady preparations for the reform of the whole market registration system, and ensure the stability and long-term development of this major reform.

Public equity fund investors’ profit insight report released

On October 20, the profit insight report of investors in public equity funds jointly launched by Jingshun Great Wall Fund, Wells Fargo fund and bocom Schroeder fund and China Securities News was released in Beijing. Guests and investor representatives from regulatory authorities, fund companies, banks and securities companies attended the press conference.

Running water and multi-channel capital rush to catch the “free ride” of fixed growth

Deepening the reform of the new third board and establishing the Beijing stock exchange are conducive to activating the new third board market and further enhancing the function of resource allocation. From the fixed growth plan, we can usually see the market financing heat. According to the data of Dongcai choice, from the announcement of the establishment of the Beijing stock exchange on September 2 to 20:00 on October 20 (28 trading days), 105 listed companies disclosed fixed growth plans, an increase of 54 month on month, an increase of 106%.

Yi Gang, governor of the people’s Bank of China, said that the aggregate policy is reasonable and the liquidity is sufficient

Yi Gang, President of the people’s Bank of China, said at the 2021 Financial Street Holdings Co.Ltd(000402) Forum Annual Meeting on October 20 that the current growth rate of money supply and social financing scale basically matches the nominal GDP growth rate, the aggregate policy is reasonable and the liquidity is sufficient.

Shanghai Securities News

The executive meeting of the State Council plans to ensure the supply of energy for people’s livelihood, crack down on speculation in the coal market according to law, and ensure the stability of civil gas and heating prices

Premier Li Keqiang chaired an executive meeting of the State Council on October 20 to make arrangements for autumn harvest and autumn and winter planting, so as to provide strong support for ensuring food security and stable prices; Listen to the report on energy consumption and supply for people’s livelihood, and ask to ensure that the people can spend the winter safely and warmly; It is required to further strengthen policy support for the rescue of small, medium-sized and micro enterprises.

Release of planning outline for the construction of Chengdu Chongqing twin city economic circle

The outline of the construction plan of Chengdu Chongqing twin city economic circle issued by the CPC Central Committee and the State Council was released on the 20th. This is a programmatic document guiding the construction of Chengdu Chongqing dual city economic circle at present and in the future, and an important basis for formulating relevant plans and policies.

Liu he addressed the opening ceremony of the 2021 Financial Street Holdings Co.Ltd(000402) forum annual meeting and pointed out that increasing financing support for small and micro enterprises in the private economy and meeting the reasonable capital needs of the real estate market

The annual meeting of the 2021 Financial Street Holdings Co.Ltd(000402) Forum opened in Beijing on the 20th, Xinhua reported. Liu He, member of the Political Bureau of the CPC Central Committee and vice premier of the State Council, delivered a written speech. Liu he said that the financial system should further take the initiative. Better serve the real economy, do a good job in monetary policy adjustment, and increase financing support for private economy, small and micro enterprises, etc. Support green and low-carbon development, support the clean and efficient utilization of coal and the development and utilization of new energy, ensure energy security and promote the realization of the “double carbon” goal. Promote high-level opening to the outside world, create a fair market environment and protect the legitimate rights and interests of foreign-funded institutions in China. Pay more attention to financial science and technology, improve the quality and efficiency of financial services, and strengthen the capacity-building of science and technology supervision.

Yi Gang, governor of the people’s Bank of China: give full play to the financial function and improve the toughness of economic development

On October 20, Yi Gang, President of the people’s Bank of China, delivered a speech at the 2021 Financial Street Holdings Co.Ltd(000402) forum annual meeting, saying that the combination of financial functions and market mechanism can continuously enhance the resilience of the market, improve the efficiency of market allocation of resources and make resources flow to the most competitive enterprises in various fields.

securities times

Liu He: the financial system should further take the initiative

The 2021 Financial Street Holdings Co.Ltd(000402) forum annual meeting opened in Beijing on October 20. Liu He, member of the Political Bureau of the CPC Central Committee and vice premier of the State Council, delivered a written speech. Cai Qi, member of the Political Bureau of the CPC Central Committee and Secretary of the Beijing Municipal Party committee, attended the opening ceremony and delivered a speech. Liu he said that since the beginning of this year, in the face of multiple risks and shocks, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, we have effectively implemented macro policies, the national economy has recovered stably, and the financial system has played a key role and achieved positive results.

Yi Huiman: the registration system does not engage in “taking doctrine”, and we should curb excessive debt issuance

When attending the 2021 Financial Street Holdings Co.Ltd(000402) forum annual meeting yesterday, Yi Huiman, chairman of the CSRC, said that the registration system should not simply engage in “taking doctrine”. We must pay more attention to the standardized guidance of capital, seek advantages and avoid disadvantages, and strengthen the strict supervision of financing M & A activities in specific sensitive fields; Curb excessive bond issuance and financing from the source and promote the high-quality development of the bond market.

Grasp the “fulcrum” of registration system reform and promote the stability and development of capital market

Yi Huiman, chairman of the CSRC, never evades the hot issues concerned by the market, and this Financial Street Holdings Co.Ltd(000402) forum is no exception. His speech of more than 4000 words talked about topics such as regulatory considerations for the reform of the new share issuance registration system, some novel formulations and ideas, and his statement on the disorderly expansion of capital, which is not only constructive for the healthy development of the market, but also clear about the regulatory focus in the next stage.

CSRC: resolutely curb excessive speculation in thermal coal

Yesterday evening, the spokesman of the CSRC answered reporters’ questions and responded to the measures to deal with the rapid rise of thermal coal prices. The spokesman said that he would take the initiative and take multiple measures to guide the exchange to take measures to resolutely curb excessive speculation and put an end to malicious capital speculation.

Securities Daily

Financial institutions are duty bound to promote and lead the development of digital economy

“In recent years, the Internet, big data, cloud computing, artificial intelligence, blockchain and other technologies have accelerated innovation and increasingly integrated into the whole process of various fields of economic and social development. The rapid development speed, wide radiation range and deep influence of digital economy are unprecedented. It is becoming a key force in restructuring global factor resources, reshaping global economic structure and changing global competition pattern.”

Strictly prevent the stock market from becoming an “amplifier” for disorderly expansion of capital

On October 20, when delivering a keynote speech at the 2021 Financial Street Holdings Co.Ltd(000402) forum annual meeting, Yi Huiman, chairman of China Securities Regulatory Commission, said that in the process of registration system reform, we must pay more attention to the standardized guidance of capital, seek advantages and avoid disadvantages, strengthen the strict supervision of financing M & A activities in specific sensitive fields, and reduce risk spillovers. At the same time, it is also hoped that relevant parties will simultaneously establish a responsibility mechanism and institutional system to prevent the disorderly expansion of capital, coordinate the process and results, promote the forward movement of the industrial regulatory gateway, realize the synchronization of industrial norms and industrial development, and “orderly” development and control “disorder”, so as to jointly promote the standardized and healthy development of various types of capital.

Pan Gongsheng, deputy governor of the central bank and director of the State Administration of foreign exchange: it is expected that China’s foreign exchange market will be controllable under the influence of this round of Fed policy shift

On October 20, the State Administration of Foreign Exchange announced that pan Gongsheng, vice president of the people’s Bank of China and director of the State Administration of foreign exchange, delivered a speech entitled “quantitative easing policy: exit and spillover” at the 2021 Financial Street Holdings Co.Ltd(000402) forum annual meeting.

Yi Huiman, chairman of the CSRC: the implementation of the registration system must be based on the national and market conditions and curb excessive bond issuance and financing from the source

“The reform of registration system is not only a major reform to improve the market-oriented allocation system and mechanism of factor resources, but also a key measure to develop direct financing, especially equity financing.” On October 20, at the 2021 Financial Street Holdings Co.Ltd(000402) forum annual meeting, Yi Huiman, chairman of the CSRC, said that on the whole, the reform has achieved the expected objectives: the demonstration effect of supporting scientific and technological innovation has initially appeared; The role of “experimental field” of system reform has been brought into better play; The overall operation of the market remained stable. The direction and pace of the whole pilot work are firm, and the working method of careful verification and steady leadership is also in line with the reality of the market; Finding and solving problems through the pilot is the purpose of the pilot, and the new situations and problems in the pilot are normal and controllable.

people’s daily

Better create a tax environment of fair competition — an interview with Wang Jun, director of the State Administration of Taxation

In recent years, the tax authorities have thoroughly implemented the important instructions of the general secretary of Xi Jinping on promoting the formation of a fair competitive market environment and the decisions and arrangements of the CPC Central Committee and the State Council, actively played the role of tax functions, continuously stimulated the vitality of market players, actively served to build a new development pattern, promoted high-quality development and promoted common prosperity. The reporter interviewed Wang Jun, director of the State Administration of taxation.

21st Century Business Herald

IPO “cancellation tide” continued: 208 enterprises terminated their IPOs during the year, and the registration period of many companies was “unexpectedly broken”

Affected by the compaction of intermediary responsibilities, the strengthening of Shareholder Information Phi supervision and the emphasis on the “hard technology” attribute of the science and innovation board, the number of IPO cancellation companies increased significantly in 2021. The 21st Century Business Herald reporter found that as of October 19, 208 enterprises had terminated IPO audit this year, far exceeding that of last year.

RMB exchange rate soars: arbitrage capital “makes waves” overseas hedge funds secretly make profits

On October 19, the exchange rate of RMB against the US dollar both at home and abroad jumped by more than 0.75%, the highest since July, 6.3818 and 6.3636 respectively. “There is no sign of this wave of RMB rise.” He spoke frankly to reporters. At that time, the whole financial market was still paying close attention to the imminent reduction of QE by the Federal Reserve, driving the US dollar back to the rising trend. It was not expected that the RMB exchange rate would suddenly soar sharply.

China business daily

The national standing committee will deploy to crack down on speculation in the coal market and ensure the basic stability of civil gas and heating prices

Premier Li Keqiang chaired an executive meeting of the State Council on October 20 to make arrangements for autumn harvest and autumn and winter planting, so as to provide strong support for ensuring food security and stable prices; Listen to the report on energy consumption and supply for people’s livelihood, and ask to ensure that the people can spend the winter safely and warmly; It is required to further strengthen policy support for the rescue of small, medium-sized and micro enterprises.

Thoughts triggered by the Maotai crash: will foreign funds sell off if the ESG rating is lowered?

Kweichow Moutai Co.Ltd(600519) once fell by more than 6% this week, which coincided with MSCI’s recent downgrade of Maotai ESG (environment, society and Governance) to CCC (previously b), making it the lowest MSCI ESG rating among the world’s top 20 market capitalization companies. Insiders generally said that for companies with poor ESG rating but qualified earnings indicators, general foreign funds will still set aside a position proportion of 20% ~ 30% and require fund managers or researchers to conduct ESG engagement with the company in order to improve ESG disclosure and ESG status of relevant companies. However, for passive ESG funds with strict standards, such companies are likely to be eliminated.

economic reference daily

The outline of the planning for the construction of Chengdu Chongqing twin city economic circle was issued

The outline of the plan for the construction of Chengdu Chongqing twin city economic circle (hereinafter referred to as the outline of the plan) issued by the CPC Central Committee and the State Council was released on the 20th. One belt, one road in the Chengdu Chongqing region, is the junction of the Yangtze River economic belt and the starting point of the new route of the western land and sea. It has the unique advantages of connecting the southwest to the northwest and communicating with East Asia, Southeast Asia and South Asia, the Shuangcheng economic zone is located at the junction of the Yangtze River and the Yangtze River economic belt. With excellent ecological endowment, rich energy and minerals, dense towns and diverse scenery, the region is the most densely populated region in Western China, with the strongest industrial foundation, the strongest innovation ability, the widest market space and the highest degree of openness. It has a unique and important strategic position in the overall situation of national development. Chengdu Chongqing twin city economic circle covers a total area of 185000 square kilometers.

The national standing committee will make comprehensive measures to ensure the people’s safe and warm winter

Premier Li Keqiang chaired an executive meeting of the State Council on October 20 to make arrangements for autumn harvest and autumn and winter planting, so as to provide strong support for ensuring food security and stable prices; Listen to the report on energy consumption and supply for people’s livelihood, and ask to ensure that the people can spend the winter safely and warmly; It is required to further strengthen policy support for the rescue of small, medium-sized and micro enterprises.