On Tuesday, January 4th, the main contents of today’s headlines are:

China Securities Journal

Strengthening investor protection and welcoming two new regulations in the capital market in the new year

On January 1, the CSRC and the Ministry of Finance jointly issued the measures for the administration of commitment funds of parties to securities and futures administrative law enforcement, encouraging parties to actively compensate investors and reserving institutional space for parties to compensate investors themselves. On the same day, the CSRC issued the provisions on the implementation of the commitment system of parties to securities and futures administrative law enforcement, which shall come into force as of the date of promulgation.

Clear key areas of investment, and banks aim at the “good start” of credit

In 2022, banks are actively preparing for a “good start” in credit. Many insiders expect that the new credit in the first quarter of this year is expected to achieve year-on-year growth, and the credit scale of commercial banks will also maintain steady growth throughout the year. Green finance and “specialized and new” enterprises will be the key areas of credit.

Make steady investment and make intensive preparations for major projects in many places

As of January 3, 2022, a number of provinces, autonomous regions and cities specifically designated in the plan have disclosed the local bond issuance plan for the first quarter, with an issuance scale of about 800 billion yuan, including more than 550 billion yuan of new special bonds. At the same time, many places announced the major projects to be started in the first quarter. Experts predict that all localities will pay close attention to stabilizing investment from the two aspects of accelerating project implementation and promoting extensive financing, which will effectively play a role in stabilizing growth.

Abundant liquidity supports the “spring market” of A-Shares in 2022

Looking back on 2021, the A-share market remained stable. In 2022, securities analysts interviewed by China Securities Journal are optimistic about the “spring market” of A-Shares supported by abundant market liquidity. They believe that while laying out along the direction of high scenery, they can also pay attention to undervalued blue chips.

Shanghai Securities News

The capital market of the “14th five year plan” has made a steady start with high quality development. Looking at the ecological reconstruction of modern capital market with Chinese characteristics from the perspective of “ten innovations”

Looking back on the past year, the capital market, which has achieved a steady start in the 14th five year plan, has continuously formed and consolidated the foundation and conditions for high-quality development. Facing the future, to build a modern capital market with Chinese characteristics, we must adhere to the principle of serving the real economy, stand firm with the people, fully reflect the combination of international best practices and “Chinese wisdom”, strengthen the hub function in helping the high-quality development of the real economy, let the market play a decisive role in resource allocation, and strive to build a complete financing function, solid basic system A multi-level capital market system with effective market supervision and effective protection of the legitimate rights and interests of investors.

The central bank sent two direct tools of “New Year red envelope” to small and micro enterprises for continuous conversion

On January 1, the official website of the people’s Bank of China announced that it would implement the continuous transformation of two direct tools and increase its support for small and micro enterprises. From January 1, 2022, the continuous conversion of two direct tools, the Pratt & Whitney small and micro enterprise loan extension support tool and the Pratt & Whitney small and micro enterprise credit loan support plan, will be implemented.

Resolving the “dilemma” of law enforcement in the capital market the commitment system of parties to administrative law enforcement of securities and futures shall come into force on January 1

First, clarify the coordination and connection mechanism between the commitment handling department and the investigation and trial departments. The second is to clarify the coordination between the commitment handling department and the commitment fund calculation department. Third, stipulate the investor compensation mechanism arrangement. Fourth, clarify the role of dispatched offices in the commitment of administrative law enforcement parties. Fifth, strengthen supervision and restriction and strictly prevent moral hazard.

Foreign private placement “Bank of China” has gathered A-Shares at the top of global asset management for five years

Since fidelity Litai became the first foreign private placement manager registered successfully with China Securities Investment Fund Industry Association on January 3, 2017, foreign private placement has been in the Chinese market for five years. Up to now, the number of foreign private placement has reached 34, including BlackRock, fidelity, UBS asset management, qiaoshui, luberman, LianBo, Schroeder and other world-famous asset management institutions.

Securities Times

The central bank implemented two continuous transformations of inclusive small and micro direct tools

The central bank recently announced that, according to the decision of the executive meeting of the State Council, the continuous conversion of two direct tools, the Pratt & Whitney small and micro enterprise loan extension support tool and the Pratt & Whitney small and micro enterprise credit loan support plan, will be implemented from January 1, 2022.

RCEP takes effect, and the commodity tariff is reduced immediately to benefit enterprises and consumers

The regional comprehensive economic partnership agreement (RCEP) came into force on January 1. The proportion of immediate zero tariff between China and Australia and New Zealand exceeds 65%, and the proportion of immediate zero tariff between China and South Korea is 39% and 50%. China and Japan have newly established free trade relations, and the proportion of mutual immediate zero tariff also reaches 25% and 57% respectively. On this basis, RCEP Member States will basically realize zero tariff for 90% of their products in about 10 years.

Issuance of rules on commitment money for parties involved in Securities and futures administrative law enforcement

The CSRC and the Ministry of Finance recently jointly issued the measures for the administration of commitment funds of parties to securities and futures administrative law enforcement (hereinafter referred to as the commitment funds measures), and the CSRC simultaneously issued the provisions for the implementation of the commitment system of parties to securities and futures administrative law enforcement (hereinafter referred to as the implementation provisions). The CSRC said that this move is to strengthen investor protection and make better compensation for the interests of damaged investors, so as to improve regulatory efficiency and stabilize market order.

Yurun restructuring plan passed: Zhu Yicai bet on the future of “new Yurun”

On December 31, 2021, Yurun’s reorganization plan was voted by creditors and approved by Nanjing Intermediate People’s court. The securitization platform “Yurun selection” for debt transfer will still be operated by Zhu Yicai through Yurun holdings. Yurun holdings also promised that the total net profit of the securitization platform from 2023 to 2025 will not be less than 2 billion yuan, and the net profit in 2026 will not be less than 5 billion yuan, and will submit the listing application within 2027. The reporter learned that Yurun holdings will make a bet with creditors: if the net profit of the securitization platform reaches 5 billion yuan in 2026, the total number of reserved shares in the pool will exceed 1.7 billion shares (accounting for about 17.46% of the shares of the securitization platform), and the reward will be distributed to Yurun holdings; If the net profit is lower than the commitment amount, the reserved shares will be distributed to the creditors.

Securities Daily

CSRC issued announcement No. 1 to improve law enforcement efficiency based on investor protection

On January 1, 2022, the CSRC and the Ministry of Finance jointly issued the measures for the administration of commitment funds for parties involved in Securities and futures administrative law enforcement (hereinafter referred to as the measures for commitment funds), which is also the Announcement No. 1 of the CSRC in 2022. On the same day, the CSRC issued the provisions on the implementation of the commitment system of the parties to the administrative law enforcement of securities and Futures (hereinafter referred to as the implementation provisions), which made it clear that the commitment money paid by the parties can be used to compensate investors for losses, and resolved the contradiction between the “difficulty of investigation and punishment” faced by the law enforcement of the capital market and the “speed of investigation and punishment” required by the market.

RCEP officially came into effect, and the “first order” of multiple benefits was released one after another

On January 1, 2022, the regional comprehensive economic partnership agreement (RCEP) officially came into force, marking the official landing of the free trade area with the largest population, the largest economic and trade scale and the most development potential in the world. After RCEP came into effect, RCEP certificates of origin have been issued all over the country. Enterprises have benefited from tariff concessions, and consumers have become the biggest beneficiaries.

The insurance industry began to implement the new regulations on solvency supervision, and some insurance enterprises can apply for step-by-step implementation

The phase II project of “compensation generation II” in the insurance industry, which lasted more than 4 years, was officially implemented. Since the preparation of the solvency report for the first quarter of 2022, insurance companies need to implement the regulatory rules on the solvency of insurance companies (II). “Second generation solvency” refers to the second generation solvency supervision system of China’s insurance industry, which is fully known as “China’s risk oriented solvency system”.

The two new regulations of the banking industry were officially implemented, and financial products and Internet loans met the challenges

From January 1, 2022, some new management regulations in the banking industry will be officially implemented, which will not only have a direct impact on the operation of commercial banks and promote the pace of bank transformation, but also be closely related to bank financial customers.

people’s daily

The world expects China to be ready

Beijing 2022 Winter Olympic Games and winter Paralympic Games are approaching. At present, all preparations are ready. The international community, including the International Olympic Committee, highly recognizes China’s preparations. Athletes from all countries are eagerly looking forward to the grand event. Many media reports believe that in the face of the challenge of covid-19 pneumonia epidemic, China will promote all preparations in an orderly manner with excellent organizational ability, and will present a simple, safe and wonderful Olympic Games to the world.

economic reference daily

The era of comprehensive registration system is coming, and the reform of capital market is at a new starting point

In 2022, A-Shares will enter the era of comprehensive registration system. The central economic work conference held at the end of last year proposed that we should pay close attention to the pilot of comprehensive reform of market-oriented allocation of factors and fully implement the stock issuance registration system. Yi Huiman, chairman of the China Securities Regulatory Commission, said a few days ago that the conditions for the full implementation of the registration system have been gradually met. The CSRC is speeding up the formulation of the reform plan of the whole market registration system, Solidly Promoting relevant preparations, and ensuring the smooth implementation of this major reform.

The proportion of foreign stocks in the automobile industry was liberalized, and independent brands accelerated the rise against the trend

Recently, the national development and Reform Commission and the Ministry of Commerce officially issued the Special Administrative Measures for foreign investment access (negative list) (version 2021). In the field of automobile manufacturing, the restriction on the proportion of foreign capital in passenger car manufacturing and the restriction that the same foreign investor can establish two or less joint ventures producing similar vehicle products in China will be abolished from January 1, 2022. This means that the five-year transition period of the automotive industry released by the national development and Reform Commission and the Ministry of Commerce in 2018 has ended, and the restrictions on foreign investment in China’s complete vehicle field have been lifted from special vehicles, new energy vehicles to commercial vehicles and finally to passenger vehicles.

China business daily

The world’s largest free trade “circle of friends” is coming! RCEP will have a huge “trade creation” effect

On January 1, 2022, the regional comprehensive economic partnership agreement (RCEP) came into force, which means that the world’s largest free trade zone has officially set sail.

Editorial: macro policy this year focuses on steady economic growth

The central economic work conference held at the end of last year stressed that the economic work in 2022 should be steady and seek progress while maintaining stability, and regard steady growth as the focus of economic work. At the beginning of the new year, two issues that play an important role in stabilizing growth fell to the ground and attracted much attention.