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中国决定在北京设立新证券交易所,中国资本市场在支持创新方面迈出了大步

2021-9-4 10:37

 

——中国决定在北京设立新证券交易所,使之成为资本市场适应各类主体融资需求发展的服务创新型中小企业的主要平台。
——改革开放以来,中小企业在创新中发挥了重要作用,迅速成长为创造就业和拉动经济增长的重要力量。

 


——北京证券交易所成立,是我国深化新三板改革的重要举措,标志着我国资本市场在制度上的重大突破和新起点。


北京,9月3日(新华社)——中国决定在北京建立新的证券交易所,这是向前迈出的关键一步。随着资本市场不断发展,以满足各种实体的融资需求,北京证券交易所将成为服务创新型中小企业的主要平台。


与上海和深圳的证券交易所不同,新成立的北京证券交易所的明确使命是为创新型中小企业服务,因为中国经济的韧性在很大程度上取决于该国无数企业的福祉。


据中国最高证券监管机构表示,创建第三个交易所的目的是弥补中国资本市场的薄弱环节,为中小企业融资建立互补的发展路径,并为创新和创业培育一个健康的市场环境。


这是9月30日拍摄的中关村创新路。9月30日,北京市海淀区中关村创新路正式上线。(新华社/ Ju Huanzong)


薄弱环节


改革开放以来,中国中小企业在广阔市场和经济崛起的背景下,发挥了引领创新的重要作用,迅速成长为创造就业和拉动经济增长的重要力量。


但近年来,该行业面临着越来越大的压力,包括经济逆风、劳动力和材料成本上升,以及由于缺乏银行和金融机构的支持而导致的融资困难。


世界银行2018年报告显示,中国中小微企业融资缺口达1.89万亿美元,占国内生产总值的17%。


除了鼓励银行向中小企业提供更多贷款,中国的政策制定者一直在采取措施改革资本市场,使企业能够直接融资,以解决结构性失衡。


2013年,中国推出了一个名为“新三板”的国家股权交易系统,以便利中国非上市公司的融资,允许它们在这个平台上交换股权和筹集资金。


自挂牌以来,新三板被定位为资本市场服务中小企业和民营企业的重要场所,已为1.3万家企业提供金融服务。

 


但问题也出现了,比如流动性不足和上市数量减少,因为系统中的融资和交易规则已不能满足企业的需求,这促使当局进一步进行改革。


去年,中国出台了新规则,允许在新三板上市的公司转移到上海证券交易所的科技创新板和深圳证券交易所的创业板,以加强多层次资本市场之间的联系。


新的开始


北京证券交易所的成立,是深化新三板改革的重要举措之一,标志着中国资本市场在制度上的重大突破和新起点。


以新三板为基础,北京证券交易所将主办选定的股权交易平台上市公司,并试点基于注册的IPO制度。


证券交易所决定,在股票交易的第一天不限制价格变动,此后每天的交易变动幅度将限制在30%以内。


对外经济贸易大学银行金融学院院长邹亚生表示,此举为中小企业融资提供了一个重要场所,降低了成长型企业通过正规机构获得融资的门槛,并将有助于培育一个多层次的资本市场。

 


北京市副市长隋振江在强调北京证券交易所的重要性时表示,北京市将切实落实相关政策,推动成立北京证券交易所。


作为国家科技创新中心,北京科技创新资源丰富,相关技术应用成效显著。

 

未来,上海将为跨国公司投资科技型中小企业提供股权交易条件,以促进合作共赢。


布鲁塞尔商业支持署(Brussels Agency for Business Support)经济商务领事马蒂亚斯•德布罗耶(Mattias Debroyer)对此举表示欢迎,称此举将加强对创新型中小企业的支持,并呼吁北京和布鲁塞尔之间加强协同效应。


“北京和布鲁塞尔已经是超过25年的合作伙伴,”他说,并补充说,他希望两个城市“在证券交易领域有更多的合作。”


(视频记者:洪艳、杨志刚、刘春辉;视频编辑:张玉成)

 

 

-- China has decided to set up a new stock exchange in Beijing, building it into a primary platform serving innovation-oriented small and medium-sized enterprises (SMEs) as the capital market evolves to meet the financing needs of various entities.

-- Since the reform and opening-up, China's SMEs have played a major role in spurring innovation and quickly grown into major job creators and drivers of growth.

-- The creation of the Beijing stock exchange is part of the country's efforts to deepen reforms of the New Third Board, marking a major institutional breakthrough and a new start in China's capital market.

BEIJING, Sept. 3 (Xinhua) -- In a key step forward, China has decided to set up a new stock exchange in Beijing, building it into a primary platform serving innovation-oriented small and medium-sized enterprises (SMEs) as the capital market evolves to meet the financing needs of various entities.

Differentiated from the stock exchanges of Shanghai and Shenzhen, the new Beijing bourse has the clear mission of serving innovative SMEs, as China's economic resilience hinges heavily on the well-being of the country's myriad businesses.

The creation of a third bourse aims to shore up the weak link in China's capital market, build a complementary development path for SME financing, and foster a healthy market environment for innovation and entrepreneurship, according to the country's top securities regulator.

Photo taken on Sept. 30, 2018 shows Zhongguancun InnoWay, an entrepreneurship-oriented street in Haidian District of Beijing, capital of China. (Xinhua/Ju Huanzong)

WEAK LINK

Since the reform and opening-up, China's SMEs, on the back of the country's vast market and economic rise, have played a major role in spurring innovation and quickly grown into major job creators and drivers of growth.

But in recent years the sector has faced increasing pressure from economic headwinds, higher costs of labor and materials, as well as financing difficulties due to a lack of support from banks and financial institutions.

According to a report by the World Bank in 2018, China's SMEs and micro firms had a finance gap of 1.89 trillion U.S. dollars, accounting for 17 percent of the country's GDP.

Besides encouraging banks to lend more to the SMEs, Chinese policymakers have been taking steps to reform the capital market to enable direct financing of the firms to fix the structural imbalance.

In 2013, a national equity exchange system known as the "New Third Board" was launched to facilitate financing for China's non-listed firms, allowing them to exchange equity and raise funds on the platform.

Positioned as an important venue for the capital market to serve SMEs and private businesses since its debut, the New Third Board has offered financial services to 13,000 companies.

Employees of a network creative cultural products company design webpages in Yongqing County, north China's Hebei Province, Dec. 18, 2019. (Xinhua/Li Xiaoguo)

But problems have emerged, such as insufficient liquidity and dwindling listings, as the financing and trading rules in the system can no longer meet the needs of firms, prompting authorities to make further reforms.

Last year, China introduced new rules allowing eligible companies listed on the New Third Board to shift to the sci-tech innovation board of the Shanghai Stock Exchange and the Shenzhen Stock Exchange's board of growth enterprises, so as to strengthen the connection between multi-level capital markets.

NEW START

The creation of the Beijing stock exchange is part of efforts to deepen reforms of the New Third Board, marking a major institutional breakthrough and a new start in China's capital market.

Built upon the New Third Board, the Beijing bourse will host selected companies traded on the equity exchange platform and pilot the registration-based IPO system.

The stock exchange will not impose a limit on the price change on the first day of trading, and daily trading movements will be restricted within 30 percent after that.

The move offers an important venue for SME financing, lowers the threshold for growth companies to obtain financing through formal institutions, and will help foster a multi-level capital market, said Zou Yasheng, head of the School of Banking and Finance with the University of International Business and Economics.

E-commerce entrepreneurs celebrate as an online order was clinched in Rong'an County, south China's Guangxi Zhuang Autonomous Region, May 8, 2021. (Xinhua/Zhang Ailin)

Stressing the significance of the Beijing stock exchange, Sui Zhenjiang, vice mayor of Beijing, pledged that the city would solidly implement related policies to facilitate the setting up of the bourse.

As the national center of science and technology innovation, Beijing has rich resources in the field and has achieved remarkable results in applying related technologies.

In the future, the city will provide equity trading conditions for multinational companies investing in technology-based SMEs to promote win-win cooperation, Sui said.

Mattias Debroyer, economic and commercial consul with the Brussels Agency for Business Support, hailed the move to shore up support for innovative SMEs and called on more synergies between Beijing and Brussels.

"Beijing and Brussels have been partners for more than 25 years," he said, adding that he hopes the two cities will "have more cooperation in the field of stock exchange."

(Video reporters: Hong Yan, Yang Zhigang, Liu Chunhui; Video editor: Zhang Yucheng)

 

来自: xinhua