#** At 3 pm on March 6, the Second Session of the 14th National People's Congress held a press conference in the Press Conference Hall of the Media Center. Zheng Zhajie, Director of the National Development and Reform Commission, Lan Fo 'an, Minister of Finance, and Wang Wentao, Minister of Commerce, Pan Gongsheng, President of the People's Bank of China, and Wu Qing, Chairman of the China Securities Regulatory Commission, answered questions from Chinese and foreign journalists on issues related to development and reform, fiscal budget, commerce, financial securities and other issues. **

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#Wu Qing:protect investors

#Especially the legitimate rights and interests of small and medium investors

#It is the core task of the China Securities Regulatory Commission, and there is no one

Wu Qing became the Party Secretary and Chairman of the China Securities Regulatory Commission on February 7. "I haven't been in this position for a full month. Now I still work while learning and focus on learning." Wu Qing said in his opening remarks that on the one hand, we should further study and understand the decisions and arrangements of the Party Central Committee and the State Council on capital market work, and promptly promote implementation. On the other hand, we learn from the market through research, including listening to opinions and suggestions from all parties online and offline.

"After sorting it out, I feel very moved and inspired. I think the most important basic issues that everyone mentioned a lot are some issues involved in the basic functions of our market. For example, how to grasp investment and financing, fairness and efficiency are all worthy of our careful study." Wu Qing said that regarding investment and financing, I understand that the two are one and two sides and cannot be separated. These two functions complement each other. Without investment, there will be no financing, and without buyers, there will be no sellers. Only when investment and financing develop in a balanced manner can the capital market form a virtuous cycle.

Regarding fairness and efficiency, Wu Qing said that only by efficiently allocating resources and promoting high-quality development under the conditions of fair trade, reasonable pricing, and full competition can the capital market have lasting vitality. However, due to the many differences among market participants in terms of capital, technology, information, etc., regulators should pay special attention to fairness issues and regard openness, fairness and justice as the most important principle.

"This is especially true in a market like ours where small and medium investors account for the vast majority." Wu Qing said that protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is the most important central task of the CSRC. It can be said that there is no such task. This is also a direct reflection of the political and people-oriented nature of capital market supervision work.

#Capital market fluctuations expose deep-seated problems

#We must treat investors sincerely

In response to relevant questions, Wu Qing said that regarding the next step, we will thoroughly implement the spirit of the Central Financial Work Conference, firmly grasp the main line of strengthening supervision, preventing risks, and promoting development, adhere to the direction of market-oriented legalization, respect laws, and respect rules., further promote the high-quality development of the capital market. To respect laws, we must first respect market laws, economic laws, and innovation laws; to respect rules, we must first respect laws, contracts, and some internationally accepted technical norms.

"From a regulatory perspective, the next step is to highlight two words, one is strong and the other is strict." Wu Qing said that being strong means strengthening the foundation. In terms of scale, China's capital market is already the second largest market in the world, but it is not strong enough. The market fluctuations in the past period once again exposed some deep-seated problems, which are worth pondering. Investors are the foundation of the market, listed companies are the foundation of the market, and both investors and listed companies are the source of the development of the capital market. We must treat investors with sincerity, better serve investors, further strengthen the protection of investors in terms of law, system, regulatory enforcement and judicial aspects, enhance investors 'confidence and trust in the market, and attract more investors, especially Medium and long-term funds to participate in the market.

At the same time, we must also focus on improving the quality of listed companies, allowing companies to better play their main role, and enhance investment value. We will work together with industry authorities, including relevant macro departments and shareholder units, local governments, etc., to jointly support enterprises to improve and create a better environment. Fundamentally speaking, we must unswervingly and comprehensively deepen reform and opening up and consolidate the institutional foundation for high-quality development of the capital market.

#Wu Qing, Chairman of the China Securities Regulatory Commission:
These three matters must be severely cracked down!

Wu Qing said that strict supervision and management must be carried out, the market should be strictly supervised in accordance with the law, and the team should be strictly managed in accordance with disciplines. The Central Financial Work Conference clearly stated that it is necessary to achieve full coverage of supervision and strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision, and continuous supervision.

"We must carefully benchmark and balance tables, comprehensively review and speed up the filling of shortcomings and weaknesses in supervision in various fields, entities, and links such as the stock market, bond market, futures and derivatives market." Wu Qing said that we will open our eyes and strengthen early corrections to problematic institutions and problematic enterprises, deal with various risks as early as possible, crack down on various violations of laws and regulations when they emerge, and focus on cracking down on major illegal activities in key areas, especially those that touch the bottom line, such as fraud, market manipulation, insider trading and other illegal activities, must be severely cracked down.

In terms of team management, we should turn the blade inward, strictly control and manage, and truly be strong in politics, professionalism, style, and integrity to create a supervisory iron army.

#** Encourage A-share listed companies to pay dividends, **

#Take certain measures for non-dividend companies based on circumstances

Wu Qing said that in recent years, the dividend status of A-share listed companies has continued to improve, but there are also many companies that have not paid dividends for many years. The stability, timeliness and predictability of dividends need to be further improved. For companies that have not paid dividends for many years or have a low dividend ratio, we will also take certain measures based on different situations, including restricting shareholder reduction, ST risk warnings, etc. We will also promote qualified companies to be awarded dividends more than once a year, encouraging them to be awarded more than once a year. Many times, especially encouraging dividends before the Spring Festival, so that everyone can celebrate the New Year well.

#Once the market is seriously divorced from fundamentals

#The CSRC will definitely take action decisively when it is time to take action

Wu Qing, chairman of the China Securities Regulatory Commission, said that there is also stricter regulatory enforcement. The China Securities Regulatory Commission has also taken some stricter enforcement actions recently. We must continue to strictly enforce the law. For some major violations of laws and regulations, executions will be carried out if crimes are involved. For example, criminal responsibility will be investigated and civil liability will also be investigated at the same time. A few days ago, a number of cases of market manipulation, internal transactions, etc. requiring criminal liability were transferred. The purpose is to maintain market order, better and more effectively protect the legitimate rights and interests of investors, and make the market more clean and upright., the market ecological environment is better, allowing all market participants to abide by the law and fulfill their responsibilities, which is also crucial for stabilizing market operations.

We must see that market operations have operating rules. Under normal circumstances, we have to intervene in market operations. However, once the market is seriously divorced from fundamentals, there will be irrational violent shocks, depletion of liquidity, market panic, and confidence. When there are extreme situations such as serious lack of action, we must take decisive action when it is time to correct market failures. There are already some effective practices in this regard, and relevant mechanisms have been improved to resolutely prevent systemic risk development.

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