国务院关于推进资本市场改革开放和稳定发展的若干意见 Some Opinions of the State Council on Promoting the Reform, Opening and St

国发[2004]3号

颁布日期：20040131 　实施日期：20040131 　颁布单位：国务院

　　State Council

　　January 31st， 2004

　　The people's governments of all provinces， autonomous regions， and municipalities directly under the Central Government， all ministries and commissions of the State Council， and all agencies under the direct control of the State Council：

　　As of the distribution of the Notice of the State Council on Further Enhancing the Macro-control of the Securities Market （GuoFa [1992] No. 68）， China's capital markets have embraced rapid growth and rapid stunning achievements. With scale-forming on a preliminary basis， continuous improvement of the market infrastructure， gradual perfection of the legal system， and further upgrading of market standardization， China's capital markets have become an important component part of the socialist market economy by contributing greatly to the reform and development of state-owned enterprises and the financial market， to the optimization of resources allocation and to the promotion of economic restructuring and growth. With a view to carrying out the spirit of the 16th CPC National Congress and the 3rd Plenary Session of the 16th CPC Central Committee and vigorously promoting the reform， opening and steady growth of capital markets around the strategic goal of building a well-off society in an all-round way， the opinions are hereby put forward as follows：

　　I. Fully Understanding the Importance of Developing Capital Markets

　　Developing capital markets is a task of strategic importance linked to the fulfilling of the strategic goal of quadrupling China's GDP within the first two decades of this century. First， it will facilitate the improvement of the socialist market economy， bring into fuller play the role of capital markets in optimizing resources allocation， and effectively turn social capital into long-term investment. Second， it will facilitate the restructuring and strategic transformation of the state-owned sector of the economy and accelerate the development of the non-state-owned sectors. Third， it will facilitate the increase of the ratio of direct financing， improve the structure and efficiency of the financial market， and maintain financial security.

　　China's financial markets have been developing step by step with the course of economic restructuring. Due to the lack of coordination during the primary stage of the restructuring as well as flaws in the system design， there remain with the capital markets some underlying problems and structural conflicts， which have hampered the way in which market functions could be brought into effective play. These problems arise from， thus must be solved through， the development of capital markets. The 16th CPC National Congress has put forward the strategic goal of building a well-off society in an all-round way； the 3rd Plenary Session of the 16th CPC Central Committee has adopted the Decision of the Central Committee of the Communist Party of China on Some Issues concerning the Improvement of the Socialist Market Economy， which has set plans for developing capital markets and clarified the orientation towards the reform， opening and steady growth of such markets. We should， by having a correct understanding of the current situation， seizing opportunities and changing our mentality， vigorously develop capital markets， increase the ratio of direct financing， create and cultivate a sound investment environment， bring into full play the role of capital markets in promoting capital formation， optimizing resources allocation， propelling economic restructuring， improving corporate governance， etc.， in an effort to make new contributions to the sustained， coordinated and healthy development of the national economy in a fast speed and the building of a well-off society in an all-round way.

　　II. The Guidelines for and Tasks of Promoting the Reform， Opening and

Steady Growth of Capital Markets

　　The guidelines for promoting the reform， opening and steady growth of capital markets are： taking Deng Xiaoping Theory and the important thought of the “Three Represents” as our guidance， fully implementing the spirit of the 16th CPC National Congress and the 3rd Plenary Session of the 16th CPC Central Committee， following the principle of openness， fairness and impartiality and the policy of the rule of law， supervision， self-discipline and standardization， upholding the serving of the overall situation of the national economy and its coordinated development， upholding the rule of law in the regulation of markets， and the protection of the lawful rights and interests of investors or individual investors in particular， upholding the unleashing of market forces in capital markets and the optimal play of the role of market， upholding the coordination of the momentum of reform， the speed of development and the sustainability of the general public， and the correct handling of relations among reform， development and stability， upholding the development-based solution of problems cropping up on our way forward and the correct handling of relations between development of capital markets and prevention of market risks， and upholding the principle of progressiveness and the continuous upgrading of opening to the outside world.

　　The tasks of promoting reform， opening and steady growth of capital markets are： building transparent and efficient capital markets featuring a rational structure， a sound mechanism， perfect functions and safe operations while aiming at the expansion of direct financing， improvement of the modern market system and the fuller play of the basic role of market in resources allocation. To fulfill such goals， we must establish an efficient capital markets system in helping enterprises of various types raise funds and in satisfying diverse investment needs. We must improve the market-oriented products innovation system and form a products structure of capital markets by giving due consideration to both price discovery and risk management and by coordinating stocks financing and bonds financing. We must cultivate a whole set of listed companies and market intermediaries featuring good faith， standardized operation and a sound governance mechanism， and strengthen the mechanism for restraint of market players and survival of the fittest. We must improve the market supervision and administration system featuring clearly defined duties and responsibilities， effective control of risks and good coordination and cooperation， in a way to best protect the lawful rights and interests of investors.

　　III. Further Improving the Relevant Policies and Promoting the Steady Growth of Capital Markets

　　Appropriate policy guidance and support are a must for the steady growth of capital markets. All departments must further improve the relevant policies in an effort to create a sound environment for the steady growth of capital markets.

　　The approval system for the issuance and listing of securities must be improved. We should better the mechanism under which quality enterprises of all types can utilize capital markets on an equal footing， thus improving the efficiency for resources allocation.

　　Investment returns on capital markets must be highlighted. We should take effective measures to reverse the situation in which some listed companies focus excessively on listing and fund raising while paying inadequate attention to restructuring and investment returns， improve the overall quality of listed companies and offer investors chances of sharing the benefits of economic growth and increasing their wealth.

　　Qualified capital is encouraged to go to the market. Continuing efforts will be given to the development of securities investment funds. We should support the multi-form direct investment of insurance funds on capital markets and gradually in

crease the ratios of social security funds， enterprises supplementary pension funds， commercial insurance funds， etc. involved in capital markets. We should cultivate a group of faithful， law-abiding and professional institutional investors， and see to it that institutional investors mainly composed of fund management companies and insurance companies are to become the major forces on capital markets.

　　Financing channels of securities companies must be expanded. Continuing support will be given to the qualified companies' efforts in raising long-term funds through public offering of shares and bonds. We should improve the administrative measures for pledged borrowing of securities companies as well as their entry into the inter-bank market， and formulate the review and approval standards for acquisition and merger of securities companies as well as loans for securities underwriting. We should， on the basis of improving the mechanism for risk control， create favorable conditions for securities companies to use loans and raise funds. Experiments will be steadily conducted on the financing of fund management companies.

　　The issue of equity separation must be settled in a positive and reliable manner. We should regulate the transfer of untradeable shares of listed companies so as to prevent the loss of state-owned assets. While steadily making tradeable the presently untradeable shares of listed companies， we should respect the law of market， maintain the stability and growth of the market， and effectively protect the lawful rights and interests of investors or individual investors in particular.

　　The tax policies towards capital markets must be refined. Tax policies shall be worked out that can encourage individuals to invest， and improve the administrative measures for the collection of circulation tax and income tax on sec

┨网页设计特效库┠ http://www。z┗co⊙l。com/网页特效/