Sci­ence-tech board for SSE to be launched

Shanghai Daily - - TOP NEWS - Huang Yix­uan

CHI­NESE Pres­i­dent Xi Jin­ping yes­ter­day an­nounced the set­ting up of a new board on the Shanghai Stock Ex­change for sci­ence and tech­nol­ogy in­no­va­tion.

The board will sup­port the city’s de­vel­op­ment as an in­ter­na­tional fi­nan­cial cen­ter and as a sci­ence and tech­nol­ogy in­no­va­tion cen­ter, and im­prove the ba­sic sys­tem of the cap­i­tal mar­ket, the pres­i­dent said at the open­ing of the China In­ter­na­tional Im­port Expo.

China will cap­i­tal­ize on the im­por­tant role of Shanghai and sur­round­ing ar­eas in open­ing-up, Xi said.

In a state­ment af­ter Xi’s speech, the China Se­cu­ri­ties Reg­u­la­tory Com­mis­sion said it will guide the SSE to strengthen the ap­pro­pri­ate man­age­ment of in­vestors in the tech­nol­ogy in­no­va­tion board in terms of as­sets, in­vest­ment ex­pe­ri­ence and risk tol­er­ance to help in­vestors par­tic­i­pate in a ra­tio­nal man­ner.

The se­cu­ri­ties reg­u­la­tor will en­cour­age small and medium-sized in­vestors to par­tic­i­pate in the new board through mu­tual funds, the CSRC said.

The CSRC and the SSE will promptly op­ti­mize the in­sti­tu­tional rules and reg­u­la­tions for the tech­nol­ogy in­no­va­tion board in ac­cor­dance with rel­e­vant laws, reg­u­la­tions and poli­cies of the coun­try, draw­ing on in­ter­na­tional ex­pe­ri­ence and im­prov­ing the in­for­ma­tion dis­clo­sure of listed com­pa­nies.

At the same time, the reg­u­la­tors will con­tinue to pro­mote the en­try of longterm in­cre­men­tal funds into the mar­ket, crack down on il­le­gal ac­tiv­i­ties such as fraud­u­lent is­suance, strengthen the re­spon­si­bil­i­ties of in­ter­me­di­ary agen­cies, and pro­mote the steady and sound de­vel­op­ment of the cap­i­tal mar­ket.

“Es­tab­lish­ing a tech­nol­ogy in­no­va­tion board and pi­lot­ing the reg­is­tra­tion sys­tem is an im­por­tant re­form mea­sure for the cap­i­tal mar­ket to im­prove the ca­pac­ity of ser­vice tech­nol­ogy in­no­va­tion en­ter­prises, en­hance mar­ket in­clu­sive­ness and strengthen mar­ket func­tions,” the Shanghai Stock Ex­change said.

Mean­while, a new area will be added into the Shanghai Free Trade Zone to en­cour­age and sup­port Shanghai’s bold and in­no­va­tive ex­plo­ration in pro­mot­ing in­vest­ment and trade lib­er­al­iza­tion and fa­cil­i­ta­tion, and to ac­cu­mu­late more repli­ca­ble and ex­pand­able ex­pe­ri­ence for the whole coun­try, Xi said.

He said the re­gional in­te­gra­tion and de­vel­op­ment of Yangtze River Delta re­gion will be sup­ported as a na­tional strat­egy, fo­cus­ing on im­ple­ment­ing de­vel­op­ment con­cepts and con­struct­ing a mod­ern eco­nomic sys­tem, and pro­mot­ing re­forms and open­ing-up at a higher level.

It will help im­prove the spa­tial lay­out of China’s re­form and open­ing-up to­gether with the de­vel­op­ment of the Belt and Road Ini­tia­tive, the co­or­di­nated de­vel­op­ment of Bei­jing, Tian­jin and He­bei, the Yangtze River eco­nomic belt and the Guang­dong-Hong KongMa­cau Greater Bay Area.

Giant in­dus­trial ro­bots, made by Ja­panese com­pany Nachi-Fu­jikoshi Corp, are on dis­play at the China In­ter­na­tional Im­port Expo yes­ter­day. — Dong Jun

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