On the morning of November 5, 2022, the Parallel Session on High-quality Opening-up of China’s Capital Market of the 5th Hongqiao International Economic Forum (Hongqiao Forum) was successfully held at the China National Convention and Exhibition Center (Shanghai). This event was co-hosted by the Shanghai Stock Exchange and the Secretariat of Hongqiao Forum. Fang Xinghai, Vice Chairman of China Securities Regulatory Commission (CSRC), Wu Qing, Executive Vice Mayor of Shanghai, Qiu Yong, Chairman of Shanghai Stock Exchange (SSE), and other guests from the State Administration of Foreign Exchange, Securities and Fund Institutions Supervision Department of CSRC, and Shanghai Local Financial Supervision Bureau attended the event, and over 150 guests from regulatory insinuations, domestic and foreign financial institutions attended the event. Fang Xinghai, Wu Qing, and SSE’s General Manager Cai Jianchun delivered speeches at the opening session.

Fang Xinghai, Vice Chairman of CSRC, said that CSRC would adhere to the direction of marketization, the rule of law, and internationalization, comprehensively deepen reforms, improve the functions of the capital market, better serve high-quality development and continuously enhance the confidence of domestic and foreign investors. It will further improve the institutional framework for opening up the capital market to the outside world, accelerate the implementation of the opening-up initiatives, and attract and gather more outstanding international institutions and talents to participate in China’s capital market. The Commission will persist in promoting a high level of system-based opening of the capital market to the outside world, further facilitate cross-border investment by domestic and foreign investors, and better support the development of cross-border financing for enterprises. It will also improve the interconnectivity mechanism for GDR and CDR issuance, support all types of enterprises to be listed overseas in accordance with the law, and strengthen pragmatic cooperation between the capital markets of the Mainland and Hong Kong to achieve complementary and synergistic development.

Wu Qing, Executive Vice Mayor of Shanghai, said that Shanghai would further leverage the national strategy, seize the financial development trend and act proactively in accordance with General Secretary Xi Jinping’s requirement of “four priorities”. It is vital to continue to strengthen the global resource allocation function, further enhance the pricing ability and influence of Shanghai’s financial market in the world, accelerate the gathering of more Chinese and foreign financial institutions with market influence, and fully magnify the demonstration effect. Shanghai will continue to promote major financial reform and opening-up innovation and make greater efforts to build a broad-channel, multi-level, full-coverage, and sustainable financial service system for science and innovation, vigorously promote financial support for green, low-carbon, and high-quality development, build an international green financial hub, and support the green transformation and development of the economy and society through green finance.

Cai Jianchun, General Manager of SSE, said that SSE would continue to implement the task of deepening the overall reform, further play the role of a testing ground for the reform of the science and innovation board, preserve the “hardcore technology” positioning of the board, and continue to enhance the capacity to serve technological innovation. It will continue to promote the coordinated and balanced development of investment and financing, steadily promote innovation in corporate bonds, ETFs, options, and other products, and create a new high ground for the development of internationally competitive REITs. SSE will firmly promote high-level system-based openness, further deepen the market interoperability mechanism, strengthen cross-border index cooperation, actively participate in international industry governance, pragmatically cooperate with overseas exchanges, and strengthen the building of regulatory capacity and risk prevention and control capabilities in the context of open conditions.

At the new development stage, the forum focused on the new economic and financial situation and changes at home and abroad and discussed new policies and initiatives to open up the capital market at a high level and enhance the capability of Shanghai as an international financial center. A number of representatives from regulatory institutions, capital market experts, and industry leaders thoroughly discussed the new opportunities for technological innovation to enhance the resilience and vitality of development, the new opportunities for high-quality opening up of China’s capital market to the outside world, and the new opportunities for the capital management industry to help build Shanghai as a global asset management center, contributing wisdom and sharing experience for China’s capital market to improve its resource allocation function and efficiently serve the development of the real economy.