The overall plan for deepening the reform of ChiNext board has largely taken shape and will be released after further refinement at an appropriate time, said Wu Qing, chairman of the China Securities Regulatory Commission, on Friday.
Speaking at a press briefing on the sidelines of the fourth session of the 14th National People's Congress, Wu articulated the objectives of the ChiNext board reform and outlined three key initiatives associated with it.
The ChiNext board is China's Nasdaq-style board of growth enterprises.
"We aim to further highlight the ChiNext board's functional positioning, and better support the high-quality development of the real economy, including emerging and future industries," Wu said while explaining the objectives of the reform.
He then outlined three key areas of focus for the reform.
"Firstly, expand institutional inclusivity and coverage. A more targeted and inclusive set of listing standards will be added, providing stronger support for emerging industries, new business models and new technologies. We will actively support high-quality innovative and entrepreneurial firms operating in new types of consumption and modern services to issue shares on the ChiNext board," Wu said.
"Secondly, replicate and promote the reform experiences of the Sci-Tech Innovation board on the ChiNext board. For qualified high-quality innovative firms, particularly those making breakthroughs in key core technologies, the ChiNext Board will implement IPO pre-review, allowing eligible companies under review to raise capital from existing shareholders, and optimizing the pricing mechanism for new stock issuance," he said.
"Thirdly, comprehensively enhance the quality of listed companies on the ChiNext board. A robust institutional mechanism will be established, covering the process from list recommendations, selection and review to whole-process supervision, thereby better serving the development of the local economy and the private sector," he said.
China to add "more targeted, inclusive" listing standards to ChiNext board: securities regulator
NPC Deputies from east China's Jiangsu Province vowed to make greater contributions to the overall development of the nation after Chinese President Xi Jinping joined them in group deliberations on Thursday.
Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, took part in the deliberation with his fellow deputies from Jiangsu during the fourth session of the 14th National People's Congress (NPC), China's national legislature.
During the discussions, deputies from various sectors shared their experiences and spoke on a wide range of topics, including agriculture, technological and industrial innovation, education and talent training, and rural governance.
"I felt extremely excited today to be able to meet face-to-face with the General Secretary and report to him on Huai'an's economic and social development over the past two years. In recent years, we have vigorously cultivated the development of the crayfish industry in line with the requirements for developing local specialty products. In Xuyi County, one-sixth of the population is engaged in this profession. When I reported to the General Secretary a moment ago, I shared some good news with him. The 'Xuyi No. 1' crayfish has achieved growth of more than 18 percent in both yield per mu (about 0.067 hectare) and individual weight. Crayfish farming has provided more employment opportunities for our labor force and promoted income growth for residents," said Shi Zhijun, secretary of the CPC Huai'an Municipal Committee.
"I reported to the General Secretary on the integration of technological innovation and industrial innovation. The General Secretary attached great care for Soochow University. For our emerging industries and future industries, one important focus is developing commercial aerospace. We are now working together with industry partners to address this issue, hoping that Soochow University will achieve coordinated development with Suzhou's social economy in the future, and make greater contributions particularly to developing new quality productive forces," said Zhang Xiaohong, Party Secretary of Soochow University.
"I reported to the General Secretary on the achievements our team has made in breeding wheat resistant to Fusarium head blight. We have successively developed highly resistant varieties including Yangmai 33 and Yangmai 53, covering two directions of high-quality wheat development. Chinese bowls must be filled with Chinese grain. We must continue our efforts to ensure stable growth of national grain production and guarantee food security," said Gao Derong, a researcher at the Institute of Agricultural Sciences for Lixiahe Region under the Jiangsu Academy of Agricultural Sciences.
"Today, I feel extremely honored and excited to report to the General Secretary on the changes and development of our Desheng Village over the years. The General Secretary inquired about Party organization building, industrial development, social development, and environmental governance. For rural areas, we must first develop industries so that people can benefit substantially from this process. Meanwhile, the building of civilized rural customs must be advanced in parallel," said Yang Hengjun, head of Desheng's village committee.
In the deliberation, Xi has called on economic powerhouses like Jiangsu to redouble efforts to gain experience in analyzing new situations and solving new problems.
Deputies say they will implement the General Secretary's instructions and strive to make new achievements. "Today, the General Secretary, on the one hand, spoke positively of Jiangsu's contributions as an economic powerhouse, shouldering heavy responsibilities during the 14th Five-Year Plan period. On the other hand, he put forward new requirements for Jiangsu in terms of developing new quality productive forces in line with local conditions to enhance economic resilience, and in continuously strengthening common prosperity for the people. As an NPC deputy, I will earnestly study and implement the General Secretary's important instructions upon my return, so that Huai'an's modernization process can advance on a more solid foundation," Shi said.
"Universities, especially research universities, as national strategic scientific and technological forces, must do well in basic research and application. As an important base for talent cultivation, we must establish mechanisms for integrated development of education, science and technology, and talent, and cultivate top innovative talents. We will implement the General Secretary's instructions through these efforts," Zhang said.
NPC deputies from Jiangsu vow to make greater contributions in national development
