Promoting the internationalization process of Shanghai SSE to serve the construction of international financial Center

Yujun, general manager of Shanghai Stock Exchange, steadily advancing the internationalization of Shanghai SSE is the inevitable choice to promote the construction of the international Financial Center. On March 25 this year, the State Council passed the opinion on promoting Shanghai to accelerate the development of modern services and advanced manufacturing, establishing an international financial centre and an International Shipping center (hereinafter referred to Two central construction Ideas "), made clear that by 2020, Shanghai will be basically built into the Chinese economic strength and the international status of the renminbi to adapt to the international financial Center. This is the central official to speed up the construction of Shanghai International Financial Center system planning and comprehensive deployment, marking the construction of Shanghai International Financial Center into a substantive stage. The construction of Shanghai International Financial Center not only helps to enhance the financial service function of Shanghai, but also can give full play to Shanghai's comparative advantage and demonstration-driven role and enhance the function of serving the whole country. The significance of Shanghai International Financial Center is that it is an important support to promote the core competitiveness of China's capital market and financial industry and to promote the healthy and stable sustainable development of Chinese economy. In the history of international financial Center, the rise of any big country is inseparable from the support and promotion of a strong international financial center.　　The construction of Shanghai International Financial Center is of great significance to improve the efficiency of financial assets aggregation and allocation, to enhance the risk control and supervision ability of Chinese financial industry and to safeguard China's economic and financial security. According to the objectives of the State Council's opinion, the main contents of Shanghai International Financial Center are four aspects: first, the formation of a higher level of internationalization and marketization of the financial market system, the second is to form a strong international competitiveness of the financial institutions system; The third is to form a complete range, The international financial human resource system with reasonable structure and the four is to form the system of laws and regulations in line with the needs of development and international practice, as well as the financial development environment which is internationally competitive. The common feature of these four aspects is internationalization. Among them, the internationalization of financial market is the first condition for the development and upgrading of international financial center. From the formation and development history of the world's major financial centers, the stock Exchange plays a key role in promoting the construction of the local financial center. The construction of International financial Center is first embodied in the process of internationalization of stock exchange.　　Therefore, the steady promotion of Shanghai SSE internationalization process is the inevitable choice for the construction of the International Financial Center, which is the important mission entrusted by the history to SSE.　　Second, the SSE to promote the internationalization process is facing an unprecedented favorable opportunity the next more than 10 years is an important breakthrough period for the construction of Shanghai International Financial Center, but also the key period of China's economic and financial reform and development, the Shanghai SSE's internationalization process is also facing unprecedented opportunities for development. First of all, China's capital market is facing a historical development opportunity, the Shanghai SSE to promote the process of internationalization is its inevitable demand. The 17 major reports of the CPC Central Committee clearly put forward the guiding ideology, main tasks and policy measures for the development of capital market, including "optimizing the structure of capital markets, increasing the proportion of direct financing by various channels", and elaborating the guideline, major task and policies of the State Council.Rise to the height of the national strategy, this fully indicates that the CPC Central Committee, the State Council to vigorously develop capital market determination, the capital market ushered in unprecedented historical development opportunities, the State Council "two Central construction opinion" is to Shanghai securities market internationalization put forward a clear request. Secondly, China's capital market has made great achievements in recent years, which has laid a good foundation for the SSE to promote internationalization. In recent years, especially in 2005, since the split-share reform, China's capital market has been fully healthy and steady development, long-term restrictions on the capital market, the institutional barriers have been effectively resolved, the Market operation Environment is becoming more and more perfect.　　As of the end of 2008, China's capital market securitization rate reached 53%, the role of national economic barometer has been preliminarily reflected. Third, the process of RMB's free convertibility has been pushed forward, which will greatly promote the internationalization process of SSE. China's economy has been fully integrated into the global economy, and the global financial crisis has led to a structural reform of the international monetary system that will move towards a multipolar international currency.　　With the sustained and rapid development of China's economy and the promotion of its international status, the improvement of the status of RMB in the international monetary system has become an inevitable trend. Four, after nearly 20 years of rapid development, SSE has become the world's major capital market at present, the SSE stock market value, turnover, financing scale has entered the forefront of the world, according to the World Federation of Exchange Statistics rankings, as at the end of April 2009, The SSE listed company's market value of 13.3 trillion yuan, ranked fifth in global exchanges. 2009 1-April total stock turnover was 9.13 trillion, ranking third on global exchanges.　　The SSE is becoming one of the world's most influential exchanges, and the conditions for a comprehensive internationalization are ripe for progress. The global financial crisis has provided a reference for us to promote the construction and internationalization of international financial center. The financial crisis has had a huge impact on the world's leading financial centres and capital markets.　　We are seriously analyzing and evaluating its economic, at the same time, we should see that it is an important historical opportunity for us to speed up the construction and internationalization of financial center, and we should deal with the relationship between capital market and real economy in the process of speeding up internationalization, and choose a way to develop the market system suitable for its own characteristics. III. Shanghai SSE's major initiatives in advancing the internationalization process in recent years, SSE has been attaching importance to the process of internationalization and made important progress. The SSE was admitted as a member of the World Exchange Federation (WFE) in 2002 and was successfully elected to the board in 2006. As of April 2009, the SSE has signed a memorandum of understanding with 35 exchanges worldwide.　　In recent years, major exchanges, such as the New York Stock Exchange, the London exchange and the Tokyo exchange, have begun to collaborate with the SSE on various forms of exchange, including information, products and personnel training, which has enhanced the SSE's influence in international capital markets. According to the reality of China's capital market, combined with the specific practice of SSE, we will serve the countrySustainable development of the people's economy and support for Shanghai International Financial Center construction for the purpose of steadily advancing the international process of SSE. First, accelerate the internationalization of infrastructure construction and create a first-class hardware environment for market development. We should build up the global leading technology system, information service and communication network platform, and upgrade the technology management and service level comprehensively. We should accelerate the construction of Shanghai SSE Financial development base and enhance the service function of Lujiazui financial agglomeration area.　　According to the International Standard construction technology research and development base, the innovation research and development base and the training service base construction, earnestly plan the disaster preparation system construction, the improvement Exchange Basic facility, creates the good development environment for the market. Second, promote the internationalization of basic system and trading system, and further improve the core competitiveness of SSE. The SSE will vigorously strengthen the basic system construction, strengthen the basic management work, improve the internal control system, improve the internal management level and standardize the operation level, and promote the efficiency of operation and management in a comprehensive way. 　　Further enrich the trading model, trading means and order types, sound price formation mechanism, and establish a sound trading mechanism in line with international practice. Third, we should use the experience of international self-regulation to promote the "open, fair and just" market construction. Further improve the self-regulatory system, improve the industry mediation, arbitration and other dispute resolution mechanism, optimize the external legal environment, the formation of market operation legal environment internationalization. Using the experience of international exchange supervision, we should strengthen the supervision of listed companies, self-discipline of members, supervision of investors ' behavior and real-time supervision of market, and crack down on insider trading, market fraud and market manipulation.　　Strengthen cooperation with overseas exchanges and regulatory bodies, establish and improve cross-border regulatory mechanisms and improve the effectiveness of international regulatory cooperation. Four, promote the internationalization of corporate governance level, to create first-class blue-chip market should gradually promote the financing market reform, from the source in order to improve the quality of listed companies to tamp the foundation to further encourage and guide listed companies to improve corporate governance mechanism, promote enterprise system and operational management to the world advanced level.　　Actively promote listed companies through mergers and acquisitions to do better, to create world-class blue-chip enterprises, to build the blue chip market conditions. Five, promote the internationalization of market participants, and gradually improve the level of opening up the market. Efforts should be made to attract major global financial institutions to the Shanghai securities market and to promote the internationalization of market participants. To encourage eligible member companies to implement the "go out" strategy to further expand the QFII scale and investment scope, to promote direct or indirect participation of investors in China's capital market, constantly enrich the variety of transactions, and gradually achieve the internationalization of trade products. actively cooperate with regulatory agencies to promote a share market in red chips. To be in accordance with high standards, the principle of starting point, and firmly promote the international board market construction, attract overseas outstanding enterprises to the Shanghai stock market. We should vigorously study and develop the ETF products based on the overseas index, and realize the internationalization of the trade varieties.　　Give full play to the market agglomeration effect, gradually improve the international financial assets market pricing ability, promote Shanghai to become the global renminbi asset pricing center.Seven, strengthen the training and introduction of talent, the formation of international high-end financial talent gathering place. Further deepen the reform of human resources system and establish the incentive and evaluation mechanism of financial talents in line with international standards. Open up a wide range of personnel training channels to promote the all-round development of staff and internationalization. Establish and improve the mechanism conducive to talent gathering, and focus on attracting high-level financial talents at home and abroad.　　Efforts to promote Shanghai SSE to become an international high-end talent gathering place, to provide talent reserves and support for the construction of the financial center. VIII, strengthen international exchanges and cooperation, enhance international radiation and influence. To be widely involved in the international exchange industry and the international financial field of important activities, and increase exchanges and cooperation with international counterparts, deepen the international market research.　　Strengthen the business cooperation with domestic and foreign exchanges, in the information, products, personnel training and market development and other aspects of cooperation to promote the Shanghai SSE international business Development steadily. Yujun, general manager of Shanghai, delivered a speech at the 2009 Lujiazui Forum.