Multi-level capital market system construction is expected to accelerate the strengthening of gem

Focus on the key work of deepening economic system reform in the past 2010 years the construction of multi-level capital market system is accelerating.　　The State Council recently forwarded the National Development and Reform Commission "on the 2010 to deepen economic restructuring of the focus of the views" stressed that to improve the gem market-related systems, promote the construction of OTC market, promote the formation of complementary, mutual promotion, coordinated development of multi-level capital market system. Industry insiders said that the construction of a multi-level capital market system is to enable the entire financial support system to play a role in providing comprehensive support for SMEs.　　In this sense, whether it is the gem market or OTC market, it still needs relevant system to promote the formation of multi-level capital market system.　　Gem needs to overcome the characteristics of speculative market for small and medium-sized enterprises, the gem not only for it to get through the dream of direct financing channels, but also led to venture capital and equity investment funds enthusiastic investment and banks and other credit institutions to support, financing bottlenecks have been a great breakthrough.　　However, last year, when the gem market was launched, it showed a strong short-term speculative characteristics.　　Many people in the industry said that participation in the gem market investors mostly short-term investment, daily turnover rate of nearly 9%, showing a strong speculative.　　Industry insiders say, the gem should avoid too much administrative intervention, to give full play to the role of market allocation resources, through the market-oriented, professional mechanism to find, select, cultivate enterprises.　　An authoritative personage discloses, the Shenzhen Stock Exchange is planning to construct the investor protection system which adapts to the gem characteristic, through screening the high quality gem listing resources, enhances the listed company quality.　　Analysts believe that in order to restore the characteristics of the gem high risk, to prevent speculation, but also to improve the gem of the delisting system, especially the rapid withdrawal of the city, the system of direct withdrawal of the construction. At the same time, strengthen the responsibility of sponsorship, improve the sponsorship system is also necessary.　　One fund personage thinks, in order to change the sponsor to take the interest as the orientation, may consider the lifelong sponsor system, strengthens own restraint. Let OTC market become "incubator" gem high threshold, for small and medium-sized enterprises across is not easy, net profit of 10 million blocks a large number of "capital" if thirsty.　　In the post-gem era, the government intends to vigorously develop the "new Sanbanxi" market in order to build a richer level of the capital market system for SMEs to expand a wider range of financing channels. "New Sanbanxi" is the so-called OTC market, since January 2006 Zhongguancun (000931) agency system share price transfer pilot launch, has been more than 4 years.　　A group of listed companies through the transfer platform to achieve financing development, OTC Market has played a listed company "incubator" role.　　However, low efficiency and light trading are the most distinctive features of the OTC market at present. An industry expert told reporters that the market is almost all stock shares of the listed transfer. Because the financing is very few, the enterprise listing intention and the investor participation intention are not strong.　　Brokers also said that the OTC market for securities companies to contribute little performance. In this respect, insidersGiven the "prescription" is: expansion and transfer plate.　　Reporters from the authority to understand that the market is already expanding, zhongguancun quotation transfer system pilot is expected to expand in the first half to other qualified High-tech zones, the second half of the "new Sanbanxi" market construction will be fully promoted. It is an important content for many market people to make clear the mechanism of rotating board. The securities dealers said to reporters that the establishment of the board system, in order to achieve Sanbanxi, Gem and the main board of the effective interface between the various markets, the real construction of mutual unicom, structured multi-level capital market system.