Liu Shiyu, the chairman of the CRSC, has stressed the strict supervision and comprehensive supervision will run through 2017. Experts interviewed by the China securities journal analysis, the regulation in capital markets will be strengthened in three aspects: lever control; IPO issuing; and agents regulation.

The lever-control mechanism remains to be established.

The A-share market has suffered abnormal fluctuations for more than one year, and it gradually recovered. Yin Zhongli, a researcher at the Chinese academy of social sciences, said that maintaining stability would be the main tone of the stock market in 2017.

It is important to strengthen regulation for the off-site allocation. In late November, the CSRC announced the result of a lots of illegal cases. Three Internet companies, four well-known securities firms and several asset management companies were fined heavily.

In addition, the leveraged buyouts is an important aspect of leverage control in the next year. The Qianhai life insurance and Evergrande life insurance companies were suspended a new business and equity investment.

Wu Xiaoqiu, vice President of Renmin university of China, believes that even if it is not illegal, institutional investors with large funds will be opposed to short-term trading because it is disrupting market expectations. Institutional investors should undertake relatively long-term financial and strategic investments.

Steady and healthy development of the capital market will be maintained.

At present, the market financing function has been restored, the IPO frequency in the last seven weeks has changed from one month to one week. Dong Dengxin, director of the financial securities research institute at wuhan university of science and technology analysis that the IPO acceleration was primarily based on two big background, on the one hand is the transformation of the CSRC job functions, On the other hand, the real economy needs new capital to transform and upgrade. Therefore, the IPO acceleration can be seen as an important way for the CSRC to promote the development of real economy.

The secondary market is relatively stable and provides a good basis for accelerating the issuance of the primary market. says Tian Lihui, the current stock market legal system construction has been strengthened, which makes the IPO companies and the issuer more normative. In addition, the present status of the economic operation in China leads to the current low real interest rates, combined with the real estate market strict restrictions, leads to stronger needs for investors, it is beneficial for IPO to speed up.

As the issue accelerates, so too is regulation. On the one hand is to improve transparency. On the other hand, the supervision of intermediary agencies is strengthened. So far this year, industrial securities, Xinghua accounting firm, Beijing Dongyi law firm and other agencies have been investigated for the IPO problems.

In addition, the “new third board” has also become an important part of financing. Next year the new third board market will still be in the rapid development stage.

The supervision of intermediary agencies should be strengthened.

According to the classification results of securities companies in 2016, the credit ratings of the Citic securities, the Haitong securities, the Huatai securities were downgraded. In the short term, there will be negative impact on the company's business development.

Li Chao, vice President of the CSRC made it clearly that the capital management industry in our country is still at the primary development stage. That there are many problems which increase systemic risk.

Wu Xiaoqiu pointed out that in the framework of legal rules, the four-party relationship between listed companies, investors, regulators and capital market services shall institute an management system with a clear division of power and responsibility. It is particularly important for financial intermediaries to improve transparency and credibility.

Industry experts said, under the decentralized situation, all departments should take appropriate regulation to strengthen the management of intermediary institutions, and under the trend of mixed operation, it is particularly urgent to clear legal relations and regulatory standards.

For the capital market, it is an eternal theme to insist on the reform and innovation of legalization and marketization. The launch of Shenzhen-Hongkong stock connect and Shanghai-Hongkong stock connect has accelerated the integration of capital markets between the mainland and Hong Kong. It can be expected that the connectivity mechanism between the following products will be launched continuously as conditions mature, such as the shanghai-London stock connect and the Shanghai-Singapore stock connect.

Moreover, the pension is expected to enter the capital market next year. According to the plan, the local pension will enter the market in 2016. Currently, the custody and investment management institutions are clear, but there are also a series of procedures such as account opening and capital collection.

Financial innovation and market supervision is an organic unity.

China securities journal: the current Internet financial enterprises are increasingly involved in the securities industry. How do you view some Internet financial companies facing administrative penalty for illegal operation?

Liu Junhai: The subject and object in Internet finance is not virtual, it is real. At the same time, the legal relationship is also real, whether it is entrusted contractual relationship, agency relationship or trust relationship, it is the real legal relationship.

Financial innovation and Internet financial innovation should not ignore the integrity and fairness.China securities journal: in a strong regulatory environment, what kind of healthy development concept should be established by securities and other institutions?

Liu Junhai: for brokers, capital management companies and related Internet finance companies, the next step should be clarified into several concepts: first, development and regulation should be combined; Second, pay more attention to safety; Third, pay more attention to integrity; Fourth, fairness and efficiency, pay more attention to fairness.

It is necessary to promote the modernization of capital market governance. We must address both the symptoms and root causes of the capital market, and make the capital market subject focus on self-discipline. The industry is effectively self-disciplined and the administrative supervision is orderly and appropriate.

The direction of innovation is guided by legalization.

China securities journal: if you can put the over-the-counter allocation of stock market, futures market and bond market into the regulatory framework, what are your suggestions for strengthening cross-risk management and strengthening supervision linkage?

Tang Xin: from the perspective of supervision, the supervision mode of traditional stock, debt, and futures are not able to meet the big trend of market mixed operation. At the same time, more and more regulation objects and events are related to market liquidity, the regulators need to pay more attention to market stability and the public interest demands. Securities regulators also needs to break the barriers, broaden the field of vision, establish unified securities regulation mechanism to eliminate regulatory limbo.

China securities journal: how do you think it is necessary to establish a long-term supervision mechanism to effectively regulate the development of illegal over-the-counter allocation through Internet finance?

Tang Xin: securities regulators clear the the boundary of legal and illegal through punishment cases, reiterated the Internet financial innovation must be lawful and compliant. To establish long-term effective mechanism of supervision, we need to work together to guide the market innovation direction.

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