The financial system is an important part of the socialist market economy system.China's socialist market economic system is gradually established and improving since China's reform and opening .A financial system adapted to the requirements of the market economy has been established basically. Financial macro-control and the financial regulation system have been improved. At present, the Important objectives and specific directions of China’s financial development are deepening the reform of the financial system , enhancing the capacity to service real economy, increasing the proportion of direct financing and promoting the healthy development of the multi-level capital market.

Experts believe that multi-level capital market is an important platform for market allocation of economic factors.The next step is to speed up improving the multi-level capital market system and basic system, at the same time, speed up perfecting the capital market ecology , improving the quality of listed companies, perfecting the delisting system, further dredging and regulating the channels of funds to enter the capital market, improving the capital market's capacity to service the real economy and promoting the transformation and upgrading speed of economic structure.

Accelerating the establishment of a multi-tiered capital market system.

Insiders say that the construction and development of the capital market drives the revolution and development of China's economic and other social fields, and it supports the national economic and social development . The capital market has become an important part of socialist market economy.

A relevant person in charge of the Shanghai stock exchange said to the China securities journal reporter that China has initially established a multi-level market system formed by the main board, the small and medium-sized panels, the gem, the new three board, regional equity markets. The trading system is gradually perfecting, product variety is enriching. Channels are expanding for residents and business to invest. The capacity to service real economy, prevent and control risks of the capital markets, deepen the reform has been effectively improved.

In September 2017, Beijing CBD international finance roundtable conference, Jiang Yang , vice President of CSRC said that in recent years, the CSRC develops the direct financing in the global economic and financial planning and propulsion, accelerates the construction of multi-level capital market system, perfects the market basic function based on the fundamental purpose of servicing entity economy. These measures effectively promote the economic transformation and upgrading, at the same time, promote the structural adjustment and improve its efficiency.

Firstly, developing equity financing steadily and accelerating capital formation.From the beginning of last year to the end of July, the total amount of equity financing was about 3.6 trillion yuan.

Secondly, expanding the coverage of small and medium-sized enterprises in capital markets and support innovation and entrepreneurship.

Thirdly, the main channel role of capital market in merger and acquisition should be exerted to promote the adjustment of stock resources.

Fourthly, promoting the coordinated development of the quantity and quality of the exchange bond market ,meanwhile, enriching the direct financing tools.

Tian Lihui, head of Nankai University Institute of Financial Development, said the basic foundation of multi-level capital market system is the result of the deepening financial reform in our country, it is also the embodiment of the breadth and depth of finance in China.This market system can effectively serve multi-level financial needs and enhance the availability of finance.

Improving the economic capacity to service real economy effectively.

Insiders said that China's stock and bond market issuance system has been improving, and the direct financing ratio has been effectively improved.The reform of the IPO system has been continuously promoted, the pricing mechanism of new issues has been improved, the new share placement method has been further optimized, and the efficiency of new share audit has been greatly improved.Social financing channels have been further expanded, and direct financing tools have been continuously enriched.The reform of the bond market has continued to deepen, the issuance and review process has been significantly simplified, and the channel which make private saving transformed into social investment have broadened.

Mr. Tian pointed out that direct financing requires a relatively stable market and full disclosure of information.Only by building an open and fair capital market can our country remarkably increase the proportion of direct financing effectively and orderly.

Grasping the direction of service real economy.

The national financial work conference put forward that finance is the lifeblood of the real economy, and the service of the real economy is the vocation of finance, the purpose of finance and the fundamental measure to guard against financial risks.

Insiders points out that multi-level capital market in China has developed into a important platform of marketization of economic elements configuration. The multi-level capital market promote the construction of the modern financial system, help business management improvement and enterprise development, promote transformation and upgrading of economic structure, and has a comprehensive influence on social development.

Multi-level capital market construction is an important way to solve the financing difficulties of small and medium-sized enterprises and to find an effective platform for the surplus funds and accelerate the construction of an innovative country and a harmonious society.Tian Lihui said the construction of multi-level capital market needs to adhere to the norm of new issues, continuously improve the system of refinancing, develop the market maker system of new three board market, attach great importance to the construction of regional equity markets.At the same time, developing the corporate bond market, expanding the depth and breadth of the futures market, enforcing regulation and male spot market development standardly, enhancing the derivatives market internationalization and promoting the standardization of the various trading places, stepping up efforts to each kind of violation behavior punishment.

Previously, the CSRC party committee emphasized that we should firmly adhere to the fundamental development direction of the capital market service real economy.

To develop the direct financing, push forward the construction of the multi-level capital market system, we need a fully functional, professional, responsible, outstanding core competitiveness modern investment banking and asset management agency team.One who in charge of the CSRC securities fund supervision department said that the next step of CSRC are urging securities fund management institutions prominent main business, operate stably, be honest and trustworthy, be diligently, strengthen the capital constraints and compliance risk control, deepen the reform and opening up, guide the innovation and development regularly, promote the improving of securities industry’s capacity to service economic and social development