On May 23, Sui Qiang, the general manager of Beijing Stock Exchange, said at the 2024 Financial Street Forum series activities - the theme exchange activity of "enabling new quality productivity in the capital market" that Beijing Stock Exchange is a major strategic deployment made by the Party Central Committee based on building a new development pattern and promoting high-quality development, and has conditions and foundation in enabling the development of new quality productivity.

Sui Qiang said that as an important capital market platform for innovative SMEs, Beijing Jiaotong Research Institute will focus on three aspects in enabling new quality productivity: first, accurately grasp the "new" and "quality" of new quality productivity. In practice, the new quality productivity is mainly reflected in the ability to produce new scientific and technological achievements, form new production relations and lead new economic formats. It is characterized by strong strategic leadership, high growth and significant competitive advantages.

Second, comprehensively understand the representative industries of new quality productivity. The development of new quality productive forces does not mean simply withdrawing or giving up the traditional industry as a "low-end industry". While cultivating and expanding emerging industries and laying out future industries in advance, we should also promote the upgrading and transformation of traditional industries and better promote the application of scientific and technological innovation achievements to specific industries and industrial chains.

The third is to find the combination point of new quality productivity and capital market. Innovative enterprises are characterized by large R&D investment, high risk and strong dependence on talents. The capital market, especially the stock exchange, can solve the problems of capital supply, price discovery and talent incentive mechanism, and plays an irreplaceable role in guiding various resource elements to gather in scientific and technological innovation and unblocking the virtuous circle of science and technology, industry and capital.

As for the next step, Sui Qiang said that under the unified leadership and deployment of the CSRC, the Beijing Stock Exchange will promote strong supervision, risk prevention and high-quality development in an integrated way, accelerate the implementation of the measures of "16 rules for capital market to serve technology enterprises" and "19 rules for deep reform" of the Beijing Stock Exchange, and promote the greater role of the Beijing Stock Exchange in enabling new quality productivity.

First, optimize the basic system and improve the inclusiveness and adaptability of new quality productivity. Beijing Stock Exchange will focus on the need to better adapt to the development of new quality productivity, study and develop innovative evaluation standards, further optimize the basic institutional arrangements such as listing, mergers and acquisitions, equity incentives, and enhance the inclusiveness and adaptability of the system.

Secondly, efforts should be made to improve market vitality and resilience, and enhance the attractiveness and service ability of high-quality enterprises. Beijing Stock Exchange will actively introduce high-quality investment targets such as new quality productivity enterprises, strengthen investment side construction, actively cultivate patient capital, launch ETF products, and continue to promote market maker expansion. At the same time, we will make great efforts to solve the key problems such as the mismatch between the income and cost of intermediary institutions, the insufficient supply of investment research institutions, and the insufficient participation of investment institutions.

Finally, improve the policy system to form a joint force to support the development of new quality productivity. We will continue to strengthen policy coordination, implement a comprehensive docking with the Ministry of Industry and Information Technology's cultivation system of specialized, special and new enterprises, and precisely meet the listing needs of high-quality enterprises such as the national specialized, special and new "little giant". Guide all parties to implement the concept of inclusive finance, promote the integration of science and technology policy, industrial policy and financial policy, build a more effective incentive and constraint arrangement, improve the policy system of "investing in science and technology early and investing in small", and support the development of new quality productivity.

Concerned public account: People's Daily Finance

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