LOCATION: SZSE English/ABOUT/Chairman's Greetings

Chairman's New Year Message

2018 is the opening year in fully implementing the guiding principles of the 19th National Congress of the CPC. It is also an extraordinary year in the nation’s development process. The “Three Tough Battles” have started well and the supply-side structural reform has been deepened. Efforts in advancing reform and opening up have been intensified. Confronted with complex and severe external environment, China has achieved economic progress and maintained a positive momentum while securing stability in a solid further step toward the goal of building a moderately prosperous society in all respects.


Only by sure steps can we reach far and only through hard work can we open up a new vista. In 2018, SZSE earnestly studied and implemented the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the spirit of the 19th National Congress of the Communist Party of China. We have been actively promoting the implementation of the CPC and the state guidelines and policies as well as the decisions and arrangements of the China Securities Regulatory Commission (CSRC). We have been carrying out the new development concepts, and adhered to the general guideline of making progress while maintaining stability. By joining hands with member brokers, SZSE has effectively responded to changes in market situations, focused on strengthening institutionalization and mechanism development, constantly improved the basic functions of the market, and improved the quality of market development. We have also steadily broadened opening-up, fully maintained the order of market operations, and took effective measures to protect legitimate rights and interests of investors, so as to serve the country’s overall economic and social development. Over the past year, the direct financing function of Shenzhen Market has continued to be strengthened; new breakthroughs have been made in fixed-income market; the market cultivation and service system has been optimized. The year 2018 has also seen SZSE’s international strategic deployment begin to take shape. Remarkable results have been made in the tough battle of precise poverty alleviation and the capacity of capital market serving the real economy has been improved continuously. By the end of 2018, the SZSE had listed 2134 listed companies, with a total market capitalization of 16.54 trillion RMB (2.4 trillion USD). The total capital raised in the equities market in 2018 was 394.54 billion RMB (57 billion USD). There are 4909 listed bondsincluding asset-back securities products, and 517 listed funds.


On this occasion, I would like to express my heartfelt thanks to all the market participants, relevant organizations and people from all walks of life for their attention and support they have given to the development of the multi-tiered capital market and SZSE for a long time.


We must advance reform to infinity and paddle hard against rolling rapids. In the speech delivered at the conference celebrating the 40th anniversary of China’s Reform and Opening-up, Chinese president Xi Jinping solemnly declared the country’s determination and confidence to further advance reform and opening-up, which served as the mobilization order to follow through implementation of the reform. The Central Economic Work Conference emphasized that we should build a well-regulated, transparent, open, dynamic and resilient capital market through deepening reform, providing direction for the reform and development of the capital market in the new era. SZSE will take up the baton of reform, keep up the momentum, seek breakthroughs, and release the vitality and impetus of the capital market with greater determination and more concrete measures.


Those who remain true to their original aspirations will make progress and those who make reform and innovation will become strong. The year 2019 will be the 70th anniversary of the founding of the People’s Republic of China, the crucial period for securing a decisive victory in building a moderately prosperous society in all respects and also a very important year for the capital market to deepen reform and promote high-quality economic development. In the coming new year, SZSE will adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the spirit of the 19th CPC National Congress. In accordance with the new development concepts and high quality development requirements, we will continue to ensure victory in the “Three Tough Battles”, implement the guidelines and policies of the CPC and the state and the deployment of the Central Committee of the CPC and CSRC in an innovative way, unswervingly deepen reform, expand opening-up and promote complete market functions, more effective front-line supervision, more targeted service and better management. We strive to create a world-leading capital formation center for innovation and become one of the first-class stock exchanges in the world. First, we must keep strengthening the leadership of the CPC, maintain political integrity, think in terms of the general picture, follow the core leadership and keep in alignment with the central Party leadership; we must have full confidence in the path, theory, system, and culture of socialism with Chinese characteristics; we resolutely uphold the core position of Xi Jingping as General Secretary of the CPC Central Committee,  the authority of the CPC Central Committee and its centralized leadership. Second, we will continue to promote reform and innovation, advance the reform of the ChiNext Market through optimized mechanisms in the fields including corporate listing, refinancing, mergers and acquisitions and expand the inclusiveness and coverage of the ChiNext Market; we will improve our service for municipal bonds issuance, promote smooth rollout of ETF options and create an innovative capital ecosystem. Third, we will commit ourselves to serving the real economy, strengthen our direct financing capacity, facilitate the reform of state-owned capital and enterprises, promote development of enterprises from private sectors, technology enterprises, and growth enterprises through capital market services and actively serve the national strategy of the Guangdong-Hong Kong-Macao Greater Bay Area development, unleashing fresh power for high-quality development. Fourth, we will adhere to market-oriented principle, improve the trading rules and mechanism, strengthen the corporate governance of listed companies, strictly implement the delisting mechanism, improve the quality of listed companies, creating a market environment where fair competition prevails and competition selects the competent and winnow out poor performers. Fifth, we will also enhance risk prevention and control, strengthen monitoring on market operation, fulfill the front-line regulation responsibilities, facilitate member brokers’ role in market supervision to make concerted efforts in maintaining orderly trading, and promote more procedure-based market development and rational market expectations. Sixth, we will continuously broaden the opening-up of capital market, improve cross-border capital service mechanism, and strengthen the development of the cross-border investment and financing service platform, facilitate the integration of finance and industrial development alongside the “Belt and Road” countries and promote market connectivity on a wider range, with higher quality and at greater depths. Seventh, we will adhere to technology-led development strategy, enhance our capability to ensure business continuity, assure sound operation of the trading system, develop first-class infrastructure and application platforms and lift the intelligent supervision to a higher level to build a smart exchange. Eighth, we will resolutely take a law-based approach to the governance of exchange, optimize the governance structure and management mechanism, continuously improve relevant institutions and mechanisms and promote regulatory openness to build a transparent exchange. Ninth, we will perpetuate our fine work ethics, pass on the pioneering spirit of reform, exhilarate the sense of responsibility and firm actions, and build a team of high-quality professionals and specialists, creating an inspiring environment for development and innovation.


As the seasons replace one another, the splendid chapter is constantly renewed. In 2019, SZSE will follow the example of our pioneers in the reform to advance the fine style of daring to break through and pioneer. We must strengthen our capacity to be eager learners, keen thinkers, active planners, and efficient performers. We should blaze paths through mountains and build bridges across rivers, forging ahead and making further progress on the new journey of reform and development of the capital market. I hope that all market participants, relevant organizations and people from all walks of life will continue to support the development of SZSE in various areas. As China embarks on the journey of accomplishing the first centenary goal, let us join hands, pass on the tradition, work hard, and usher in the 70th anniversary of the founding of the People’s Republic of China with outstanding achievements.