2015年CRI 中国深化资本市场改革以便更好地服务实体经济

（单词翻译）

The announcement was made by China's top securities regulator at Lujiazui Forum¹ 2015 that opened Friday in Shanghai.

Government officials, economists² and corporate³ executives gathered at the two-day forum to provide advice for the country's financial sector⁴.

Xiao Gang, chairman of the China Securities Regulatory Commission or CSRC, points out that the country's capital market reform will focus on building a multi-level market system.

"We will open a capital-raising pilot with crowd funding model in order to offer new equity⁵ financing channels for innovating⁶ businesses. We will further push the growth of private market to offer more capital for them. The venture investment mechanism⁷ will be improved by expanding venture capital and angel investment, to attract more private capital to flow into the field of technology and innovation."

To achieve the goal, Xiao says that securities industry will also reinforce innovation on products, services and business models.

Currently, the country has about five hundred companies listed on ChiNext, China's Nasdaq-style board, aiming to attract innovative⁸ and fast-growing enterprises.

High technology enterprises account for 90 percent of all the ChiNext listed companies.

However, according to Xiao, the country's capital market is not competent enough to serve innovative and high-tech⁹ businesses.

"The current capital market system is not capable enough to serve China's 15 million medium and small size enterprises, with limited coverage¹⁰. The venture capital system is not perfect enough, and it's still difficult for start-ups to obtain financing due to lack of angel investment and venture investment. Moreover, better legal system and stock equity culture are badly in need to make the capital market play better role in serving high technology and innovating enterprises."

Usually social capital is reluctant to invest on start-up companies due to their high risks and more uncertainties¹¹.

However, under the multiple-tiered capital market, Xiao says the boost of venture investment will definitely be a very good solution.

"Innovating businesses in the early stages usually have small capital funds, with features of high risk and high investment. The development of venture investment like Angel capital can remedy the limitations of traditional bank financing and create more new jobs."

CSRC also vows¹² to further diversify¹³, and provide tailored products and services to support the growth of startups in technology and strategic industries.

Increasing the convertibility¹⁴ of the Chinese currency, and to further raise the status of the yuan on the global market are also among the many topics at the forum.

First launched in 2008, Lujiazui Forum is a top level platform to solicit¹⁵ suggestions for China's finance sector and Shanghai's construction into a global financial center.

For CRI, I'm Wang Wei.