证监会：立法先行构建涉外法治 为资本市场双向开放“立规矩”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is accelerating the construction of a foreign-related legal system to support the stable development of the capital market in an open environment, emphasizing the importance of legal frameworks for high-quality development and risk management [1][5]. Group 1: Achievements in Capital Market Opening - During the "14th Five-Year Plan" period, significant progress has been made in the dual opening of the capital market, with over 2,922 stocks included in the Shanghai and Shenzhen Stock Connect, accounting for more than 90% of the total market capitalization of A-shares [1]. - The number of qualified foreign institutional investors has exceeded 900, indicating sustained international interest in China's capital market [1]. Group 2: Regulatory Innovations for Overseas Listings - The CSRC has optimized the regulatory framework for domestic companies seeking to list abroad, completing 296 registrations for overseas listings by September 30, 2023, with 109 of these being technology companies [2]. - The introduction of offshore A-share derivative products, including the first A-share index futures in Hong Kong, has facilitated risk management for international investors [2]. Group 3: Cross-Border Regulatory Cooperation - The CSRC has signed cooperation memorandums with 67 countries and regions to enhance cross-border regulatory collaboration, addressing challenges in evidence standards and cross-border auditing [3]. - The need for a balanced approach to cross-border regulation is emphasized, ensuring that domestic regulatory bodies neither underperform nor overreach [2][3]. Group 4: Legal Framework and Judicial Support - The CSRC is focused on optimizing the judicial collaboration mechanism to enhance the efficiency of foreign-related trials and to handle significant international cases that advance the rule of law [3][4]. - Legislative measures, including the Securities Law and Futures and Derivatives Law, have been established to provide a clear legal basis for cross-border enforcement and jurisdiction [4]. Group 5: Risk Management and Financial Innovation - The CSRC highlights the importance of balancing financial innovation with risk prevention, particularly in the context of rapidly evolving financial technologies [3][5]. - The commission stresses the need for a robust risk control framework to prevent external risks and ensure the high-quality development of the capital market [5][6].