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Yao Qian, director of the Science and Technology Regulatory Bureau of the China Securities Regulatory Commission, said yesterday that the China Securities Regulatory Commission has launched a pilot project for the construction of regional equity market blockchain registration and custody infrastructure in July this year (hereinafter referred to as “regional market blockchain infrastructure pilot”). The China Securities Regulatory Commission first identified five pilot areas in Beijing, Shanghai, Jiangsu, Zhejiang, and Shenzhen. Currently, the pilot work is progressing smoothly, and the regional market blockchain infrastructure in each region has its own characteristics.
The 2020 Financial Street Forum Annual Meeting was held in Beijing from 21 to 23. Yao Qian made the above remarks while attending the “Financial Technology and Innovation” sub-forum of the forum.
He said that the problem of financing difficulties for small, medium and micro enterprises has a long history. With the construction and improvement of multi-level capital markets, small, medium and micro enterprises at different development stages can also obtain better financing services through the capital market. In recent years, the China Securities Regulatory Commission has begun to use financial technology, especially blockchain technology, to create a new generation of financial infrastructure in the regional equity market, and provide better services for equity financing of small, medium and micro enterprises.
Yao Qian revealed that, according to the work deployment of the China Securities Regulatory Commission, the regional market blockchain infrastructure pilot project is jointly promoted by the China Securities Regulatory Commission’s Science and Technology Supervision Bureau and the Second Department of Market Supervision. On the basis of in-depth investigations in the early stage, the pilot project was officially launched in July this year. The China Securities Regulatory Commission has determined that it will conduct trials in five regions including Beijing, Shanghai, Jiangsu, Zhejiang and Shenzhen.
Yao Qian said that the China Securities Regulatory Commission promotes the development of regional market blockchain infrastructure pilots, mainly to explore three issues: first, how the regulatory authorities can use financial technology to better respond to the registration reform, and create a standardized, transparent, open, and dynamic , Resilient capital markets; second, how to use financial technology to promote the high-quality development of listed companies in the regional equity market; third, how to use new technologies to create a new digital infrastructure, how to explore new financial infrastructure, and build compliance New factor market for the development of digital economy.
It is reported that the China Securities Regulatory Commission takes the overall responsibility for the regional market blockchain infrastructure pilot project, and the local financial bureaus actively promote it, and various local governments provide policy and resource support. The pilot introduced a “horse racing mechanism” among the first five pilot regions to encourage localities to give full play to their initiative, establish a blockchain business system in line with local characteristics, and explore differentiated business development models.
Yao Qian said that since the implementation of the pilot, the regional market blockchain infrastructure in each pilot area has its own characteristics, and the China Securities Regulatory Commission has established a corresponding evaluation system to guide the pilot work and promote the realization of healthy competition. At the end of July this year, the central chain of custody under the responsibility of the China Securities Regulatory Commission was initially completed. In September, the local business chains in the five pilot areas all achieved technical connectivity with the central chain of custody.
He introduced that the regional market blockchain infrastructure pilot has built a two-tier blockchain architecture. One layer is the central custody chain of the China Securities Regulatory Commission, and the other layer is the business chain of various places. Among them, the CSRC is responsible for the construction of the chain of custody, which mainly undertakes supervision functions; the local business chain is built by each regional equity market on its own and undertakes the specific business chaining work. The chain of custody connects to the local business chain in a non-intrusive cross-linked way to realize penetrating supervision. Next, the regulatory authorities will also establish unified specifications and standards to achieve cross-chain interconnection and improve the level of technological governance of local business chains.
Yao Qian said that at present, the entire pilot work has achieved initial results. Next, the China Securities Regulatory Commission will evaluate the pilot situation and steadily advance the next phase of work based on the results of the reference evaluation.