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Chinese President Xi Jinping said on Friday that China will deepen capital market reform, and accelerate the positive role of capital as an important factor for production. China is to inspire all types of capital to gain fair and equal access, and facilitate orderly competition at China's capital market.

Xi made the remarks at a group study session of the Political Bureau of the Communist Party of China Central Committee on Friday.

He said that the country will promote the establishment of an open economy and expand opening-up to increase investment convenience in a bid to attract more international capital to come to China to invest, or set up business ventures in the country.

Currently, China's capital market involves a variety of capital inputs, including state capital, collective capital, private capital, foreign capital and hybrid capital, and the market is enjoying a significant increase in scale, and robust in-flow of international capital, Xi said.

He pointed out the need to ramp up enforcement of anti-monopolistic and anti-unfair competition and crack down on monopolistic practices such as abuse of one's dominant market position.

A meeting held by the Political Bureau of the CPC Central Committee on Friday stated that it's necessary to respond to market concerns in a timely manner, steadily advance reform to the registration-based IPO system, and attract long-term investors to ensure the smooth operation of the country's capital market.

China's capital market has helped the country to achieve the goal of high-quality growth in 2021 both in terms of size and scope. Overall financing from stock market IPOs and bond issuances surpassed 10 trillion yuan ($1.5 trillion) last year, serving as strong support to the real economy, according to the China Securities Regulatory Commission.

China's capital market should find the right positioning and strategic point to better integrate with the country's development agenda and continuously improve mechanisms to serve the high-quality development of the economy, Dong Dengxin, director of the Finance and Securities Institute of the Wuhan University of Science and Technology, told the Global Times.

Enhanced efforts should be made to help form a virtuous cycle involving technology, capital and industrial growth. More capital should be directed to support the development of key sectors, including technological innovation, low-carbon industries, high-tech manufacturing and small and medium-sized enterprises, Dong said.

Global Times