Xinhua News Agency, Beijing, February 17th: Fully implement the registration system to open up a broader space for the development of China’s capital market
Xinhua News Agency reporter Liu Yujia Yao Junfang
On February 17, the full implementation of the stock issuance registration system was officially implemented. This major reform means that the registration system has been extended to the entire market, marking a decisive step in a new round of capital market reform, and opening up a broader space for the high-quality development of the capital market.
The essence of the reform of the registration system is to give the right of choice to the market and strengthen market constraints and legal constraints. From the approval system to the registration system, the most important change is to fully implement the concept of information disclosure as the core, transform the value judgment under the approval system into information disclosure requirements as much as possible, and make the whole process of issuance and listing more standardized, transparent and predictable.
The full implementation of the registration system is a natural reform. After pilot projects on the Science and Technology Innovation Board, the Growth Enterprise Market, and the Beijing Stock Exchange, the registration system has been steadily promoted to the entire market. This one-shot and whole-body reform is expected to bring profound changes in all aspects of the capital market: more inclusive issuance and listing conditions, more efficient review; a more complete market mechanism for survival of the fittest; further strengthening of the role of “gatekeepers” by intermediaries; Investors are becoming more professional and institutionalized; the market order continues to improve, and the ecology continues to optimize…the stable development of the market will usher in a new pattern.
The full implementation of the registration system is a key measure to support technological innovation. The diversified and inclusive issuance and listing conditions under the registration system are in line with the characteristics and financing needs of technological innovation enterprises. A group of outstanding enterprises with high technology content, good growth potential and strong innovation ability have the opportunity to go public. The high level of technology, capital and real economy The circulation will be smoother through the reform of the registration system.
The full implementation of the registration system is also a practical action to unswervingly follow the path of a modern capital market with Chinese characteristics. At the beginning of the pilot registration system, the regulatory authorities clearly put forward the three principles of “respecting the basic connotation of the registration system, drawing on global best practices, reflecting Chinese characteristics and characteristics of the development stage”, and implemented them throughout the entire reform process. This reform highlights the reform direction of marketization and rule of law, improves the inclusiveness and adaptability of the issuance and listing system to the real economy, and stimulates market vitality. Proceeding from my country’s national conditions and development stage, actively integrate into the national strategy, strengthen coordination with industrial policies, stick to the positioning of the sector, and strictly control the quality of listed companies. At the same time, fully consider the market structure with small and medium-sized investors as the main body, coordinate and promote reforms at both ends of investment and financing, promote the coordinated development of the primary and secondary markets, strengthen “zero tolerance” supervision and law enforcement, and effectively protect the legitimate rights and interests of small and medium-sized investors.
We have reason to expect that with the full implementation of the stock issuance registration system, a standardized, transparent, open, dynamic and resilient capital market will accelerate, and continue to help China’s economic growth in a broader space for development. The development of quality is steady and far-reaching.
[Responsible editor: Xu Dan]