Xiao Gang, member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission: The key and difficulty of implementing a comprehensive registration system is that the reform of the main board should adhere to the principle of “stabilizing the word and seeking progress while maintaining stability” _ Oriental Fortune Net

Summary

[Xiao Gang, member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission: The key and difficulty of implementing a comprehensive registration system is that the main board reform should adhere to the principle of “seeking progress while maintaining stability”]This year’s government work report proposed that the full implementation of the stock issuance registration system will promote the The capital market developed steadily and healthily. In this regard, Xiao Gang, member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission, said in an interview with a reporter from Shanghai Securities News that the essence of the registration system reform is to properly handle the relationship between the government and the market, give the market the right to choose, and reduce unnecessary administrative controls. Strengthen market constraints and legal constraints, thereby stimulating market vitality and improving market functions. The path to realize the reform of the registration system is to build an issuance and listing system with information disclosure as the core, so that all market participants can fulfill their responsibilities.

This year’s government work report proposes to fully implement the stock issuance registration system to promote the stable and healthy development of the capital market.In this regard, Xiao Gang, member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory CommissionsecuritiesThe reporter of the newspaper said in an interview that the essence of the registration system reform is to properly handle the relationship between the government and the market, hand over the right of choice to the market, reduce unnecessary administrative controls, and strengthen market constraints and legal constraints, so as to stimulate market vitality and enhance market functions. The path to realize the reform of the registration system is to build an issuance and listing system with information disclosure as the core, so that all market participants can fulfill their responsibilities.

Xiao Gang believes that the pilot reform of the registration system has been carried out successively on the Science and Technology Innovation Board, the ChiNext and the Beijing Stock Exchange, and has achieved remarkable results. It is widely recognized by all parties, and the reform has a strong sense of gain. It has accumulated experience and created conditions for the full implementation of the registration system. . The key and difficulty of implementing the comprehensive registration system lies in the reform of the main board. The Shanghai and Shenzhen Main Boards are different from the Science and Technology Innovation Board and the Growth Enterprise Market. They involve many existing listed companies and investors. The scale of these listed companies is relatively large, and their business operations are at a relatively mature stage. From the perspective of industry distribution, many of them are still traditional industry.

Xiao Gang said that in the implementation of the registration system on the main board, we must adhere to the stability of the word and seek progress while maintaining stability, which not only reflects the requirements of the registration system, but also conforms to the characteristics of the main board. It is also the main board reform, and the relevant systems of the Shanghai and Shenzhen stock exchanges are also different. Further research is required when formulating the reform plan to ensure the smooth implementation of the reform.

Xiao Gang also pointed out that in the process of comprehensively implementing the registration system reform, it is necessary to further optimize the mechanism, the exchanges should focus on strengthening the audit responsibilities, and the CSRC should speed up the transformation of functions, focusing on overall coordination and supervision and management, and continuously improve the quality of audit and registration. and efficiency.

(Article source: ShanghaisecuritiesNewspaper Chinasecuritiesnetwork)

Article source: Shanghai Securities News China Securities Network

Responsible editor: 43

Original title: Xiao Gang, member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission: The key and difficulty of implementing a comprehensive registration system is that the main board reform should adhere to the principle of “seeking progress while maintaining stability”