"Stability" is the most prominent keyword of this year's central economic work conference. How does the CSRC implement the spirit of the central economic work conference? What will be the focus of next year's capital market reform and opening up? In an interview with Xinhua news agency, Yi Huiman, chairman of the CSRC, pointed out that the work of the CSRC next year will focus on the two key words of "stability first" and "tackling key problems in reform". We will give more prominence to stabilizing growth, preventing risks and promoting reform Q: the central economic work conference requires that next year's economic work should be stable and seek progress while maintaining stability. What specific measures does the CSRC have in promoting macroeconomic stability and high-quality service development? A: we will put stabilizing growth, preventing risks and promoting reform in a more prominent position, find the right position, scientifically grasp the relationship between "stability" and "progress", comprehensively deepen reform and opening up, strengthen responsibility, strive to achieve "three stability and three progress", and actively contribute to stabilizing the macro economy. On the one hand, adhere to the word "stability". First, highlight the "stability" of the market, which is the basis for maintaining the normal play of market functions and stabilizing market confidence. We will take comprehensive measures with relevant departments to promote the smooth operation of the market and resolutely prevent big ups and downs and urgent ups and downs. Second, highlight the "stability" of policies, steadily and carefully evaluate the conditions and timing of the introduction of major policies and measures in the capital market, actively strengthen communication with the market, and adhere to the principle of standing first and then breaking, steady and steady. Third, highlight the "stability" of expectations, actively strengthen policy coordination and information sharing with relevant departments, launch more policies and measures conducive to steady growth and stable expectations, carefully introduce policies with contraction effect, and prevent individual correctness and synthetic fallacies. On the other hand, insist on seeking "progress" in stability. First, reflect "progress" in reform, fully implement the stock issuance registration system, promote the improvement of the quality of listed companies, improve the multi-level capital market system, further optimize the market ecology, promote and improve the market-oriented resource allocation system and mechanism, and further stimulate the vitality of market innovation. Second, reflect the "progress" in opening up, steadily promote the institutional two-way opening of the capital market, strengthen the interconnection of domestic and foreign markets, accelerate the reform of overseas listing and filing system, strengthen international securities regulatory cooperation, handle the relationship between opening and security, and support enterprises to make better use of the two markets and two resources for development. Third, reflect "progress" in serving the high-quality development of the real economy, continue to maintain the normalization of IPO and refinancing, adhere to the "hard technology" positioning of the science and innovation board, build a good gem, solidly run the Beijing stock exchange, standardize the development of private equity and venture capital funds, guide funds to increase support for key areas such as scientific and technological innovation, manufacturing and small and medium-sized enterprises; Give full play to the main channel role of capital market M & A and promote structural reform; Give full play to the function of commodity futures market and hedge against sharp fluctuations in commodity and energy prices; Pay close attention to the capital market, support 18 measures to revitalize the industrial economy, and strengthen the direct force and accuracy. We are speeding up the formulation of the reform plan of the whole market registration system Q: the central economic work conference pointed out that the stock issuance registration system should be fully implemented. What is the preparation for the implementation of the registration system in the whole market? What is the focus of the next step? A: the CPC Central Committee and the State Council have made important arrangements for the reform of the registration system many times. This central economic work conference once again put forward clear requirements, which further strengthened the confidence of all parties in the reform. Since this year, we have systematically summarized and evaluated the experience of the pilot registration system on the science and innovation board and the gem, found and solved problems in time and responded to market concerns. The Beijing stock exchange was established and the pilot registration system was carried out simultaneously. Overall, the pilot has achieved the expected goal, and the conditions for the full implementation of the registration system have been gradually met. At present, we are stepping up the formulation of the reform plan of the whole market registration system, Solidly Promoting relevant preparations, and ensuring the smooth implementation of this major reform. First, grasp the correct direction of the registration system reform. The reform of the whole market registration system involves a larger scale of stock enterprises and investors, more complex interest relations, and policy adjustments in many links are very sensitive. This requires us to grasp the correct direction of reform, adhere to the three principles of respecting the basic connotation of the registration system, learning from international best practices and reflecting the characteristics of Chinese characteristics and development stage, accelerate the transformation of issuance supervision and compact the main responsibility of the exchange. In particular, on major issues such as optimizing the audit and registration mechanism, scientifically grasping the positioning of various sectors, strengthening the standardized guidance of capital and strengthening the risk prevention of clean government under the registration system, adhere to the principle of stability, carefully seek verification, do the work more carefully, and effectively consolidate the ideological, professional and clean government foundation of the registration system reform. Secondly, create favorable environment and conditions for the full implementation of the registration system. Since the beginning of this year, we have steadily promoted the reform of many systems and rules, such as optimizing issuance pricing, shareholder verification, urging intermediaries to return to their duties, on-site inspection, guidance and acceptance, and improving the quality of prospectus, and achieved positive results. We will continue to make great efforts to "embroider", make solid preparations for various rules, business and technology, strengthen risk control and quality control of reform, and strive to achieve good results. Third, we should comprehensively deepen the reform and opening up of the capital market under the guidance of the reform of the registration system. The reform of the registration system is not only the reform of the issuance link, but also the reform of all elements and chains of the capital market. We will take this opportunity to comprehensively promote key reforms such as improving the quality of listed companies, improving the delisting mechanism, multi-level market construction, intermediary and investment side reform, improving the judicial system and mechanism of securities law enforcement and investor protection system, and promote key system innovation, Explore a development path of modern capital market with Chinese characteristics. Form a strong joint force of industry supervision and securities supervision Q: the central economic work conference pointed out that we should set up "traffic lights" for capital and strengthen the effective supervision of capital according to law. How will the CSRC implement the above requirements and support and guide the standardized and healthy development of capital? A: capital and capital market have both close internal relations and essential differences. Since the beginning of this year, we have gradually deepened our understanding in strictly controlling the "entrance" of the capital market and preventing the disorderly expansion of capital, and made some positive explorations in promoting the improvement of relevant systems and mechanisms. Next, we will thoroughly study and implement the spirit of the central economic work conference. On the one hand, we will promote the positive role of capital as a factor of production; Continue to strengthen the important function of the capital market in promoting the circulation of science and technology, capital and industry, and protect property rights and intellectual property rights. On the other hand, we should push forward the regulatory gate, take their respective responsibilities, establish and improve the institutional mechanism to effectively control the negative effects of capital with relevant parties, set up "traffic lights" for capital, and form a strong joint force between industry supervision and securities supervision. At the same time, we will adhere to strict supervision of financing and M & A activities in specific sensitive areas to promote the standardized and healthy development of capital. The smooth operation of the market is "changed", not "guarded" Q: the central economic work conference pointed out that we should correctly understand and grasp the importance of preventing and resolving major risks. What further arrangements will the CSRC make in terms of financial risk prevention and control? A: in recent years, the risks in the capital market have gradually converged and are generally controllable, the market structure has been improved day by day, and the market vitality and toughness have been significantly enhanced. However, we are also clearly aware that at present, financial risks are still in the stage of prone, frequent and high incidence. We will adhere to the bottom line thinking, adhere to classified policy implementation, accurate bomb removal, see the small, grasp the early and grasp the small, and resolutely hold the bottom line of risks. First, strive to maintain the steady and healthy development of the capital market. Practice over the years has fully proved that the smooth operation of the market is "changed" rather than "guarded". We will strengthen macro research and judgment, continue to improve risk monitoring, early warning, disposal and accountability mechanisms, improve the response toolbox, and improve the initiative and predictability of risk prevention and control. At the same time, adhere to stimulating market vitality and resilience through deepening reform, guide and stabilize market expectations, and constantly consolidate the endogenous stability mechanism of the market. Second, steadily promote risk resolution in key areas. Adhere to the principle of treating both symptoms and root causes, steadily resolve the risk of bond default, continue to cooperate with relevant parties to handle the risk of key cases, and eliminate the spillover impact as much as possible; Further consolidate the responsibilities of issuers and intermediaries, and improve the market-oriented and legalized bond default disposal mechanism. At the same time, we will focus on new signs of risk and new manifestations of financial chaos, strengthen cooperation with relevant departments and local governments, and carry out special rectification on "pseudo private placement", "pseudo Gold Exchange" and various pseudo wealth management, so as to eliminate the regulatory vacuum. Third, we should pay close attention to promoting the improvement of the system and the improvement of regulatory capacity. Practice has proved that regulatory capacity and institutional defects are an important reason for risks. We will work with relevant parties to continue to promote the improvement of the financial rule of law, including the formulation of basic laws and regulations such as the futures and derivatives law, the regulations on private equity funds and the regulations on the supervision of listed companies, so as to fill the regulatory gap. Adapt to the new changes in the integration, platform, collectivization, online and offline integration of financial formats, strengthen system construction, eliminate regulatory vacuum, give full play to regulatory forces and improve regulatory efficiency. At the same time, we will strive to improve the digital and intelligent level of supervision and improve the comprehensive quality and professional ability of supervision cadres. (outlook new era)