On the 5th, the government work report submitted to the fifth session of the 13th National People's Congress proposed to improve the bond financing support mechanism of private enterprises, fully implement the stock issuance registration system, and promote the steady and healthy development of the capital market. In recent years, the reform of the registration system has been one of the hot topics at the two sessions, and many representatives and members have put forward opinions and suggestions on this. The CSRC website recently published a number of replies to the proposals proposed by the representatives and members of the national two sessions in 2021, which mentioned that it would do a good job in the pilot evaluation and experience summary of the registration system, and comprehensively study and promote the reform of supporting systems such as the whole market registration system and trading mechanism. "Comprehensive registration system" is undoubtedly the most eye-catching keyword in the current A-share market. All parties pay close attention to the reform and development of the capital market. Since the central economic work conference held at the end of last year proposed that "we should pay close attention to the pilot of comprehensive reform of market-oriented allocation of factors and fully implement the stock issuance registration system", the regulatory authorities have made vigorous progress in the past three months—— At the end of December 2021, Yi Huiman, chairman of the CSRC, said that he was speeding up the formulation of the reform plan of the whole market registration system, and solidly promoted the relevant preparations to ensure the smooth implementation of this major reform. On January 17, 2022, the CSRC held the 2022 system working meeting. The meeting stressed that the reform of the capital market should be further promoted with the full implementation of the stock issuance and registration system as the main line. Adhere to the "three principles" of the reform of the registration system, make full "embroidery" efforts, and make practical preparations for careful thinking, business and clean government. Further improve the registration system arrangement with information disclosure as the core, highlight the top priority of the reform of the main board, accelerate the transformation of issuance supervision, further compact the "gatekeeper" responsibility of intermediaries, enhance the joint efforts of all parties, promote the formation of a good market ecology conducive to the full implementation of the registration system, and ensure the smooth implementation of the reform. At the same time, we will comprehensively improve the multi-level market system, simultaneously promote the reform of the basic system and the self construction of the CSRC system, and continuously deepen the reform of the capital market. On January 28, the CSRC announced the formulation of the legislative work plan for 2022, proposed the implementation of the decision and deployment of the central economic work conference on the full implementation of the stock issuance registration system, and formulated regulations such as the administrative measures for the registration of initial public offerings and the administrative measures for the registration of securities issuance of listed companies. On the same day, the CSRC disclosed on its website that in order to further promote the improvement of the quality of prospectus information disclosure, the CSRC issued the guiding opinions on improving the quality of prospectus information disclosure under the registration system, which shall come into force as of the date of publication. The CSRC said that improving the quality of prospectus information disclosure is a long-term and systematic work, which requires the joint efforts of relevant parties. In the next step, the CSRC will earnestly implement the concepts and principles established in the guidance, modify and improve the system rules, promote the continuous improvement of the quality of information disclosure in the prospectus, and lay a good foundation for the full implementation of the stock issuance registration system. On March 4, the CSRC solicited opinions on the revised Measures for the administration of initial public offering and listing. The gradual A-share comprehensive registration system has not only become the focus of the two sessions, but also attracted great attention and heated discussion from all parties outside the venue. Tang Zhehui, the managing partner of Ernst & Young Huaming Certified Public Accountants (special general partnership) in Jiangsu and Anhui, said that the government work report proposed to fully implement the stock issuance registration system and promote the stable and healthy development of the capital market. At the same time, in the deployment of a new round of high-level opening-up, China's capital market is expected to further improve the level of opening-up. Adhering to the principle of marketization, giving play to professionalism, adhering to the "four awes", and standing at a new starting point, a series of basic institutional reforms of the capital market will further promote the virtuous cycle of finance, science and technology and industry, and promote the high-quality development of the capital market. Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, previously said in an interview with reporters that the comprehensive registration system is a major improvement of the capital market system, which shows the confidence and courage of comprehensively deepening the reform of the capital market, and the whole market will undergo historic changes. Huang Zhaohui, CEO of CICC, recently published an article saying that the full implementation of the stock issuance registration system is an important measure for the capital market to give full play to its functions and serve the national strategy. The pilot of the registration system on the science and innovation board, the gem and the Beijing stock exchange has laid a good foundation for the implementation of the registration system in the whole market. The comprehensive registration system needs to be steadily promoted. We should not only respect the law of market development, but also take into account the actual situation of China's own development. (Xinhua News Agency)