On February 2, the China Securities Regulatory Commission (CSRC) held the 2023 system work meeting to thoroughly study and implement the spirit of the 20th CPC National Congress, implement the deployment of the Central Economic Work Conference and the second plenary session of the 20th CPC Central Commission for Discipline Inspection, summarize the work, analyze the situation, study and deploy the key work in 2023, and mobilize and deploy the comprehensive implementation of the reform of the stock issuance registration system. Yi Huiman, secretary and chairman of the party committee of the CSRC, made a work report. Li Chao, member of the Party Committee and vice chairman of the CSRC, presided over the meeting. Fang Xinghai, member of the party committee and vice chairman of the CSRC, Fan Dazhi, member of the party committee of the CSRC and head of the discipline inspection and supervision team of the Central Commission for Discipline Inspection and the National Supervision Commission in the CSRC, and Wang Jianjun, member of the party committee and vice chairman of the CSRC, attended the meeting. The meeting identified five major work priorities for the capital market in 2023, including making every effort to fully implement the reform of the stock issuance registration system, more accurately serve the overall situation of stable growth, comprehensively promote the improvement of the quality of listed companies and the reform of the investment side, adhere to the main business of supervision, and consolidate the long-term results of the fight against major financial risks. The conference on promoting the construction of a modern capital market with Chinese characteristics as a whole with key breakthroughs pointed out that, after unremitting efforts, the capital market has undergone profound structural changes, the quality of listed companies has been significantly improved, the development of the securities fund futures industry has made important achievements, the structure of investors has been effectively improved, the market ecology has been comprehensively optimized, and the market vitality and resilience have been significantly enhanced. The meeting pointed out that the CSRC system has further deepened its understanding of the regularity of doing a good job in the capital market in the practice of reform and development. First, we must strengthen the Party's overall leadership over the capital market. Second, we must adhere to the principle of "building systems, non-intervention, and zero tolerance", actively practice the regulatory concept of "respecting the market, the rule of law, the profession, the risk, and the joint efforts of all parties", comprehensively promote the regulatory transformation, and drive the systematic improvement of the entire capital market ecosystem. Third, we must strengthen the concept of system, adhere to dialectics and the "two points theory", maintain our composure and serve for a long time, scientifically handle the relationship between development and security, the current and long-term, the overall situation and details, and seek the greatest common divisor in the comprehensive balance. Fourth, we must highlight the importance of "human beings", better combine the role of motivation with strict management and supervision, strengthen the leadership and lead the team, and constantly create a new situation in our work in the process of doing real work and overcoming difficulties. The meeting stressed that the 20th National Congress of the Communist Party of China has mapped out a grand blueprint for comprehensively promoting the great rejuvenation of the Chinese nation with Chinese path to modernization. Building a modern capital market with Chinese characteristics is the proper meaning of Chinese path to modernization and the internal requirement of taking the road of financial development with Chinese characteristics. "Building a modern capital market with Chinese characteristics is a systematic project. We should adhere to the combination of goal orientation and problem orientation, drive the overall progress with key breakthroughs, and grasp the implementation step by step." The meeting pointed out that: first, we should steadily increase the proportion of direct financing. Focus on supporting scientific and technological innovation, coordinate the construction of multi-level market system, coordinate the coordinated development of stock market and bond market, coordinate the dynamic balance of primary and secondary markets, and further smooth the virtuous circle of "technology industry finance". Second, we should promote the cultivation of listed company groups that reflect the requirements of high-quality development. Centering on the construction of a modern industrial system, we will earnestly implement the "two unswerving principles" and improve the city