2023 is a crucial year for the comprehensive deepening of reform and opening up in the capital market. The registration system has gone from comprehensive implementation to deepening and implementation, with coordinated efforts in a series of reforms on the investment, financing, and trading sides. The capital market has further strengthened its role as a hub, and its service to the real economy continues to enhance. 2023 is also an important year for consolidating the foundation and accelerating the construction of a modern capital market with Chinese characteristics. The "1+N+X" policy framework for the modern capital market with Chinese characteristics has initially taken shape. The capital market supports high-level technological self-reliance and modernization, as well as the construction of a modern industrial system. The action plan for investment side reform is being formulated and implemented as soon as possible. The reform of the registration system, from comprehensive implementation to deepening, is a systematic transformation to reconstruct the capital market system mechanism and development ecology. This year, the registration system reform has been fully implemented and gradually deepened and implemented. In February, the China Securities Regulatory Commission announced the official launch of the comprehensive registration system and solicited public opinions on the system rules. Subsequently, 165 institutional rules related to the comprehensive registration system reform were officially released and implemented. The institutional arrangement of the registration system was basically finalized and promoted to the entire market and various types of public stock issuance. In April, the first batch of 10 companies listed for trading under the main board registration system of the Shanghai and Shenzhen Stock Exchanges marked the comprehensive implementation of the registration system reform. Ailin, the general manager of Haisen Pharmaceutical, one of the first listed companies, felt deeply that during the listing process, regulations and guidelines were more concise and clear, communication with auditors was smoother and more convenient, audit and registration progress was more timely and transparent, and cooperation with intermediaries was more proactive and efficient. All of these have improved the predictability of the company's preparation work. The reform of the registration system is not about relaxing supervision, but about comprehensively strengthening supervision and law enforcement throughout the entire chain and every link before, during, and after the event. Data shows that in the first 11 months, more than 100 listed companies were subject to administrative regulatory measures due to illegal reduction of holdings, illegal disclosure of information, and market manipulation, with a year-on-year increase of over 90%; 46 A-share companies delisted, of which 44 were forced to delist, setting a new historical high; The punishment for violations in securities business has also been increasing, and some securities firms have their business qualifications suspended directly. The comprehensive implementation of the registration system does not mean that the registration system reform has been completed. The Central Financial Work Conference proposed to promote the deepening and implementation of the stock issuance registration system, clarifying the main goals for the next stage of this important reform. In the view of Jiao Jinhong, the chief lawyer of the China Securities Regulatory Commission, the true completion of the registration system reform requires a long-term interactive and repeated game process. It cannot be achieved overnight and once and for all, and must continue to deepen and solidify. In the next stage, the China Securities Regulatory Commission will adhere to the core concept of information disclosure and the basic structure of the registration system, and increase support for key areas such as high-level technological self-reliance and modernization of industrial systems; Intensify efforts to promote investment side reforms, attract more medium and long-term funds to enter the market, dynamically optimize institutional arrangements such as IPO pricing, refinancing, and share reduction, and promote dynamic balance between investment and financing. The coordinated promotion of the "three end" reform has introduced a series of measures. The capital market is the "barometer" of the national economy, reflecting expectations and confidence. The Central Political Bureau meeting held in July proposed to "revitalize the capital market and boost the economy."
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Shanghai Securities Daily
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