[A clear task list for the high-quality development of the capital market, the registration system will “go in step” with the normalized delisting]The reform of the registration system is a “bull nose” project for the reform and development of the capital market during the “14th Five-Year Plan” period. As the key word of capital market reform, “registration system” has also been included in the government work report for three consecutive years. This year’s government work report proposes to steadily advance the reform of the registration system, improve the normalized delisting mechanism, strengthen the construction of the bond market, better play the role of the multi-level capital market, and expand the financing channels for market entities. (Shanghai Securities News)
Registration reform is capitalmarketDuring the “14th Five-Year Plan” period, the “Niubi” project was reformed and developed. As the key word of capital market reform, “registration system” has also been written into the government for three consecutive years.jobsreport.This year’s government work report proposes to steadily advance the registration system reform and improve the normalized delistingmechanism,strengthenBondMarket construction, better play the role of multi-level capital market, and expandMarket playersFinancing channels.
Industry insiders believe that the key tasks deployed in the government work report this year have clarified the task list for the reform and development of the capital market in the first year of the “14th Five-Year Plan”.From the 2019 government work report, the “establishmentScience and Technology Innovation BoardAnd pilot the registration system” and deploy the “reform” in the government work report by 2020Start a businessThe “registration system” will be implemented on a pilot basis, and then to this year’s “steady advancement of the registration system reform”, the registration system will be the leader to promote the deepening reform of the capital market, maintaining policy continuity and stability. At the same time, in the process of advancing the registration system reform , The registration system will “go in step with the normalized delisting mechanism.”
Representative of the National People’s Congress, LixinaccountingZhu Jiandi, the chairman of the division, said that the reform of the capital market must steadily advance the reform of the registration system for stock issuance at the entrance.ExitAt the same time, it is necessary to improve the normalized delisting mechanism, and at the same time maintain “zero tolerance” for various violations of laws and regulations, and look forward to the steady progress of my country’s capital market during the “14th Five-Year Plan” period.Market reform。
Li Zhan, chief economist and director of the Institute of Zhongshan Securities, believes that the full implementation of the registration system for stock issuance, the establishment of a normalized delisting mechanism, and an increase in the proportion of direct financing are the keys to the high-quality development of the capital market during the “14th Five-Year Plan” period.strategyGoals and key tasks.The implementation of the reform of the registration system requires the cooperation of the reform of the delisting system. Only by controlling the entrance and export of the market and forming a virtuous circle, can we effectively deepen the reform of the capital market and build a good structure.Market Orderthe goal of.
“Improve the normalized delisting mechanism” work deployment, let Kaiyuan SecuritiesPresidentSun Jinju, assistant and director of the research institute, read the heavier weight. He said that this year’s government work report directly proposed to improve the normalized delisting mechanism, and the promotion of delisting reforms will lay a solid foundation for the sound development of the capital market in the future. “The reform of the delisting system and the reform of the registration system are mutually reinforcing. We look forward to the combination of the reform of the registration system and the new delisting regulations, and together promote the formation of an ecological environment in which the survival of the fittest in the capital market.”
In addition to the registration system, which is the core of the reform, the reform and development of the multi-level capital market has also been included in government work reports many times. This year’s government work report emphasized that “make better use of the role of multi-level capital markets and expand financing channels for market players.”
In recent years, the establishment of the Science and Technology Innovation Board and the pilot registration system reform have been implemented smoothly.StockThe reform of the market-based system was promoted in a coordinated manner. The NEEQ launched a selection layer, and the transfer listing system was also implemented. my country’s multi-level capital market is moving towards high-quality development.
Zeng Gang, deputy director of the National Finance and Development Laboratory and director of the Shanghai Finance and Development Laboratory, believes that to better play the role of the multi-level capital market, the main board, the science and technology innovation board, the ChiNext and theNew Third Board MarketMore smooth connection, helping different development stages, different types, different sizes and characteristicsenterpriseObtain direct financing support, expand the coverage of direct financing to enterprises, and give full play to the impact of direct financingReal economySupporting role.
Sun Jinju said that by July this year, among the first batch of NEEQ selected tier companies, there will be listings that meet the requirements for transfer and listing.the company, It is expected that the first batch of selected-tier companies will be transferred to the market within this year, and the multi-tier capital market will truly realize interconnection.
This year’s government work report also proposed “strengtheningBond MarketIn this regard, Zeng Gang said that the next major reforms in the development of the bond market may focus on three aspects: First, strengthen the supervision of bond market entities, strengthen information disclosure, severely crack down on violations and malicious breaches, and safeguard The basic order of the bond market; the second is to improve the relevant systems of the bond market, especially the bond default settlement mechanism; the third is to strengthenbankInter-bond market andExchange bond marketInfrastructure interconnection.
(Source: Shanghai Securities News)
(Editor in charge: DF387)
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