(Economic Observation) A-shares will fully move towards the registration system

　　China News Service, Beijing, December 10 (Reporter Xia Bin) The Central Economic Work Conference, which closed on the 10th, mentioned when planning the economic work next year that the registration system for stock issuance should be fully implemented.

After the pilot operation of the Science and Technology Innovation Board, the ChiNext Board and the Beijing Stock Exchange, the registration system reform will finally "on the road". How can the Chinese government escort it?

　　The registration system reform is a major reform to improve the market-oriented allocation system and mechanism of factor resources. It is also a key measure for the development of direct financing, especially equity financing. Adhering to the principle of careful verification and stability, the direction and pace of the entire pilot work has always been firm.

　　"The full implementation of the registration system for stock issuance is an effective measure for China's capital market to continue to deepen reforms, and it is also an important manifestation of China's securities market's adherence to marketization." Tian Lihui, Dean of the Institute of Financial Development of Nankai University, said in an interview with a reporter from China News Agency. .

　　Political commissar Lu, chief economist of Industrial Bank and chief economist of Huafu Securities, told a reporter from China News Agency that the introduction of the stock registration system to the entire market is a mature arrangement after a trial.

Stock trading under the pilot registration system has been for some time, and the market has been very stable.

"Therefore, the Central Economic Work Conference made it clear that it is relatively mature to fully implement the stock issuance registration system. Now for investors, it is even more critical that the market can have a steady stream of'fresh blood' to maintain the vitality of the stock market."

　　According to financial report data, in the third quarter, the performance of science and innovation listed companies has grown steadily, the company's financing channels have become smoother, the delisting system has stimulated market vitality, and the dividends of the registration system reform have been released.

　　How to prevent possible risks during the registration system from pilot operation to full implementation?

　　Tian Lihui pointed out that in the process of comprehensively implementing the registration system, we must pay attention to the relationship between stock and increase. We must regard the reform of the registration system as a comprehensive and comprehensive systemic reform. The implementation of key requirements such as quality development should not blindly pursue the speed of implementation while ignoring the quality in practice.

　　He bluntly stated that it is necessary to avoid companies that do not meet the standards from taking the opportunity to go public, stabilize market sentiment and expectations, and do a good job in anticipation management to prevent market participants from unclearly viewing the full implementation of the registration system as a risk.

　　In the view of Political Commissar Lu, the key is to stick to the previous experience, to be based on the national conditions and market conditions, not to simply engage in "usage doctrine". At the same time, we must attach great importance to investors and protect them with complete, accurate, comprehensive and dynamic information disclosure. Their legal rights.

　　"One of the core of the registration system is to allow investors to judge the value of the company, regardless of the size of the company, whether it makes money or not, as long as the information is fully disclosed and both parties are willing to buy and sell at market prices. Information disclosure, if there is a false situation, it must be punished by legal means." Political commissar Lu said.

　　As Wang Jianjun, vice chairman of the China Securities Regulatory Commission, said, without strict investor protection, there would be no stable and far-reaching registration system reform.

While doing a good job of pre-examination and entry control, we should pay more attention to in-process supervision and post-event investigations. It is necessary to urge market entities to return to their positions and fulfill their responsibilities, but also to ensure that investors exercise their rights and protect their rights in accordance with the law.

　　He said that from the perspective of Chinese characteristics and development stage characteristics, China has the world's largest and most actively traded investor group, which currently exceeds 190 million, of which 97% are small and medium investors with a stock market value of less than RMB 500,000.

Whether the legal rights and interests of the majority of small and medium investors can be protected is a key criterion for judging the success of the registration system reform.

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