Yi Huiman, speak! The registration system cannot engage in ＂takenism＂! Ten key points, look quickly.

　　At the annual meeting of the Financial Street Forum in 2021, Yi Huiman, Chairman of China Securities Regulatory Commission faced the hot spots in the market and responded to topics such as the reform of the new share issuance registration system, the positioning of the North Stock Exchange and the development of the bond market.

　　Look at the key statement.：

　　1. The registration system does not mean relaxing the audit requirements, but must strictly control the truthfulness, accuracy and completeness of information disclosure to improve the quality of listed companies from the source.

　　2. It is hoped that relevant parties will simultaneously establish a responsibility mechanism and institutional system to prevent the disorderly expansion of capital, coordinate the process and results, push forward the regulatory barrier of the industry, realize the synchronization of industry norms and industry development, develop in an orderly manner, control and control "disorder", and jointly promote the healthy development of various capital norms.

　　3. In the process of registration system reform, we must pay more attention to the standardized guidance of capital, seek advantages and avoid disadvantages, strengthen strict supervision of financing and mergers and acquisitions in specific sensitive areas, and reduce risk spillover.

　　4. The implementation of the registration system must be based on the national conditions and market conditions, instead of simply engaging in "takenism", which is the fundamental starting point that must be adhered to in building a modern capital market with China characteristics.

　　5. Maintain the determination of reform, strengthen the evaluation and optimization of relevant institutional rules of the registration system, and enhance the stability, continuity and predictability of policies.

　　6. Further improve the issuance supervision mechanism of the whole chain and the supervision and balance mechanism of the whole process, and make solid and steady preparations for the reform of the whole market registration system.

　　7. Beijing Stock Exchange is the "leader", and the innovation layer and foundation layer of the New Third Board are the foundation. It is necessary to give full play to the role of the "leader" and "feedback" of Beijing Stock Exchange, and constantly do things to strengthen the innovation layer and foundation layer.

　　8. Resolutely curb excessive debt financing from the source, establish and improve the cross-market information sharing system, focus on controlling the issuer’s comprehensive debt level, improve the effective bond financing restraint mechanism, and prevent "high leverage" from excessive financing.

　　9. Further compact the responsibilities of intermediaries, improve the practice norms of bond underwriting, rating and other businesses, supervise and correct the development concept, and improve the quality of practice.

　　10. Properly handle the default risk in the bond market. Distinguish between increment and stock, distinguish between general corporate bonds and urban investment bonds, distinguish between short-term liquidity difficulties and loss of sustainable operation ability, and take classified measures to effectively maintain the smooth operation of the bond market.

　　We must resolutely curb excessive debt financing from the source.

　　Yi Huiman said that it is necessary to resolutely curb excessive debt financing from the source. On the one hand, establish and improve the cross-market information sharing system, focus on controlling the issuer’s comprehensive debt level, improve the effective bond financing restraint mechanism, and prevent "high leverage" from over-financing. On the other hand, we should further tighten the responsibilities of intermediaries, improve the practice norms of bond underwriting, rating and other businesses, supervise and correct the development concept, and improve the quality of practice.

　　Steadily expand the issuance scale of "double innovation" bonds and green bonds.

　　Accelerate the pilot of infrastructure REITs.

　　Yi Huiman said that it is necessary to promote the healthy development of the bond market and further improve the quality and efficiency of services.

　　The bond market is an important place to raise medium and long-term funds and plays an irreplaceable role in direct financing. In the past five years, the exchange bond market issued a total of about 34 trillion yuan, including 13.3 trillion yuan of non-financial corporate bonds, accounting for 72% of the total corporate bonds; The net financing was 8.8 trillion yuan, accounting for 5% of the increase in social financing scale in the same period. At the same time, adhere to classified policies, treat both the symptoms and the root causes, and promote issuers and related parties to comprehensively use market-oriented methods such as selling assets, debt restructuring, and introducing war investment to properly handle bond default risks. At present, the exchange bond market is generally stable, and the default rate remains at a low level of around 1%, but there are also many risks and challenges.

　　The high-quality development of the bond market needs to promote the formation of an institutional environment and a good ecology in which all parties are responsible and the market constraints are effective. First, we should fill the service shortcomings and further highlight the innovation points. Serving the real economy is the bounden duty of bond financing service. We should continue to adhere to the principle of "two unshakable" and promote the availability and convenience of debt financing for private enterprises and small and medium-sized enterprises. We will steadily expand the issuance scale of "double innovation" bonds and green bonds. Accelerate the pilot of infrastructure REITs to help form a virtuous circle of existing assets and new investment.

　　Always emphasizing the registration system does not mean relaxing the audit requirements.

　　Yi Huiman said that always emphasizing the registration system does not mean relaxing the audit requirements. It is necessary to strictly control the truthfulness, accuracy and completeness of information disclosure and improve the quality of listed companies from the source; Always emphasize the need to urge intermediaries to improve their ability to perform their duties; Always emphasize the need to coordinate the moderate balance of the primary and secondary markets.

　　It is necessary to give full play to the Beijing Stock Exchange

　　The role of "leading" in inciting and "feeding back"

　　Yi Huiman said that the Beijing Stock Exchange is the "leader", and the innovation layer and foundation layer of the New Third Board are the foundation. It is necessary to give full play to the role of the "leader" to incite and "feed back" the Beijing Stock Exchange, and constantly make efforts to strengthen the innovation layer and foundation layer. At the same time, strengthen interconnection with Shanghai and Shenzhen stock exchanges and regional equity markets, speed up the improvement of the whole chain system for serving small and medium-sized enterprises, and form a progressive growth path for small and medium-sized enterprises and a good multi-level market development ecology.