Wu Xiaoqiu: The reform time from the entire market registration system will not be too long

"The Shanghai -Shenzhen Exchange conducted a useful exploration in terms of registration system, and has taken the third path for the development of China's capital market." On August 23, Wu Xiaoqiu, former vice president of Renmin University of China and president of the China Capital Market Research Institute, in the Yangtze River Delta The capital market 30um forum · Huangshan Summit said.

Wu Xiaoqiu pointed out that the reform of the registration system is the reform of the entire chain and the whole link. The construction of mergers and acquisitions, information disclosure, regulatory systems, delisting mechanisms, and legal systems should be carried out around the reform of the registration system.

"We are promoting in an orderly manner in this regard, but it has not been fully completed. After this is completed, the entire market should implement the registration system reform. We must actively create conditions and summarize experiences, and carry out registration system in the entire market. This time will not Too long. "Wu Xiao begged.

He believes that China's capital market will be reforming in the direction of marketization, legalization and internationalization based on the registration system.

First of all, the market -oriented reform is mainly to complete the diversity of the Chinese financial system and the improvement of wealth management functions. This is also the basis for the future of China's capital market to legalize and internationalization.

In terms of legalization, it is necessary to strictly abide by the requirements of the legal system to prevent external forces' intervention in the capital market. "Among the listed companies in China, there are some serious violations of regulations and laws, including fraudulent listing, false information disclosure, misappropriation of the funds of listed companies, etc., which have both listed companies' governance structure and legal reasons. The important foundation. "Wu Xiaoqiu pointed out.

Speaking of the internationalization of China's capital market, he mentioned that the opening of China's capital market is mainly two aspects, one is the increase in the proportion of overseas investors. At present, the proportion of overseas investors accounts for only 4.5%, the proportion is very low. "China must continue to increase the proportion of overseas investors. To this end, we must promote the reform of RMB liberalization and the internationalization of RMB."

The second is to allow overseas companies, including some Chinese stocks to return to the Shanghai and Shenzhen Exchange, which is also an important part of opening up.

"In the real economy or the capital market, openness cannot stop. Only by opening can we make the Chinese economy more competitive. Only openness can Chinese finance be more competitive. Only opening can the Chinese capital market become the Chinese capital market The new global financial center. "Wu Xiaoqiu said.

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