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3. Reform of comprehensive registration system1, the relationship between 519 market and policy change.After the share reform, the stock market has gradually entered the track of "marketization, legalization and internationalization". However, our issuance system has long been an approval system, and the international practice is the registration system. We have promoted the reform of the comprehensive registration system after piloting the GEM and science and technology innovation board. Although there have been some problems criticized by the market, the general direction of this reform must be correct. The comprehensive registration system is an inevitable choice for comprehensive marketization and a fundamental reform of the capital market system.

Second, the stock market ecology under the registration systemThe mature stock market is registered, which is linked with the developed short-selling mechanism of individual stocks. The high elimination rate of Nasdaq and a large number of fairy stocks in Hong Kong stocks are all formed under the joint action of the developed short-selling mechanism of individual stocks under the registration system. The registration system makes the issuance and listing of new shares convenient and easy, and will be short-listed and rarely become a "shell resource".After the share reform, the stock market has gradually entered the track of "marketization, legalization and internationalization". However, our issuance system has long been an approval system, and the international practice is the registration system. We have promoted the reform of the comprehensive registration system after piloting the GEM and science and technology innovation board. Although there have been some problems criticized by the market, the general direction of this reform must be correct. The comprehensive registration system is an inevitable choice for comprehensive marketization and a fundamental reform of the capital market system.

3. Reform of comprehensive registration systemSecond, the stock market ecology under the registration systemAfter the share reform, the stock market has gradually entered the track of "marketization, legalization and internationalization". However, our issuance system has long been an approval system, and the international practice is the registration system. We have promoted the reform of the comprehensive registration system after piloting the GEM and science and technology innovation board. Although there have been some problems criticized by the market, the general direction of this reform must be correct. The comprehensive registration system is an inevitable choice for comprehensive marketization and a fundamental reform of the capital market system.