Core Viewpoint - The upcoming National People's Congress is focusing on the registration system reform, emphasizing the importance of balancing "stability" and "progress" to achieve "seeking progress while maintaining stability" [1] Group 1: Registration System Reform - The registration system reform has accelerated the allocation of capital market resources towards technological innovation, significantly benefiting the real economy [2] - As of February 28, 2023, the Science and Technology Innovation Board has listed 391 companies, raising a total of 547.848 billion yuan, with a total market value of 5.21 trillion yuan and an average price-to-earnings ratio of 63.89 times; the Growth Enterprise Market has listed 282 companies, raising 243.686 billion yuan, with a total market value of 2.29 trillion yuan and an average price-to-earnings ratio of 49.28 times [2] - Experts believe that the conditions for fully implementing the registration system in China's capital market are already in place, with a more complete institutional foundation [2] Group 2: Challenges and Considerations - The registration system reform involves comprehensive changes across the entire chain, including information disclosure, trading, delisting, and investor protection [4] - Experts highlight five key issues to address during the reform: establishing effective market constraints, protecting investor rights, enforcing strict regulations against fraud, enhancing regulatory capabilities, and improving delisting standards [4] - The current delisting rate is considered low, necessitating further optimization of delisting standards and processes [4] Group 3: Enhancing Company Quality - Under the comprehensive registration system, the capital market must also focus on improving the quality of listed companies [5] - It is essential to enhance the market's ability to eliminate underperforming companies while promoting the selection of high-quality firms [5] - Strengthening regulatory oversight, particularly against financial fraud, and improving transparency in mergers and acquisitions are crucial for directing resources towards genuinely high-quality companies [5]

Group 1 - The establishment of the Beijing Stock Exchange (BSE) is a significant milestone in the high-quality development of China's multi-level capital market, aimed at serving innovative small and medium-sized enterprises (SMEs) [2][3] - As of March 9, 2022, the BSE has 87 listed companies with a total market capitalization exceeding 200 billion yuan, and over 90% of the companies reported positive net profits for 2021 [2] - The BSE's market structure is designed to support innovative SMEs, with 87% of listed companies in strategic emerging industries, advanced manufacturing, and modern services [3] Group 2 - The BSE operates under a registration-based system, enhancing transparency and efficiency in the listing process, which is expected to broaden the benefits of capital market reforms [3][4] - The BSE has established a pyramid-shaped market structure, with all listed companies originating from the innovative tier of the New Third Board, enhancing market connectivity [4] - The BSE is designed specifically for innovative SMEs, providing them with new financing channels and opportunities to enter the capital market earlier [5]