Core Viewpoint - The tax authority of Shenqiu County is focused on creating a better tax environment to support local economic development through innovative concepts, upgraded services, and transformed regulation [1]. Group 1: Concept Innovation - Shenqiu County Tax Bureau integrates refined service concepts into all aspects of tax work, innovating work mechanisms to ensure tax benefits reach market entities effectively [3]. - The bureau conducts tax-enterprise discussions and cloud-based research to understand the actual difficulties faced by businesses in policy implementation and business processing [3]. Group 2: Service Upgrade - The bureau is advancing the construction of a digital tax service system, establishing a professional interaction team for taxpayers [3]. - New services such as "cloud tax windows" and "cross-province handling" have been introduced, utilizing remote identity verification and real-time collaboration technologies to enable full online tax processing [3]. Group 3: Regulatory Transformation - A differentiated dynamic regulatory model is being implemented, with "green channel" management for A-level credit taxpayers and targeted regulation for high-risk enterprises [3]. - A one-stop platform for tax-related disputes has been established, improving the efficiency of dispute resolution by 60% through pre-mediation, professional hearings, and joint consultations [3]. Group 4: Future Directions - The Shenqiu County Tax Bureau aims to continue enhancing its functions with higher standards, more practical measures, and stricter requirements to further optimize the business environment [3].

Core Viewpoint - The 2025 government work report emphasizes the need to "reform and optimize the stock issuance and merger restructuring system," marking a significant institutional change crucial for the transition of China's stock market from "scale expansion" to "quality improvement" [1] Stock Issuance System - The U.S. stock market employs a "tiered registration system + market-based pricing" model, with the SEC conducting formal reviews and exchanges performing substantive reviews [6] - The UK stock market features a flexible listing system led by professional investors, allowing for simplified disclosure requirements and a "fast track" mechanism for quality companies [7] - Hong Kong's stock issuance combines international rules with local balance, implementing a dual filing system and emphasizing risk control mechanisms [8] Merger and Restructuring System - The U.S. merger market focuses on a market-driven ecosystem, utilizing a dual decision-making mechanism to prevent major shareholder interest transfer [9] - The UK emphasizes creditor protection, mandating full offers for significant shareholdings and implementing a pre-pack system for bankruptcy restructuring [10] - Hong Kong has strict reverse takeover rules and allows for scheme arrangements to facilitate cross-border mergers [11] Current Status and Issues - China's stock market is gradually moving towards marketization under the registration system, but faces challenges such as the inertia of "approval-like" practices and high proportions of new stock fundraising used for liquidity rather than core technology development [13][15] - The merger and restructuring market has seen a slowdown in 2023, but a notable increase in diversified strategic mergers in 2024, with significant growth in transaction values [16] Recommendations - The reform of stock issuance and merger restructuring systems should focus on balancing marketization and regulation, enhancing efficiency while ensuring safety [19] - A differentiated issuance system should be established, with specific standards for different market segments, and market-based pricing mechanisms should be implemented [20] - The merger review process should be simplified, and a variety of payment tools should be introduced to enhance flexibility in transactions [22][23] - Investor protection mechanisms need to be strengthened, including the establishment of a loss compensation system and improved information disclosure practices [25]