Core Viewpoint - The article emphasizes the need for the sustainable development of China's A-share market amidst increasing global competition and market volatility, highlighting the importance of reforms in registration systems, delisting mechanisms, information disclosure, long-term capital entry, and investor protection to enhance market quality and resilience [2]. Group 1: Improvement of Registration System - The registration system should be continuously improved, focusing on information disclosure and market-driven mechanisms for listing and delisting [3]. - A-share IPO fundraising increased by 54.92% since the implementation of the comprehensive registration system, but the delisting rate remains low at 0.44%, indicating structural issues in market exit mechanisms [3][4]. Group 2: Enhancing Information Disclosure - There is a need to enhance the quality of information disclosure by refining content and standards, including detailed governance disclosures and industry-specific guidelines [5]. - Timely reporting and real-time disclosure of significant events should be optimized to reduce information delays affecting market performance [5]. Group 3: Establishing Efficient Delisting Mechanisms - An efficient delisting mechanism is crucial for orderly market entry and exit, with current A-share processes being lengthy and allowing for financial manipulation to avoid delisting [6]. - Recommendations include shortening the delisting warning period and streamlining the delisting process to improve market clearing efficiency [6]. Group 4: Promoting Internationalization and Industrial Upgrading - The article advocates for expanding market openness by easing foreign investment restrictions and enhancing cross-border trading mechanisms to attract international capital [8]. - The proportion of strategic emerging industry listings has increased to 83.58%, reflecting market support for innovation-driven economic growth [7]. Group 5: Financial Stability Mechanisms - Establishing a sizable stabilization fund is recommended, with a target size of 2% to 6% of total market capitalization to enhance market resilience [11]. - Additional market-based emergency tools should be developed to address liquidity crises and support long-term market stability [12]. Group 6: Strengthening Investor Protection - Strengthening regulations on major shareholder reductions is essential to maintain market stability and protect minority investors [14]. - The establishment of a dedicated legal framework for investor protection is suggested to ensure comprehensive safeguards for investors [15]. Group 7: Encouraging Long-term Investment - The article highlights the importance of long-term capital in shaping investment philosophies, suggesting tax incentives to promote long-term holding behaviors [17]. - A robust dividend policy is recommended to attract long-term investors and ensure stable returns, addressing the current low dividend rates in the A-share market [19].