Abstract:
The strategic deployment to develop new quality productive forces imposes higher demands on the improvement of capital markets and regulatory systems. The securities regulatory system should continuously iterate and update specific rules based on regulatory principles and industrial needs, responding to the particular financing requirements of emerging industries and new quality productive forces. This approach will render the regulatory system more comprehensive, inclusive, and adaptive. To promote capital formation, it is essential to improve the fundamental system of private placement of securities, refine the multi-tiered capital market system, and establish a more accommodating institutional environment. Concurrently, mechanisms facilitating entry into public markets—such as diversified listing standards—should be enhanced, and procedural conveniences such as confidential submission should be extended to benefit a broader range of issuers. To improve the regulatory system accordingly, with respect to information disclosure, issuers should be incentivized by clarifying the boundaries of the voluntary disclosure regime, and concise and workable differentiated disclosure requirements should be constructed based on the fundamental logic of the registration-based system. With respect to regulating issuer governance, cash management practices should be regulated in light of the particular needs of new quality productive forces, and restrictions on the applicable scope of dual-class share structures should be relaxed.
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