BEIJING, Oct. 21 (Xinhua) -- China will put in place an open and transparent capital market system, keep its hands off matters that are not subject to regulation, and foster a healthy market ecosystem, the head of the country's securities regulator said Wednesday.
The building of the fundamental system of the capital market demands firm determination and consistent actions, said Yi Huiman, chairman of the China Securities Regulatory Commission, at the Annual Conference of Financial Street Forum 2020.
While maintaining general stability, the fundamental system should also keep evolving with the development of the market, he said.
The country will steadily promote the registration-based initial public offerings (IPOs) system throughout the capital market, Yi said, adding that with reform of the registration system taking the lead, China's capital market will see innovations in key mechanisms in the future.
Apart from the piloting of a registration-based IPO system on the ChiNext board, China has rolled out a raft of measures in recent years to make key institutional innovations, including the establishment of a sci-tech innovation board and the reform of the National Equities Exchange and Quotations, or the "new third board."
Yi urged efforts to improve supporting measures to facilitate the development of institutions in the sectors of securities, funds and futures, so as to nurture world-class investment banks and wealth managers.
While advancing institutional opening-up, the country will introduce policies to standardize and simplify channels for foreign investors to participate in China's capital market, and deepen the connectivity of domestic and foreign markets, Yi added.
The conference, which runs from Oct. 21 to 23 in Beijing, features four parallel forums centered around financial cooperation and reform in the context of global changes, offering an interactive platform for finance and the real economy. Enditem
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