注册制：何时启动与影响

中文版

注册制，作为资本市场改革的关键一步，对于我国金融市场的健康发展具有重要意义。那么，注册制到底在何时开始呢？

回顾历史，我国资本市场的股票发行长期实行的是审批制。然而，随着经济的快速发展和金融市场的日益成熟，审批制的弊端逐渐显现。为了更好地适应市场需求，提高市场的公平性和透明度，我国决定逐步推行注册制。

注册制的启动时间可以追溯到2019年。当时，科创板作为我国资本市场的新生力量，率先试点注册制。这一举措为注册制的全面推行积累了丰富的经验。随后，在2020年，创业板也正式实施了注册制。

注册制的实施，标志着我国资本市场进入了新的发展阶段。它不仅简化了企业上市的流程，提高了市场的效率，还有助于激发市场活力，促进资本市场的长期健康发展。

然而，注册制的推行也面临着一些挑战。例如，如何确保信息披露的真实性、完整性和及时性，如何有效防范市场风险等问题，都需要我们在实践中不断探索和完善。

展望未来，随着注册制的深入推进，我国资本市场将迎来更加广阔的发展空间。我们期待在不断完善的市场环境下，更多优质企业能够通过注册制走向资本市场，为我国经济的持续增长注入新的活力。

英文版

The Registration System: When Did It Begin and Its Impact

Chinese Version

The registration system, as a crucial step in the reform of the capital market, is of great significance to the healthy development of China's financial market. So, when did the registration system actually start?

Looking back at history, the stock issuance in China's capital market has long been subject to the approval system. However, with the rapid economic development and the increasing maturity of the financial market, the shortcomings of the approval system have gradually emerged. To better adapt to market demand, enhance market fairness and transparency, China decided to gradually implement the registration system.

The start of the registration system can be traced back to 2019. At that time, the Science and Technology Innovation Board, as a new force in China's capital market, took the lead in piloting the registration system. This initiative has accumulated rich experience for the full implementation of the registration system. Subsequently, in 2020, the ChiNext board also officially implemented the registration system.

The implementation of the registration system marks a new stage of development for China's capital market. It not only simplifies the listing process of enterprises, improves market efficiency, but also helps stimulate market vitality and promote the long-term healthy development of the capital market.

However, the implementation of the registration system also faces some challenges. For example, how to ensure the authenticity, completeness, and timeliness of information disclosure, and how to effectively prevent market risks are issues that require continuous exploration and improvement in practice.

Looking ahead, with the further advancement of the registration system, China's capital market will usher in broader development space. We look forward to more quality enterprises entering the capital market through the registration system under a continuously improving market environment, injecting new vitality into China's sustained economic growth.