A new development pattern is being constructed, and internal and external uncertainties are increasing. After years of rapid development, China's economy has entered a high-quality development stage. In the face of the anti globalization tide, the tightening of Sino US relations, the epidemic and technological impact, China has shifted the focus of development from the outside to the inside, and proposed to build a new development pattern with China's big cycle as the main body and China's international double cycle promoting each other. This is not only an accurate response to the current international situation, but also an objective requirement based on China's reality.
In 2022, the stock issuance registration system will be fully implemented. In recent years, China has been actively and steadily promoting the reform of the registration system. At present, the gem and the science and innovation board have implemented the registration system. After summing up experience and further revising and promoting, it can be said that China has the necessary foundation for the full implementation of the registration system. The full implementation of the registration system next year will be a major milestone in the reform of the capital market. At the present time, it is of great significance. We should understand the significance of the registration system reform from the perspective of building a new development pattern. The construction of a new development pattern is not simply an expedient measure to deal with anti globalization and US pressure, but is rooted in the essential requirements of the transformation of China's development stage. In 2019, China's per capita GNI was US $10410. According to the latest standards published by the world bank in 2020, high-income countries are those with a per capita GNI of more than US $12695. China is currently in a key stage of moving beyond middle-income countries to high-income countries. According to international experience, the transition from middle-income countries to high-income countries is generally accompanied by the transformation of economic development mode, mostly from human resources driven to technological innovation driven. The full implementation of the registration system to help the financing and development of technological innovation enterprises is related to the overall situation of national economic transformation. In addition, one of the characteristics of the new development pattern is based on China, which needs strong domestic demand support. One of the main factors determining domestic demand is residents' income, the main source of residents' income is employment income, and China's small and medium-sized enterprises are the most important channel for residents' Employment. The reform of the registration system has opened the door to the financing of small and medium-sized enterprises, enhanced the survival and development ability of small and medium-sized enterprises, indirectly contributed to the improvement of residents' income and stimulated China's market demand. It is a major supporting measure for China to build a new development pattern.
Risk warning: the impact of epidemic situation exceeds expectations; Further tightening of industrial regulatory policies; Policy progress is less than expected; The Sino US trade war continues to escalate; The performance growth of listed companies is lower than expected; Risk of continued deterioration of economic situation outside China; Systemic risks in foreign markets.
