Specifically, in terms of the basic system of the capital market, there is still a lot of room for the market-oriented reform of IPO and mergers and acquisitions. Recently, the issue of new shares has been controversial, which reflects the resistance faced by issuers in promoting market-oriented reform. In the future, it will be the goal of reform to liberalize the administrative control of supply and let the market decide the issuance rhythm and price. In terms of basic legal protection, the newly revised Securities Law has not yet been officially promulgated, and more support is still needed from the legal level for the new problems and new phenomena facing the A-share market. In terms of market supervision, the primary and secondary markets still face a series of outstanding problems, such as endless illegal crimes, low illegal cost, insufficient law enforcement means, insufficient law enforcement deterrence, and damage to the interests of small and medium investors, which need to be further strengthened. In addition, in the current financial system, indirect financing is still dominant, and direct financing represented by the securities market needs to be expanded urgently.
Objectively speaking, under the background that China's capital account has not been fully opened, since MSCI officially started the examination of A-shares' inclusion in the emerging market index in 20 13, in order to meet the requirements of MSCI and international investors, financial supervision departments including the China Securities Regulatory Commission have carried out a series of reforms on the A-share market, including the suspension system, foreign exchange management, income distribution and other issues raised by MSCI, as well as the interconnection mechanism between Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. From the effect point of view, these reforms have further promoted.
"It takes hard work to strike while the iron is hot". Marketization and rule of law are the solid foundation and premise of internationalization. After all, MSCI is only a commercial company, and its business decisions are more about the recognition of a country's capital market governance by global investors. In this sense, the successful incorporation of the A-share market into MSCI is an affirmation of the reform direction and efforts of China's securities market. We should take this opportunity to further deepen the reform of the A-share market and fundamentally improve the financial competitiveness of the A-share market and the level of serving the real economy.