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"The magazine Roundup" yesterday the people's daily issued a State Council Premier Wen Jiabao's speech excerpts at the national financial work Conference. Wen Jiabao pointed out: we should deepen the IPO market-oriented reform of further weakening of administrative examination and approval, strengthen the capital constraints, market discipline and integrity constraints. IPO market-oriented reform of market focus of attention, Wen"Further weakening of administrative examination and approval" stand, and caused great concern. According to the Shanghai Securities News reported that the relevant sources, to implement the instructions of the leadership of the State Council, the SFC is a comprehensive discussion on offering, to the full, complete and accurate information disclosure as the Center, improving the issuance examination system. At the same time, continued weakening of administrative examination and approval, strengthen the capital, market and creditConstraints, value judgement and risk judgments independently by investors. For example, in the IPO underwriting, pricing, links, you can try to weaken the current just by the Trojan and bid pricing inquiry system of administrative control, while upholding the "Excellencies," on the basis of the principles, guide and encourage issuers, underwriters autonomous arrangements inquiry, pricing and underwriting practices, and through a series of institutional arrangements,Balancing the interests of issuers and investors. "China's capital market is in the process of economic transition from planned to market established, due to a period of market development are not in place, natural need administrative powers to play a role in certain areas, but gradually when the market mechanism can play a bigger role when administrative power must consider phasing out the associated areas, this approach is bothSet. "In addition, Wen Jiabao also stressed that to promote stable and healthy development of the stock futures market. To accelerate the development of multi-level capital market system, for different sizes and types, different stages of enterprise to provide customized services. Continue to improve Board, small and medium enterprise Board and the gem market, actively explore development over-the-counter market. The quality of listed companies are stock market developmentThe cornerstone. To steadily raising the level of corporate governance and transparency, perfecting a modern enterprise system, and function of capital markets, merger into play to promote stronger and industrial optimization and upgrading of listed companies. Perfecting the mechanism of listed company investor returns, guide and encourage increased cash dividend; perfecting delisting system, upholding the fittest, and continuously improve the quality of listed companies and promote primary andHealthy development of secondary markets. Safe launch of commodities such as crude oil futures and financial derivatives. Promote development of venture capital and private equity investment norms. 　　Crackdown on insider trading, market manipulation, fraud, false to market disclosure violations. Specification for bond market development, Wen Jiabao pointed out: to adhere to market-oriented reform direction, to cultivateIndustry credit, strengthening market discipline and risk-sharing mechanisms, enhance market transparency, to create a good system for bond market development environment. Steadily expand the scale of the bond market, and to promote product innovation and diversification. Improve the bond issuance management system, currently in the Department be responsible on the basis of strengthened coordination, improving information disclosure standards, implementation of regulatory responsibilities. Strengthening bondsInfrastructure construction, and further promote interconnection, over-the-counter market in the field. At the same time, we should actively create conditions and unified access and regulatory standards, regulate a unified bond market. "Author: Caijing Roundup" (Editor: Jin Yunhui)