The full and accelerated share reform appears to signal the advanced regions in re-financing.

<P Align=left> </ P> <P> 39 central enterprises, 135 places in 11 provinces listed as the focus of the company holding the first complete model of reform </ P> <P> full speed up the pace to be the first task of the share reform. .Prominent feature of the capital market reform will lead to a high degree of market reaction, long-term benefit even if the policy will affect the market reaction smooth progress of reform. .</ P> <P> reform is to break the existing balance, the process of establishing a new balance. .The process of reform inevitably brings uncertainty to resolve this conflict, we must shorten the reform period. .</ P> <P> in the premise of maintaining market stability, recovery and re-financing policy of the initial public offering of new shares, shares will improve the rapid development of the region and the completion of the implementation of reform policies favoring the company, which is held in the State 10 .share reform meeting revealed that out of the regulatory policy guidance. .Combination of pre-reform basic, stock reform will speed up the reform process in the appropriate, specific measures are taken to point to an area forward, to 39 central enterprises, and 135 places in 11 provinces listed holding company as a focus of the company, the first complete demonstration of reform. .</ P> <P> one of the participants said the spirit of that case: full speed up the pace to be the first task of the share reform. .Prominent feature of the capital market reform will lead to a high degree of market reaction, long-term benefit even if the policy will affect the market reaction smooth progress of reform. .Reform is to break the existing balance, the process of establishing a new balance. .The process of reform inevitably brings uncertainty to resolve this conflict, we must shorten the period of reform, especially after the reform is expected to stable, should seize the opportunity to speed up the reform process if mixed old and new mechanisms for long running time bound .produce some adverse effects. .</ P> <P> run the old and new double-track mechanism, the first policy is not conducive to maintaining the stability of expectations and market expectations, the market both new and long-standing exclusive system, not only the value of the new center is difficult as soon as possible, and may change in the industry cycle ., institutional investors adjust its strategy together with cross-market factors, etc., thereby increasing market volatility. .</ P> <P> Second, the old and the new double-track operation is not conducive to the recovery of market functioning. .Objective of the reform is to improve the functioning of markets, if not as soon as possible after the reform of the company dominant in the capital markets, it is difficult to fully restore the functioning of markets may also lead to negative talk of reform, increase the resistance to change. .</ P> <P> again, run the old and the new track is not conducive to capital market system innovation. .Capital market for a long time in a two-track mechanism to hinder the Securities and Exchange mechanisms and product innovation, M & A and other means of reform effects. .</ P> <P> the previous period of reform, based on the share reform has had to accelerate the condition, appropriate to speed up the reform process, the specific approach is taken to point to area to promote, market weights larger 39 central enterprises holding listed companies and .11 provinces and cities 135 listed companies controlled by local businesses as the focus of the company, be the first to complete the focus of the company's demonstration reform, reform and stabilize the market to play a demonstration effect and leverage. .</ P> <P> is noteworthy that, in announcing the IPO will be refinancing and advanced regions in the share reform policies, Guangdong and Shanghai are rapidly advancing as the share reform on behalf of the region, introduced to the General Assembly made a statement of experience .. .</ P> <P> It is reported that the leading group split share structure reform policies will soon be issued the following measures: First, study the trading environment can be full circulation systems, mergers and acquisitions, financing conditions, derivative products, system innovation, support .The company has completed the share reform and Make, incremental capital investment to improve the company's investment climate reforms; second is to develop the management of listed companies within the management practices and incentives to implement the state-owned controlling shareholders of listed companies supporting the management incentive management approach; three .the study into the development of stock market value on the performance evaluation mechanism for state-owned enterprise system, the relevant provisions; Fourth, the development of the share reform of the price paid for accounting treatment. .</ P>.