Regulator to reform IPO rules

Registration-based system will make capital market more open and efficient

China's securities regulator is committed to introducing the registration-based system for initial public offerings and would take necessary steps in this regard this year, a top official said on Friday.

The IPO reform will be "the most important task" for the regulator this year and it will help clarify the role of government and market. In addition, it will also solve some of the key problems in the nation's capital market, Xiao Gang, chairman of the China Securities Regulatory Commission, said in a speech at the regulator's annual work conference.