The recently released "Construction Situation of China Securities Regulatory Commission's Rule of Law Government in 2023" (hereinafter referred to as "Construction Situation") shows that in 2023, the China Securities Regulatory Commission strictly adheres to the requirements of the "Implementation Outline of Rule of Law Government Construction (2021-2025)", adheres to the overall tone of seeking progress while maintaining stability, and continues to strengthen the construction of a rule of law government in the capital market. In 2024, the China Securities Regulatory Commission will adhere to the principles of seeking progress while maintaining stability, promoting stability through progress, establishing first and then breaking through, and continue to deepen the construction of a rule of law government in the capital market. In 2023, the China Securities Regulatory Commission delivered excellent results in the construction of a rule of law government, and many commendable works were achieved. Strengthening the Basic Legal System in Promoting the Deepening and Strengthening of the Stock Issuance Registration System. According to the "Construction Situation", on February 17, 2023, the relevant rules and regulations for the comprehensive implementation of the stock issuance registration system were officially released and implemented. Since the implementation of the comprehensive registration system reform, the overall operation of relevant institutional arrangements has been stable and orderly. Supervision and law enforcement in all aspects of the entire chain have been further strengthened, and the quality and efficiency of capital market services for the real economy and technological innovation have been continuously enhanced. The Construction Situation points out that the Standing Committee of the National People's Congress has reviewed and approved the revised New Company Law, and the State Council has reviewed and approved the Regulations on the Supervision and Administration of Private Investment Funds. Relevant departments continue to promote the formulation and revision of laws, regulations, and judicial interpretations such as the Enterprise Bankruptcy Law, Financial Stability Law, Regulations on the Supervision and Administration of Listed Companies, and Regulations on the Supervision and Administration of Securities Companies. As a result, the construction of the basic legal system of the capital market has been further improved. "20 regulations and 64 normative documents were issued throughout the year. In terms of improving important institutional rules in the capital market, the" Construction Situation "explains that the China Securities Regulatory Commission has formulated the" Management Measures for Independent Directors of Listed Companies "to promote the formation of a more scientific independent director system."; Revise the Management Measures for the Issuance and Trading of Corporate Bonds to include corporate bonds as a whole in the regulatory framework for corporate bonds; Revise the Measures for the Administration of Futures Exchanges to further strengthen the institutional foundation for the supervision of futures exchanges; Revise the Management Measures for Private Asset Management Business of Securities and Futures Operating Institutions to guide them to improve the quality and efficiency of their private asset management business in serving the real economy. Liu Junhai, a professor at the Law School of Renmin University of China, said, "Only with good laws can good governance be achieved." In terms of strengthening the construction of the "zero tolerance" system in the capital market, the "Construction Situation" points out that the China Securities Regulatory Commission has implemented the "Opinions on Strictly Cracking down on Securities Illegal Activities in accordance with the Law", and in accordance with the decisions and deployments of the Central Financial Work Conference on comprehensively strengthening financial supervision, effectively preventing and resolving financial risks, and promoting the revision of the opinions of the four ministries on handling securities and futures illegal and criminal cases, significant achievements have been made in the "zero tolerance" crackdown on securities illegal activities. "A total of 717 cases were handled throughout the year, including 186 major cases. Throughout the year, 539 penalty decisions were made, with a fine of 6.389 billion yuan and 103 people banned from entering the market. Efforts were continuously intensified to crack down on suspected criminal cases, and 118 suspected criminal cases were transferred and clues were reported to public security organs. In strengthening the punishment of major cases and law enforcement in key areas, the" Construction Situation "pointed out that...",