Vice-Premier Liu He attended the inauguration ceremony of the STAR Market — also known as the science and technology innovation board — at the Lujiazui Forum on June 13 in Shanghai.

Liu said the launch of the market will stimulate reform of the entire financial sector, nurture more technologically innovative companies and facilitate economic transformation.

The STAR Market will develop step by step and should be rationally treated and constantly experimented, he said.

He asked for effective implementation of the registration system for the stock market, perfecting the rule of law and increasing the costs of violating the law.

Noting China’s economy has changed from a high-speed growth stage to one of high-quality development, he said improved supply, upgraded demand and more appropriate financial systems will support stable and healthy economic development in the long term.

He said the current financial situation in China is generally stable and the phased targets of preventing and defusing financial risks has been achieved, adding the basic system of the financial market must be constantly improved.

He also emphasized the need to build Shanghai into an international financial center.