BEIJING — China stands ready to extend the reform of registration-based initial public offerings (IPOs) system to all parts of its capital markets, a senior official with the country's securities regulator said on Oct 22.

Conditions of rolling out the registration-based system throughout China's capital market have gradually matured following a pilot program, said Li Chao, vice-chairman of the China Securities Regulatory Commission, at the Annual Conference of Financial Street Forum 2020, which runs from Oct 21 to 23 in Beijing.

Since 2019, the country has stepped up IPO reform, piloting a registration-based system on the Shanghai Stock Exchange's sci-tech innovation board and the Shenzhen Stock Exchange's ChiNext board.

The reform practice has achieved remarkable results and won recognition, Li added.

Major institutional innovations have withstood market tests, Li said, citing a more rational new stock pricing, higher pricing efficiency and the establishment of market-based issuance and underwriting mechanisms as evidence.

To further advance IPO reform throughout the market, the country will improve the framework of a registration-based system suited to its national conditions, optimize a supervision mechanism covering all links and all types of market players, and make steady progress in institutional innovations, Li said.