The three registration systems refer to the stock issuance registration system, the bond issuance registration system and the fund issuance registration system. The registration system of stock issuance refers to changing the original IPO audit method to "who applies, who accepts, who is responsible and who gives feedback", and enterprises must meet certain conditions before listing. The bond issuance registration system refers to strengthening the issuance registration system of domestic corporate bonds and convertible bonds, and improving the transparency and standardization of the bond market. The registration system of fund issuance refers to setting a threshold for the issuance of fund products, strengthening supervision, preventing risks and protecting investors' rights and interests.

The introduction of the three major registration systems is of great significance to the reform and development of China's capital market. It can standardize the financing behavior of enterprises' listing, bonds and funds, reduce information asymmetry and enhance market competition and transparency. In addition, the three registration systems can also promote investors' risk awareness and rational investment awareness, reduce investment risks and protect investors' interests. Most importantly, the three major registration systems can promote the development of China's capital market in a more market-oriented, international and legal direction.

It will take some time for China's capital market to implement the three major registration systems, but initial results have been achieved. Through the implementation of the three major registration systems, the development and reform of China's capital market will be more systematic, scientific and standardized. In the future, China's capital market needs to further implement the requirements of the three major registration systems, and continue to make efforts in market supervision, information disclosure and investor education to create a more stable, transparent and fair capital market.