On July 15, Xiao Gang, Chairman of the China Securities Regulatory Commission ("CSRC") stated that, in the next step, CSRC will accelerate the development of multi-level capital market and the support of the development of medium, small and micro enterprises. The specific works include improving the system arrangement of small and medium enterprises board and growth enterprise market, accelerating the release of pilot program of expanding national equity transfer system, further expanding the pilot program of small and medium-sized enterprise private placement bonds, and formulating the measures and detailed rules for directional issuance and merger, acquisition and restructuring of non-listed public companies.