The core significance of the reform of the stock issuance registration system in China's securities market is to end the history of the “Securities Privilege Law” in the field of capital market financing, emphasizing the return of the choice of capital market financing transactions to the market from the government. Our attention to the process and results of this reform should not stay only at the level of legal provisions. We have to focus on the following practical issues including the legal characterization of listing review behavior and issuance registration behavior, the legal characterization of listing review behavior and issuance registration behavior, the relationship between information disclosure supervision and compliance review, etc,. In the long term, we can rely on several specific external indicators to observe the extent of realization of China's stock issuance registration system in the future, including: the normalized implementation of the legal system for the delisting of listed companies, the abolition of regulatory measures to regulate the pace of new share issuances by regulatory authorities and the role of judicial relief mechanism for investor protection. Generally speaking, the registration system reform will have a profound impact on the development of China's securities legal system, but whether the expected goals of the reform can be achieved needs to be left to future testing.