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Chen praised the streamlining of the drug registration process, but said it could be improved for medical devices. "Unfortunately, the medical devices registration process continues to be confusing and subject to individual reviewer interpretation."

Chen, 53, is an environmental scientist by training. He received his Ph.D degree from Imperial College London, where he worked as a research associate before returning to teach at his alma mater Tsinghua University in 1998.

Chief Executive Carrie Lam Cheng Yuet-ngor had dismissed similar suggestions last year, saying that it might prompt a wave of judicial reviews against the government and would therefore be inefficient at increasing land supply.

Chen said part of the reason is that the newly retired group has greater consumption ability and has more experience in adapting to unfamiliar outside world.

ChiNext's new IPO system will underscore China's consistent pursuit of reform to boost the role of the capital market in serving the country's economic development.