On November 3, at the International Finance Leaders Investment Summit, Li Chao, vice chairman of the China Securities Regulatory Commission, said that the world is currently undergoing 100 years of transformation, a new round of technological revolution and industrial transformation represented by artificial intelligence has accelerated breakthroughs, and the high-quality development of the capital market is facing new situations and new challenges. The China Securities Regulatory Commission will work with relevant parties to earnestly promote the collaborative development of mainland and Hong Kong capital markets. The first is to make every effort to maintain the stability of the capital market. Li Chao said, “Since this year, in the face of multiple import risks exceeding expectations, we have closely strengthened supervision, insisted on treating both symptoms and root causes, and built mechanisms, and focused on consolidating the foundation for market stability. Further improve the ecosystem of long-term investment and long-term assessment, further push forward public fund reform, promote medium- and long-term capital such as social security, pensions, and insurance to increase the scale of equity investment, and continuously improve the quality and investment value of listed companies. In the first three quarters of this year, listed companies launched nearly 2,000 mergers, acquisitions and restructuring, with a transaction amount of nearly 1.5 trillion yuan. A number of high-quality enterprises accelerated transformation and upgrading through mergers, acquisitions and restructuring, and achieved value growth. Since this year, the revenue and profits of A-share listed companies have shown a good growth trend. The amount of dividend repurchases far exceeds the amount of IPOs and refinancing, and investors' awareness and ability of listed companies to return has increased markedly.” Second, continue to deepen capital market reforms. Focusing on serving the development of new quality productivity, since this year, it has successively introduced optimized refinancing system mechanisms, deepened the reform of the Science and Technology Innovation Board, expanded the scope of application of the fifth set of standards on the Science and Technology Innovation Board, and supported the efficient listing of a number of enterprises representing new quality productivity, such as artificial intelligence, to strongly promote the optimization of the A-share market structure and drive the advantageous development of industrial clusters. The third is to make greater efforts to improve the effectiveness of supervision and enforcement. Resolutely crack down on all kinds of illegal acts, carry out special actions to crack down on financial fraud for 3 consecutive years, carry out comprehensive rectification of illegal securities issuance by overseas brokerage firms, promote the issuance of guidance opinions to standardize the development of private equity funds, strengthen supervision and risk prevention and control, improve basic capital market system rules, and better protect the legitimate rights and interests of small and medium-sized investors. Fourth, steadily expand high-level opening-up to the outside world. Overseas listings of more than 130 companies were completed in the first three quarters of 2026, supporting enterprises to make good use of the two markets and resources, and enriching cross-border investment product channels. Support the smooth listing of 5-year RMB treasury bond futures in Hong Kong, and allow QFII to participate in domestic treasury bond futures trading. Recently, it also approved the establishment of Citigroup Securities China, increasing the number of foreign-owned securities companies to 7. Li Chao said that in the next step, the China Securities Regulatory Commission will earnestly implement the requirements of the national “15th Five-Year Plan” and further promote the implementation results of the new “National Nine Rules” and the capital market “1+N” policy system. Guided by continuing to deepen comprehensive capital market reforms, enhance the inclusiveness and adaptability of the system; accelerate the implementation of a new round of capital market reform and opening-up with strict supervision in accordance with the law, and improve capital market functions in coordination with investment and financing.

On November 3, at the International Finance Leaders Investment Summit, Li Chao, vice chairman of the China Securities Regulatory Commission, said that the world is currently undergoing 100 years of transformation, a new round of technological revolution and industrial transformation represented by artificial intelligence has accelerated breakthroughs, and the high-quality development of the capital market is facing new situations and new challenges. The China Securities Regulatory Commission will work with relevant parties to earnestly promote the collaborative development of mainland and Hong Kong capital markets. The first is to make every effort to maintain the stability of the capital market. Li Chao said, “Since this year, in the face of multiple import risks exceeding expectations, we have closely strengthened supervision, insisted on treating both symptoms and root causes, and built mechanisms, and focused on consolidating the foundation for market stability. Further improve the ecosystem of long-term investment and long-term assessment, further push forward public fund reform, promote medium- and long-term capital such as social security, pensions, and insurance to increase the scale of equity investment, and continuously improve the quality and investment value of listed companies. In the first three quarters of this year, listed companies launched nearly 2,000 mergers, acquisitions and restructuring, with a transaction amount of nearly 1.5 trillion yuan. A number of high-quality enterprises accelerated transformation and upgrading through mergers, acquisitions and restructuring, and achieved value growth. Since this year, the revenue and profits of A-share listed companies have shown a good growth trend. The amount of dividend repurchases far exceeds the amount of IPOs and refinancing, and investors' awareness and ability of listed companies to return has increased markedly.” Second, continue to deepen capital market reforms. Focusing on serving the development of new quality productivity, since this year, it has successively introduced optimized refinancing system mechanisms, deepened the reform of the Science and Technology Innovation Board, expanded the scope of application of the fifth set of standards on the Science and Technology Innovation Board, and supported the efficient listing of a number of enterprises representing new quality productivity, such as artificial intelligence, to strongly promote the optimization of the A-share market structure and drive the advantageous development of industrial clusters. The third is to make greater efforts to improve the effectiveness of supervision and enforcement. Resolutely crack down on all kinds of illegal acts, carry out special actions to crack down on financial fraud for 3 consecutive years, carry out comprehensive rectification of illegal securities issuance by overseas brokerage firms, promote the issuance of guidance opinions to standardize the development of private equity funds, strengthen supervision and risk prevention and control, improve basic capital market system rules, and better protect the legitimate rights and interests of small and medium-sized investors. Fourth, steadily expand high-level opening-up to the outside world. Overseas listings of more than 130 companies were completed in the first three quarters of 2026, supporting enterprises to make good use of the two markets and resources, and enriching cross-border investment product channels. Support the smooth listing of 5-year RMB treasury bond futures in Hong Kong, and allow QFII to participate in domestic treasury bond futures trading. Recently, it also approved the establishment of Citigroup Securities China, increasing the number of foreign-owned securities companies to 7. Li Chao said that in the next step, the China Securities Regulatory Commission will earnestly implement the requirements of the national “15th Five-Year Plan” and further promote the implementation results of the new “National Nine Rules” and the capital market “1+N” policy system. Guided by continuing to deepen comprehensive capital market reforms, enhance the inclusiveness and adaptability of the system; accelerate the implementation of a new round of capital market reform and opening-up with strict supervision in accordance with the law, and improve capital market functions in coordination with investment and financing.