Liu Haoling, Vice Chairman of the Securities Regulatory Commission: The capital market is resilient and the investment ecosystem continues to improve

Zhitong Finance App learned that on November 12, Liu Haoling, vice chairman of the China Securities Regulatory Commission, said in his speech at the 2026 Shanghai Stock Exchange International Investors Conference that the capital market is resilient and the investment ecosystem continues to improve. In recent years, comprehensive capital market investment and financing reforms have continued to advance, and the “1+6” reform of the Science and Technology Innovation Board, the “six rules of mergers and acquisitions”, the GEM deepening reform, and refinancing optimization policies have continued to be implemented. The construction of a series of systems conducive to “long-term money and long-term investment” has progressed steadily. The scale and proportion of medium- and long-term capital entering the market, such as social security, pensions, and insurance, has steadily increased. Net purchases of A-shares have exceeded 600 billion yuan since the beginning of the year. The operating efficiency of listed companies has continued to improve. Since this year, the scale of dividend repurchases of listed companies has exceeded the amount of IPOs and refinancing, and the investor return mechanism has continued to be consolidated. At the same time, a high level of opening up the capital market to the outside world is progressing in an orderly manner. More and more internationally renowned financial companies are setting up institutions and investing in exhibitions in China. The QFII system and the Shanghai-Shenzhen-Hong Kong Stock Connect mechanism have been continuously optimized to allow QFII to participate in domestic treasury bond futures trading, and RMB treasury bond futures are also listed smoothly in Hong Kong. Continue to strengthen supervisory capacity and risk prevention capacity building in an open environment, and establish a secure bottom line for a high level of opening-up to the outside world.

The original text is as follows:

Liu Haoling, Vice Chairman of the China Securities Regulatory Commission, delivered a speech at the 2026 Shanghai Stock Exchange International Investors Conference

Dear Vice Mayor He Qing and Chairman Qiu Yong,

Dear guests and friends,

Good morning everyone!

I am very happy to join you at the 2026 Shanghai Stock Exchange International Investor Conference during the golden autumn season. First of all, on behalf of the China Securities Regulatory Commission, I would like to warmly congratulate the holding of this conference and extend my heartfelt thanks to people from all walks of life who have cared about, supported, and participated in the construction of China's capital market for a long time! I would like to extend a sincere welcome to all the guests attending this conference!

With the theme of “Interaction, Integration, Mutual Benefit and Win-win”, the conference invited global investors to discuss the “safety, resilience and innovative value” of Chinese assets, which is of great practical significance. Taking this opportunity, I would like to share a few opinions based on China's macroeconomic and capital market deepening reforms and a high level of opening up.

First, China's development has long-term certainty, and there is a solid foundation for investing in China. The current 100 years of changes in the world are evolving at an accelerated pace, the international environment is chaotic and intertwined, and the impact of fluctuations in global liquidity cycles and geographical conflicts continues to test the capital markets of various countries. China has always insisted on using its own high-quality development to inject certainty into the world economy. Since this year, under the strong leadership of the Party Central Committee and the State Council, the Chinese economy has withstood multiple external pressures and maintained smooth operation, showing a good trend of new momentum and improved structure. In the first three quarters of this year, the gross domestic product exceeded 107 trillion yuan, a year-on-year increase of 4.6%. The “15th Five-Year Plan” got off to a good start. This is a solid foundation for the smooth operation of the capital market.

Second, the capital market is resilient in development, and the investment ecosystem continues to improve. In recent years, comprehensive capital market investment and financing reforms have continued to advance, and the “1+6” reform of the Science and Technology Innovation Board, the “six rules of mergers and acquisitions”, the GEM deepening reform, and refinancing optimization policies have continued to be implemented. The construction of a series of systems conducive to “long-term money and long-term investment” has progressed steadily. The scale and proportion of medium- and long-term capital entering the market, such as social security, pensions, and insurance, has steadily increased. Net purchases of A-shares have exceeded 600 billion yuan since the beginning of the year. The operating efficiency of listed companies has continued to improve. Since this year, the scale of dividend repurchases of listed companies has exceeded the amount of IPOs and refinancing, and the investor return mechanism has continued to be consolidated. At the same time, a high level of opening up the capital market to the outside world is progressing in an orderly manner. More and more internationally renowned financial companies are setting up institutions and investing in exhibitions in China. The QFII system and the Shanghai-Shenzhen-Hong Kong Stock Connect mechanism have been continuously optimized to allow QFII to participate in domestic treasury bond futures trading, and RMB treasury bond futures are also listed smoothly in Hong Kong. Continue to strengthen supervisory capacity and risk prevention capacity building in an open environment, and establish a secure bottom line for a high level of opening-up to the outside world.

Third, the value of industrial innovation is being activated at an accelerated pace, and investment opportunities for the future are constantly emerging. The “15th Five-Year Plan” clearly proposes to accelerate self-reliance and self-improvement in high-level science and technology, and lead the development of new quality productivity. Since this year, the pace of industrial upgrading in China has continued to accelerate, and new momentum such as high-end manufacturing, digital intelligence, and modern service industries have continued to develop and expand, contributing more than 40% to economic growth. The capital market continues to increase its support for science and technology innovation enterprises, continuously optimize listing standards and listing processes, and enhance the inclusiveness and adaptability of the system. Take the Science and Technology Innovation Board of the Stock Exchange as an example. Currently, there are more than 600 companies on the Science and Technology Innovation Board. The total R&D investment in the first three quarters of this year reached 147.1 billion yuan, an increase of 26% over the previous year. A large number of enterprises in the fields of artificial intelligence, semiconductors, high-end manufacturing, and innovative pharmaceuticals have developed and grown into leading enterprises with global competitiveness, driving collaborative upgrading of upstream and downstream industrial chains, and bringing rare investment opportunities to global investors.

In the next step, the China Securities Regulatory Commission will fully implement the “15th Five-Year Plan” plan and deployment, always adhere to the general tone of stability and progress, and promote risk prevention, strong supervision, and high-quality development in an integrated manner. Continue to deepen comprehensive capital market investment and financing reforms, strengthen financial support for technological innovation, and continuously improve the quality and long-term investment value of listed companies. Continue to strengthen supervision and enforcement to effectively protect the legitimate rights and interests of investors. Continue to expand a high level of openness to the outside world, improve the convenience of cross-border investment and financing, and support Shanghai to accelerate the construction of an international financial center.

Dear guests, friends!

The Chinese Government attaches great importance to the steady and healthy development of the capital market. The China Securities Regulatory Commission will resolutely implement the decisions and arrangements of the Party Central Committee, implement the requirements of the recent executive meeting of the State Council, improve the market stabilization mechanism, enhance stability within the stock market, and work together with relevant departments to fight a combination of policies to stabilize the market and stabilize expectations. By making good use of the two structural monetary policy tools, securities and fund companies have launched the third batch of 100 billion yuan of swap facilitation operations. Listed companies are supported to increase their repurchase and holdings. Since this year, the amount of repurchase plans, actual repurchase amounts, and repurchase cancellation amounts and shares newly disclosed by listed companies have all reached record highs. Enrich market investment tools, increase the supply and innovation of equity products, and guide and encourage active ETFs to invest and open positions faster. Further broaden medium- to long-term capital sources, channels and market entry methods, promote the countercyclical adjustment function of securities financing and securities lending, gather the joint efforts of all parties, and make every effort to maintain the smooth operation of the market.

Looking forward to the future, the supporting conditions and basic trends for China's long-term economic growth have not changed, and the safety, resilience, and innovative value of Chinese assets will continue to be highlighted. We warmly welcome financial institutions and global investors from various countries to invest and exhibit in the Chinese capital market to write a new chapter of mutual benefit and win-win situation!

Finally, I wish this conference every success. Thank you all.

This article was compiled from the “Shanghai Stock Exchange” WeChat account, Zhitong Finance Editor: Feng Qiuyi.