Securities Regulatory Commission: Initiate and implement deepening GEM reforms and accelerate the implementation of the “1+6” reform measures on the Science and Technology Innovation Board

The Zhitong Finance App learned that recently, Wu Qing, Party Secretary and Chairman of the China Securities Regulatory Commission, presided over a (expanded) meeting to convey the spirit of studying the Central Economic Work Conference and to study and deploy implementation measures for the CSRC system in line with the requirements of the National Financial System Work Conference. The conference emphasized continuing reform efforts and continuously improving the inclusiveness and appeal of the capital market system. Initiate and implement deepening GEM reforms and accelerate the implementation of the “1+6” reform initiatives on the Science and Technology Innovation Board. Promote the high-quality development of the private equity industry, launch commercial real estate REITs pilot projects as soon as possible, and research and launch new key futures varieties. Insist on supporting the good and limiting the bad, and accelerate the construction of first-class investment banks and investment institutions. Steadily expand institutional openness, optimize the qualified overseas investor system and interconnection mechanism, and improve the quality and efficiency of overseas listing filings.

The conference emphasized that the Central Economic Work Conference made important arrangements for capital market work, fully demonstrating the great importance the Party Central Committee attaches to the capital market and its earnest expectations. The Securities Regulatory Commission system should thoroughly study and implement the spirit of General Secretary Xi Jinping's important speech, earnestly implement the arrangements of the Central Economic Work Conference, adhere to steady progress, improve quality and efficiency according to the National Financial System Work Conference schedule, keep abreast of risk prevention, strong supervision, and promote high-quality development; continue to deepen comprehensive capital market investment and financing reforms to better help stabilize employment, stabilize enterprises, stabilize markets, and stabilize expectations, and actively contribute to the high-quality development of the economy and a good start to the “15th Five-Year Plan”.

The conference also emphasized continuing to enhance the internal stability of the market. Actively cultivate a group of high-quality listed companies, launch a new round of special corporate governance actions, and guide high-quality companies to continue to increase their dividend repurchase efforts. Comprehensively promote the implementation of a long-term assessment mechanism for medium- and long-term capital, vigorously develop equity public funds, and promote the high-quality development of indexed investment. Strengthen cross-border risk monitoring and monitoring across markets and industries, strengthen countercyclical and cross-cycle regulation, and improve long-term market stabilization mechanisms. Strengthen policy interpretation and expectation guidance, respond to market concerns in a timely manner, consolidate the reputation management responsibilities of industry institutions and listed companies, and continue to speak well about the “stock market narrative.”

The full text is as follows:

The Party Committee of the China Securities Regulatory Commission conveys the spirit of studying and implementing the Central Economic Work Conference

Recently, Wu Qing, Party Secretary and Chairman of the China Securities Regulatory Commission, presided over a (expanded) meeting of the Party Committee to convey the spirit of studying the Central Economic Work Conference and to study and deploy implementation measures for the CSRC system in line with the requirements of the National Financial System Work Conference.

According to the conference, General Secretary Xi Jinping's important speech at the Central Economic Work Conference raised the flag and covered the overall situation, was deep in thought and rich in content, comprehensively summarized the economic work of this year and the “14th Five-Year Plan” period, deeply analyzed the current domestic and foreign situation, deepened the understanding of the “five must” rules, and systematically deployed the general requirements, policy orientations and key tasks of next year's economic work, pointing out the direction and providing fundamental guidelines for doing a good job in the economy next year and the coming period. Premier Li Qiang's speech put forward clear requirements for thoroughly implementing the spirit of General Secretary Xi Jinping's important speech and doing a solid job in the economy next year. The National Financial System Work Conference made arrangements to complete key financial tasks in 2026. The Securities Regulatory Commission system should carefully study and understand, deeply understand the essence of the spirit of the Central Economic Work Conference, and effectively unify its thoughts and actions into the Party Central Committee's scientific judgment and decisions on the situation.

The conference pointed out that since this year, the Party Central Committee, with Comrade Xi Jinping at the core, has united and led the whole Party and the people of all ethnic groups across the country to meet difficulties and work hard. China's economy is pressured to move forward and develop towards new excellence, and the main goals of the “14th Five-Year Plan” economic and social development will be successfully completed. The achievement of this series of achievements is fundamentally due to General Secretary Xi Jinping's leadership and scientific guidance of Xi Jinping's ideology of socialism with Chinese characteristics in the new era. We must unite more closely around the CPC Central Committee with Comrade Xi Jinping at the core to firmly support the “Two Establishments” and resolutely carry out “Two Maintainments” through practical actions.

The conference emphasized that the Central Economic Work Conference made important arrangements for capital market work, fully demonstrating the great importance the Party Central Committee attaches to the capital market and its earnest expectations. The Securities Regulatory Commission system should thoroughly study and implement the spirit of General Secretary Xi Jinping's important speech, earnestly implement the arrangements of the Central Economic Work Conference, adhere to steady progress, improve quality and efficiency according to the National Financial System Work Conference schedule, keep abreast of risk prevention, strong supervision, and promote high-quality development; continue to deepen comprehensive capital market investment and financing reforms to better help stabilize employment, stabilize enterprises, stabilize markets, and stabilize expectations, and actively contribute to the high-quality development of the economy and a good start to the “15th Five-Year Plan”.

The first is to adhere to strategic leadership and earnestly prepare and implement the “15th Five-Year Plan”. Actively cooperate in preparing the outline of the national “15th Five-Year Plan”, scientifically formulate the “15th Five-Year Plan” planning system for the capital market, systematically plan the main goals, tasks and important measures for capital market development in the next five years, and implement them in the spirit of nails.

The second is to adhere to a strong foundation and continuously enhance the internal stability of the market. Actively cultivate a group of high-quality listed companies, launch a new round of special corporate governance actions, and guide high-quality companies to continue to increase their dividend repurchase efforts. Comprehensively promote the implementation of a long-term assessment mechanism for medium- and long-term capital, vigorously develop equity public funds, and promote the high-quality development of indexed investment. Strengthen cross-border risk monitoring and monitoring across markets and industries, strengthen countercyclical and cross-cycle regulation, and improve long-term market stabilization mechanisms. Strengthen policy interpretation and expectation guidance, respond to market concerns in a timely manner, consolidate the reputation management responsibilities of industry institutions and listed companies, and continue to speak well about the “stock market narrative.”

The third is to persevere in reform efforts and continuously improve the inclusiveness and appeal of the capital market system. Initiate and implement deepening GEM reforms and accelerate the implementation of the “1+6” reform initiatives on the Science and Technology Innovation Board. Promote the high-quality development of the private equity industry, launch commercial real estate REITs pilot projects as soon as possible, and research and launch new key futures varieties. Insist on supporting the good and limiting the bad, and accelerate the construction of first-class investment banks and investment institutions. Steadily expand institutional openness, optimize the qualified overseas investor system and interconnection mechanism, and improve the quality and efficiency of overseas listing filings.

Fourth, adhere to strict supervision and control to effectively improve the effectiveness of supervision and enforcement. Strengthen technology-enabled supervision, and continue to severely punish illegal securities and futures violations such as financial fraud, insider trading, market manipulation, and misappropriation of private equity fund assets. Promote the introduction of regulations for the supervision of listed companies, and actively cooperate in revising laws and regulations in key areas such as securities companies and securities investment funds.

Fifth, insist on comprehensiveness and strictness, and advance in depth the construction of a clean party style and government in the Securities Regulatory Commission system. Resolutely uphold the centralized and unified leadership of the Party Central Committee, further implement the Party's overall leadership of the capital market, and solidly push forward the normalization and long-term effectiveness of central inspection and rectification and work style construction. We fully support and cooperate with the discipline inspection and monitoring team stationed at the Securities Regulatory Commission to step up the investigation and handling of cases and strengthen the supervision and control of public power in key areas. Adhere to the combination of strict control and love, and place equal emphasis on incentives and restraints, and speed up the construction of the “three excellent” supervisory iron forces.

The meeting called for making every effort to do a good job at the end of the year and beginning of the New Year, step up the smooth completion of all work in the “14th Five-Year Plan” capital market, and resolutely adhere to the bottom line of risk prevention and stability.

Members of the Party Committee of the China Securities Regulatory Commission, comrades in charge of the CSRC's discipline inspection and monitoring team, and comrades in charge of various departments and bureaus of the Shanghai, Shenzhen, and Beijing Stock Exchanges attended the meeting.

This article was selected from the “Securities Regulatory Commission Release” WeChat account; Zhitong Finance Editor: Huang Xiaodong.