Securities Regulatory Commission Clarifies Capital Market Reform Roadmap Wu Qing: Deeply Promoting Sector Reform and Medium- to Long-Term Capital Entry

The Zhitong Finance App learned that on October 27, during a keynote speech at the 2025 Financial Street Forum Annual Meeting, Chairman Wu Qing of the Securities Regulatory Commission said that sector reforms will be promoted in depth to enhance the inclusiveness and coverage of the multi-level market system. We will launch and implement deepening GEM reforms, set listing standards that are more in line with the characteristics of emerging fields and future industrial innovation and entrepreneurship enterprises, and provide more accurate and inclusive financial services for new industries, new business formats, and new technology enterprises. At the same time, we will adhere to the position of building a position to serve innovative small and medium-sized enterprises, continue to promote the high-quality development of the Beijing Stock Exchange, improve the differentiated listing, credit and trading system of the new three-board market, unblock the three-board and four-board docking mechanism, and establish a solid foundation and foundation for a multi-level capital market.

Wu Qing said that further strengthening capital and improving the internal foundation of market stability will be consolidated. High-quality listed companies are the cornerstone of the stable operation of the capital market. We will take the opportunity to launch a refinancing reserve issuance system, further broaden support channels for mergers, acquisitions and restructuring, and promote industrial integration, improvement and strengthening of listed companies. Urge listed companies to improve governance, increase dividend repurchases and increase their holdings, establish a strong value foundation with steady performance, and use real money to return shareholder support. At the same time, efforts are being made to play the role of medium- and long-term capital as a “ballast stone” and “stabilizer”, solidly push forward the reform of public funds, promote the full implementation of long-term assessments of corporate pensions, insurance funds, etc., enrich products and risk management tools suitable for long-term investment, and strive to improve the “long-term money and long-term investment” market ecology.

The original text is as follows:

Leveraging the Leading Role of Comprehensive Investment and Financing Reform to Promote High-Quality Development of the “15th Five-Year Plan” Capital Market: Chairman Wu Qing's Keynote Speech at the 2025 Financial Street Forum Annual Meeting

Dear Vice Premier He Lifeng, dear Secretary Yin Li and Mayor Yin Yong, leaders, guests, ladies and gentlemen,

Good afternoon everyone! I am very happy to participate in the Financial Street Forum again. The Fourth Plenary Session of the 20th CPC Central Committee, which has just successfully concluded, made top-level design and strategic plans for China's economic and social development over the next five years. The theme of this forum is “Global Financial Development under Innovation, Change, and Reshaping”. It is of great significance for us to thoroughly study and understand the spirit of the Fourth Plenary Session of the Central Committee, deeply understand and grasp the internal and external situation, and better promote high-quality financial development and serve the real economy.

This year marks the end of the 14th Five-Year Plan. Looking back over the past five years, under the strong leadership of the Party Central Committee and the State Council, China's capital market has withstood the severe test of multiple risks and challenges, high ups and downs. The basic system has been continuously improved, market functions have been effectively played, market resilience and resilience have been significantly enhanced, and reasonable quantitative growth and effective qualitative improvement have been achieved, which has strongly supported the overall economic and social development situation. Looking ahead to the next five years, the internal and external environment for the development of China's capital market will still face complex and profound changes, which not only present new challenges, but also nurture new opportunities. On the one hand, changes over the past century have accelerated, the world situation has become chaotic and intertwined, the international economic and trade order has been restructured, and the fragility of global financial markets has increased. In the process of risk repricing and asset rebalancing, prudence and balance are increasingly becoming priority options for asset allocation, and “putting eggs in different baskets” has become the consensus of more and more international investors. According to data, international capital inflows to emerging markets exceeded 150 billion US dollars in the first nine months of this year. In this process, the value of Chinese assets such as A shares and Hong Kong stocks is continuously being revalued, allocated, and reallocated. On the other hand, under the guidance of a new round of scientific and technological revolution and industrial transformation, new industries and formats represented by artificial intelligence and biomedicine are booming, playing a key role in reshaping production methods, optimizing resource allocation, and increasing total factor productivity. These new industries and formats have high investment, high risk, and long payback cycles, often require large-scale patient capital investment and a more flexible and inclusive financing environment to help better support the formation of innovative capital and the cultivation of innovation momentum. Overall, today, with profound changes in the global landscape and technological innovation trends, both the financing side and the investment side have put forward new requirements and new expectations for the development and functioning of the capital market. Only by not losing the opportunity to deepen reforms, continuously enhance the inclusiveness and adaptability of the market system, and enhance the attractiveness and competitiveness of the market can we better win initiative and win the future in an uncertain environment.

The Fourth Plenary Session of the 20th CPC Central Committee scientifically examined the overall international and domestic situation, closely followed the “two-step” strategic goal, clarified the goals and tasks of economic and social development in the next five years, and made important arrangements for building a modern industrial system, speeding up self-reliance and self-improvement in high-level science and technology, and speeding up the construction of a high-level socialist market economy system, pointing out the direction and providing fundamental guidelines for us to effectively respond to new changes in the complex and severe external environment and further promote high-quality economic and social development. On Friday, Vice Premier He Lifeng presided over a conference on the financial system to study and implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee. In his keynote speech just now, he led us to study and understand again, stressing the need to promote high-quality financial development and accelerate the construction of a financial power. We will thoroughly study, understand, and earnestly implement the spirit of the Fourth Plenary Session of the Central Committee, firmly grasp the “six insistence”, closely focus on the main work line of risk prevention, strong supervision, and promotion of high-quality development, focus more on serving the development of new quality productivity, focus more on overall development and safety, further deepen comprehensive investment and financing reforms, and continue to enhance the inclusiveness, adaptability, attractiveness and competitiveness of China's capital market to better serve economic and social development and the construction of a strong financial nation.

The first is to push forward sector reforms in depth to enhance the inclusiveness and coverage of the multi-level market system. In June of this year, we announced the Science and Technology Innovation Board's “1+6” policy initiative. Through the efforts of all parties, tomorrow the science and innovation growth layer of the Science and Technology Innovation Board will welcome the first batch of newly registered companies to go public. The pilot introduction of senior professional institutional investors, preliminary reviews, etc. have already been implemented, and the effects of the reform are showing at an accelerated pace. We will also launch and implement deepening GEM reforms, set listing standards that are more in line with the characteristics of emerging fields and future industrial innovation and entrepreneurship enterprises, and provide more accurate and inclusive financial services for new industries, new business formats, and new technology enterprises. At the same time, we will adhere to the position of building a position to serve innovative small and medium-sized enterprises, continue to promote the high-quality development of the Beijing Stock Exchange, improve the differentiated listing, credit and trading system of the new three-board market, unblock the three-board and four-board docking mechanism, and establish a solid foundation and foundation for a multi-level capital market.

The second is to further strengthen capital and strengthen the internal foundation of market stability. High-quality listed companies are the cornerstone of the stable operation of the capital market. We will take the opportunity to launch a refinancing reserve issuance system, further broaden support channels for mergers, acquisitions and restructuring, and promote industrial integration, improvement and strengthening of listed companies. Urge listed companies to improve governance, increase dividend repurchases and increase their holdings, establish a strong value foundation with steady performance, and use real money to return shareholder support. At the same time, efforts are being made to play the role of medium- and long-term capital as a “ballast stone” and “stabilizer”, solidly push forward the reform of public funds, promote the full implementation of long-term assessments of corporate pensions, insurance funds, etc., enrich products and risk management tools suitable for long-term investment, and strive to improve the “long-term money and long-term investment” market ecology.

The third is to coordinate the two markets and resources to steadily expand high-level institutional opening-up to the outside world. As an important step for us to expand our openness this year, the “Qualified Overseas Investor System Optimization Work Plan” was officially launched today, including optimizing admission management, improving the efficiency of investment operations, and expanding the scope of investment, in an effort to provide a more transparent, convenient, and efficient institutional environment for all types of overseas investors. Among them, the two initiatives “efficiently done in one thing” for qualification and account opening, and implementing a green channel for allocation-based foreign investment access will be implemented today. The two ETF interlinked products invested by China in overseas markets will also be announced in the near future. We will also optimize the interconnection mechanism, improve the quality and efficiency of overseas listing filings, deepen practical cooperation between the mainland and Hong Kong markets, and strive to form a new development pattern of collaborative development, openness, safety and healthy interaction between onshore and offshore.

Fourth, build a strong line of defense against risks and strong supervision, and vigorously improve the quality and efficiency of protecting investors' rights and interests. Prevent risks, enhance the ability to prevent and deal with risks “four early”, strengthen cross-market, cross-industry, and cross-border risk monitoring, improve long-term market stabilization mechanisms to prevent large market fluctuations; strengthen supervision, strengthen enforcement deterrence, and crack down on all kinds of illegal acts such as financial fraud, market manipulation, and insider trading in accordance with the law, and continuously enhance investors' trust and confidence. Today, we will also release a number of opinions on strengthening the protection of small and medium-sized investors in the capital market. Focusing on key concerns of small and medium-sized investors, such as strengthening investor protection in the issuance, listing and delisting process, improving the customer service level of industry institutions, and promoting the establishment of a diversified resolution mechanism for securities and futures disputes, we will launch 23 practical measures to continuously tighten the “safety net” of investor protection.

Dear guests, friends! Supporting the construction of the Beijing National Financial Management Center to better serve the construction of a financial power is an important responsibility of the Securities Regulatory Commission and an important opportunity to comprehensively deepen capital market reform. We will continue to use Beijing as an important window for capital market reform and opening up, give full play to its function as a capital market hub, promote the implementation of more “firsts” and “first examples” of the pilot policy in Beijing, encourage high-quality industry institutions and long-term capital to gather and develop in Beijing, continuously improve the capital market's energy level, and make every effort to promote healthy interaction between the capital market and the capital's economic development.

Finally, I sincerely wish this forum every success!

This article was selected from the “Securities Regulatory Commission Release” official account; Zhitong Finance Editor: Li Fu.