China Securities Regulatory Commission Chairman Wu Qing: Accelerate the integration of RMB stock trading counters and REITs into the Shanghai-Shenzhen-Hong Kong Stock Connect

Zhitong Finance App learned that on October 19, Wu Qing, chairman of the China Securities Regulatory Commission, delivered a keynote speech at the 2026 Financial Street Forum Annual Meeting. Wu Qing said that the China Securities Regulatory Commission will further improve the function of the capital market that coordinates investment and financing, continue to enhance market resilience and confidence, and strive to actively contribute to high-quality economic and social development in the “15th Five-Year Plan”. Deepen practical cooperation and expand the high-level opening of the market to the outside world in an orderly manner. Starting with markets, institutions, products, etc., the level of facilitation of cross-border investment and financing will be further raised, and the attractiveness and predictability of the open system will be continuously enhanced. Improve the convenience of QFII investment and operation, and support domestic and foreign institutions to cooperate to launch more indices and products based on Chinese assets. Foreign-funded institutions are encouraged to make good use of the parent company's professional capabilities and group advantages, further improve product layout, participate in innovative business, and support more foreign-funded institutions to invest and exhibit in China. Implement the new “five collaborative” cooperation models between the Mainland and Hong Kong markets, and accelerate the integration of RMB stock trading counters and REITs into the Shanghai-Shenzhen-Hong Kong Stock Connect.

Wu Qing mentioned that the Securities Regulatory Commission will launch 4 initiatives in the near future. The first is to prepare to establish a fund industry operation monitoring center to undertake responsibilities such as private equity fund share registration, public and private equity information collection, and risk monitoring, and focus on improving the effectiveness of risk prevention, control and supervision in the fund industry. The second is to issue opinions on implementing the safe and compliant application of artificial intelligence in the securities and futures industry, improve regulatory standards such as business development and data security, promote safe and efficient application in key scenarios such as risk control, investment and research, and guide technology for good. The third is to improve the rules for reducing holdings in violation of regulations, insist that the penalties are comparable and not in vain, refine certification standards, and crack down more accurately and effectively on illegal holdings reduction. Fourth, formulate and issue guidance opinions on advance payment in the securities market, further clarify applicable entities and implementation procedures, etc., promote early payment in accordance with the law, convenience, and efficiency, and better protect the legitimate rights and interests of small and medium-sized investors.

The original text is as follows:

Coordinate development and security, insist on openness and cooperation, and strive to write a new chapter in the “15th Five-Year Plan” high-quality development of the capital market

——Chairman Wu Qing's keynote speech at the 2026 Financial Street Forum Annual Meeting

Dear Secretary Yin Li, Mayor Yin Yong, Director Xiuling, Dear Deputy Director Wang Jiang, President Gong Sheng, Director Xiang Qun, President Fu Hua, Director He Xin, Chairman Liu Kun, all guests, ladies and gentlemen:

Good afternoon everyone! I am very happy to participate in the Financial Street Forum again. Since its establishment 15 years ago, the forum has always grasped the pulse of financial development and conveyed the strong voice of China's reforms, and has become a major event with important international influence. Today, when the international situation is chaotic and intertwined, the theme of this forum is “Openness, Cooperation, and Inclusion — Jointly Building a New Ecosystem for Global Financial Development”. It is of great practical significance for understanding and grasping the development trends of the times and promoting high-quality financial development.

This year marks the beginning of the “15th Five-Year Plan”. Under the strong leadership of the Party Central Committee and the State Council, under the overall command and coordination of the Central Financial Services Commission, the China Securities Regulatory Commission thoroughly implemented the national “15th Five-Year Plan” and the new “National Nine Rules” deployment, fully addressed multiple imported risk challenges that exceeded expectations, promoted risk prevention, strong supervision, and high-quality development. The basic market system was gradually improved, and the comprehensive reform of investment and financing continued to advance, and the capital market momentum is improving, the structure is improving, and the ecology is improving, effectively rewarding investors and providing strong social and economic services for high-quality social and economic development. In particular, as the “ballast stone” of the national economy and the “leader” of industrial development, the listed company further improved quality and efficiency. In the first half of the year, it achieved total revenue of 37.7 trillion yuan and net profit of 3.6 trillion yuan, an increase of 19.5% over the previous year, a record high of nearly three years. Dividend repurchases of 2.1 trillion yuan during the year were 2.7 times that of IPO financing and refinancing during the same period. The effective increase in the investment value of listed companies has not only consolidated the foundation for a stable and far-reaching capital market, but also demonstrated the strength and vitality of the high-quality development of the Chinese economy.

Dear guests,

The current 100 years of change are evolving at an accelerated pace, a new round of technological revolution and industrial transformation is booming, and the world's political and economic landscape and financial ecology are facing profound adjustments and reshaping, which is having an increasingly widespread and profound impact on the capital market. First, geopolitical conflict disrupted the global risk premium. The war in the Middle East and the Ukraine crisis are still being delayed, increasing the fragility of the global industrial chain supply chain and continuing to have an impact on risk appetite in global financial markets. Second, the complicated interest rate environment is driving asset repricing and rebalancing. Recently, monetary policies in the US, Japan, and Europe have generally been tightened, long-term bond yields in developed economies have been systematically rising, and cross-border capital flows and risk asset allocation have become more complex and frequent. Third, artificial intelligence drives the market to accelerate transformation. The AI wave has taken the world by storm, injecting new momentum into financial markets and economic development. At the same time, it has also spawned new risks such as black boxes of algorithms and AI cyber attacks, putting a greater test on the resilience of financial infrastructure operations. Fourth, there has been a marked increase in global market linkage and resonance. The linkage of market fluctuations such as stocks, bonds, and foreign exchange is increasing, and risk transmission across markets and industries is worth being highly wary of.

Facing a situation where opportunities and challenges coexist and the situation is complex and changing, we need to take more initiative to grasp the overall situation, adapt to changes scientifically, coordinate development and security, adhere to openness and cooperation, and work together to deal with and seek common development through mutual learning and mutual appreciation. Not long ago, the first meeting between China and the US reached an important consensus on the establishment of a constructive strategic and stable relationship between China and the US. The new positioning of Sino-US relations was further expanded, injecting more certainty into global economic development and financial stability. At the same time, China's macroeconomic policies are making efforts to improve efficiency, and the momentum for innovation continues to be unleashed. The supporting conditions and basic trends for the Chinese economy to improve in the long term are still strong. The underlying logic of capital market operation has quietly undergone profound changes, and the allocation value of Chinese assets has become more prominent. At present and in the coming period, the China Securities Regulatory Commission will adhere to the general tone of steady progress, do its own business in a solid manner, further improve the function of the capital market that coordinates investment and financing, continue to enhance market resilience and confidence, and strive to actively contribute to the high-quality development of the “15th Five-Year Plan” economy and society.

First, insist on a stable character and make every effort to maintain the safety and stability of the capital market. Closely follow domestic and foreign market trends, strengthen risk research and policy tool reserves, consolidate and improve market stabilization mechanisms, focus on strengthening prevention of new types of business risks, be highly alert to new risk points such as leveraged products linked to individual A-share stocks abroad, and continue to build strong risk breakwaters in the capital market. Promote the further improvement of long-term assessment mechanisms adapted to long-term investments, expand medium- and long-term funding sources, channels and market entry methods, continue to deepen public fund reform, and strengthen market stability. Today, the Securities Regulatory Commission will agree to register the first batch of 18 active ETFs. This is an important step to promote the innovation and development of fund products, and it will also introduce more incremental capital into the market. At the same time, listed companies that are in a position to do so are encouraged to increase their efforts to repurchase and increase their holdings to better return investors.

Second, highlight integrity and innovation, and continue to deepen inclusive capital market reforms. The focus is on supporting the development of new quality productivity, implementing detailed “two innovation boards” reform initiatives, and further improving mechanisms such as identification and screening of technology enterprises. Research and promote multi-level market reforms, and implement more inclusive and adaptable systems such as issuance, listing, mergers, acquisitions, and restructuring. Deepen refinancing reforms and take the opportunity to issue newly revised securities issuance registration management measures and supporting rules for listed companies. In this process, we will accelerate the introduction of regulations to supervise listed companies, improve institutional mechanisms such as corporate governance, information disclosure, and investor protection, and cultivate and expand a group of high-quality listed companies. Strengthen the high-quality development actions of securities companies, support industry mergers, acquisitions, restructuring and subsequent integration, and accelerate the construction of world-class investment banks.

Third, strengthen strict compliance with the law and vigorously cultivate a standardized and healthy market ecology. Fully implement the “Five Major Regulations”, further strengthen the supply of institutional mechanisms, and resolutely maintain an open, fair and just market order. Four initiatives will be launched in the near future. The first is to prepare to establish a fund industry operation monitoring center to undertake responsibilities such as private equity fund share registration, public and private equity information collection, and risk monitoring, and focus on improving the effectiveness of risk prevention, control and supervision in the fund industry. The second is to issue opinions on implementing the safe and compliant application of artificial intelligence in the securities and futures industry, improve regulatory standards such as business development and data security, promote safe and efficient application in key scenarios such as risk control, investment and research, and guide technology for good. The third is to improve the rules for reducing holdings in violation of regulations, insist that the penalties are comparable and not in vain, refine certification standards, and crack down more accurately and effectively on illegal holdings reduction. Fourth, formulate and issue guidance opinions on advance payment in the securities market, further clarify applicable entities and implementation procedures, etc., promote early payment in accordance with the law, convenience, and efficiency, and better protect the legitimate rights and interests of small and medium-sized investors.

Fourth, deepen practical cooperation and expand the high-level opening of the market to the outside world in an orderly manner. Starting with markets, institutions, products, etc., the level of facilitation of cross-border investment and financing will be further raised, and the attractiveness and predictability of the open system will be continuously enhanced. Improve the convenience of QFII investment and operation, and support domestic and foreign institutions to cooperate to launch more indices and products based on Chinese assets. Foreign-funded institutions are encouraged to make good use of the parent company's professional capabilities and group advantages, further improve product layout, participate in innovative business, and support more foreign-funded institutions to invest and exhibit in China. Implement the new “five collaborative” cooperation models between the Mainland and Hong Kong markets, and accelerate the integration of RMB stock trading counters and REITs into the Shanghai-Shenzhen-Hong Kong Stock Connect. At the same time, we are deeply involved in the governance reform of international financial organizations, actively promoting regulatory collaboration on key topics such as artificial intelligence governance, financial stability, and sustainable finance, and striving to contribute more Chinese solutions and Chinese wisdom.

Dear guests, friends,

In recent years, Beijing has earnestly implemented the spirit of General Secretary Xi Jinping's important speech during his visit to Beijing and the decisions and arrangements of the Party Central Committee. The construction of the “Four Centers” has been fruitful, demonstrating the example of a Chinese-style modern capital. In the process, Beijing's capital market has continued to grow, and listed companies are leading the country in terms of market value, bonds, and private equity. In particular, in the five years since the establishment of the Beijing Stock Exchange, a number of specialized and new enterprises have gathered. The number and total market value of listed companies have increased more than 3 times since the opening of the market, and the turnover has increased nearly 10 times, making an important leap forward from the establishment of a new market to the basic formation of the system to the basic improvement of the ecology. In the next step, we will anchor and build a leading position to serve innovative small and medium-sized enterprises, and steadily launch a series of initiatives such as the Beijing Stock Exchange 50 ETF, the Beijing Stock Exchange IPO market capitalization placement, innovative evaluation standards, and optimization of the hierarchical management of the New Third Board of the Beijing Stock Exchange to promote the integrated and high-quality development of the Beijing Stock Exchange's New Third Board. At the same time, we will step up our efforts to support the deep integration of scientific and technological innovation with industrial innovation, support Beijing Haidian and others to speed up the implementation of technology finance practice model cases in the capital market, promote the establishment of the Beijing Capital Market Association, strengthen the agglomeration effect of factors, institutions, and talents, continuously improve the development level of Beijing's capital market, and better serve the high-quality development of the capital's economy.

Finally, I sincerely wish this Financial Street Forum every success!

This article was selected from the “Securities Regulatory Commission Release” WeChat account. Zhitong Finance Editor: Xu Wenqiang.