The China Securities Regulatory Commission (CSRC) convened a system-wide Party-building and 2025 mid-year work meeting, chaired by Chairman Wu Qing, to review first-half performance and set priorities for the next stage. The meeting framed recent work around implementing the new 'Guo Jiu Tiao' and the capital market '1+N' policy framework, citing progress on bringing medium- and long-term funds into the market, advancing public fund reforms, rolling out the STAR Market '1+6' measures, and supporting listed-company mergers and restructurings, alongside tougher enforcement and risk disposal in areas such as bond defaults and private funds. For the period ahead, the CSRC set a programme focused on strengthening market-stabilisation mechanisms, improving monitoring and risk-response capability, and guiding expectations, while deepening multi-tier market reforms. Priorities include implementing STAR Market reform measures, launching a package to deepen ChiNext reform, and continuing innovation in bond and futures products and services; on the asset and funding sides, the CSRC will promote listed companies’ investment value, implement the 'M&A six measures' and the Major Asset Restructuring Administrative Measures, accelerate the rollout of comprehensive measures to prevent and punish financial fraud, cultivate long-term and 'patient' capital and advance the private equity and venture capital 'raise-invest-manage-exit' cycle. Enforcement aims include targeting major and egregious violations such as financial fraud, market manipulation and insider trading, strengthening supervisory coordination, improving technology-enabled supervision, and applying targeted, proportionate regulatory action. Risk priorities cover property-developer bond default risks, local government financing vehicle debt resolution and market-based transformation, and cracking down on illegal private fund activity and illegal securities and futures business, alongside work on high-level institutional opening and onshore-offshore coordination. Internally, the meeting called for continued follow-through on central inspection rectification, tighter conduct and anti-corruption controls including a dedicated campaign focused on corruption risks in securities issuance review, and strengthened oversight of public power and cadre team building.

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