In remarks at the Lujiazui Forum, the China Securities Regulatory Commission outlined a near-term capital market reform agenda focused on financing for innovation-led companies, new investment products and deeper cross-border connectivity. The main measures include expanding the STAR Market's fifth listing standard to the artificial intelligence field to support high-quality large-model companies, backing listings by more hard-technology companies in areas such as quantum technology, bio-manufacturing and embodied intelligence, advancing further ChiNext reform, accelerating changes to refinancing rules including shelf issuance, and supporting eligible Hong Kong-listed companies that seek a domestic listing. On transactions and products, the commission said it will make fuller use of the fast-track review mechanism for mergers and acquisitions, work to reduce implementation bottlenecks and transaction costs, and continue the refinancing reforms introduced by the Shanghai, Shenzhen and Beijing exchanges in February. It will also support actively managed exchange-traded funds on the Shanghai and Shenzhen exchanges, launch a pilot for commercial real estate REITs, with four inaugural projects due to list on the Shanghai Stock Exchange, and roll out measures to support the compliant development of smaller fund managers. The commission added that it will issue guidance in due course on the regulated development of artificial intelligence in the capital market, while stepping up enforcement against AI-enabled illegal stock recommendations, rumor-spreading, unlawful trading, insider dealing and market manipulation. For opening and market infrastructure, the commission said it is studying a RMB foreign exchange futures pilot and will work with the People's Bank of China to guide China Financial Futures Exchange on contract design, risk controls and systems preparation. It also said it will continue implementing reforms to the Qualified Foreign Institutional Investor regime, promote orderly participation by QFII investors in domestic government bond futures, support Hong Kong's planned launch of five-year RMB government bond futures, and strengthen coordination against unlawful cross-border business while supporting lawful cross-border investment and financing. The speech also reviewed implementation of the 2024 State Council capital market policy package and related measures, stating that nearly 70 supporting policies have been issued, medium and long-term funds increased their circulating A-share holdings by 85% over more than two years with about CNY 1.3 trillion in net purchases, and enforcement over the same period covered 1,358 cases with CNY 35.3 billion in fines and confiscations.
China Securities Regulatory Commission2026-06-17
China Securities Regulatory Commission sets out market reforms, wider STAR Market access for AI and a RMB foreign exchange futures pilot
In remarks at the Lujiazui Forum, the China Securities Regulatory Commission outlined a new reform agenda for listings, products and cross-border access. It plans broader STAR Market access for artificial intelligence and other hard-technology issuers, faster M&A and refinancing tools including shelf issuance, active ETFs and commercial real estate REITs, and work toward a RMB foreign exchange futures pilot. The commission also signaled tighter oversight of AI-related market abuse and unlawful cross-border business.