The China Securities Regulatory Commission has issued and put into effect Implementation Opinions setting out a system-wide package to align capital markets with the “financial Five Key Articles”, namely technology finance, green finance, inclusive finance, pension finance and digital finance. The framework comprises eight sections and 18 measures aimed at strengthening capital markets’ ability to channel funding and risk-bearing capacity toward strategic priorities, key sectors and weaker links. For technology finance, the plan centres on full-lifecycle support for technology firms, including greater tolerance for new industries and business models in issuance and listing, optimisation of M&A and equity incentive arrangements, guidance for private equity and venture capital to invest early-stage and long-term with improved exit mechanisms, and greater use of the multi-tier bond market through streamlined processes for science and technology innovation bonds and support for REIT issuance for eligible projects. Measures for green finance focus on strengthening standards for green bonds and sustainability disclosure, supporting green equity and debt financing and developing additional green futures and options products. Inclusive finance actions include improving capital market mechanisms for small and micro enterprises and rural-related entities, while pension finance measures target removing bottlenecks for long-term funds to enter the market and supporting equity and bond financing for “silver economy” companies. Digital finance initiatives include advancing digital and intelligent transformation across the securities and futures sector, developing digital infrastructure and supervisory technology, and strengthening data security. Implementation will be supported by a CSRC work plan, enhanced coordination with other departments and local governments, and the use of assessment and evaluation mechanisms to drive securities and futures institutions’ governance, compliance and risk management. The CSRC also flagged stronger risk monitoring and early correction and enforcement against illegal conduct carried out in the name of the “Five Key Articles”, with a focus on investor protection.
China Securities Regulatory Commission 2025-02-07
China Securities Regulatory Commission implements 18-measure capital markets plan covering technology, green, inclusive, pension and digital finance
The China Securities Regulatory Commission has implemented a framework to align capital markets with the "financial Five Key Articles": technology, green, inclusive, pension, and digital finance. It includes 18 measures to enhance funding and risk-bearing capacity, with specific initiatives for each category. Implementation involves a CSRC work plan, coordination with other departments, governance, compliance, risk management mechanisms, and stronger enforcement against illegal conduct.