The China Securities Regulatory Commission (CSRC) issued implementation opinions setting out a package of policy and regulatory priorities for using China’s capital markets to advance five focus areas: technology finance, green finance, inclusive finance, pension finance and digital finance, alongside strengthened risk monitoring and enforcement. On technology finance, the plan focuses on improving end-to-end financing support for tech firms, including continued support for listings by high-quality unprofitable technology companies, enhanced disclosure rules, and changes to issuance and underwriting arrangements on the STAR Market with scope expansion based on pilot evaluations. It also targets a more active mergers and acquisitions market, including greater valuation tolerance and broader payment tools, and measures to improve private equity and venture capital exits such as refining “reverse linkage”, piloting in-kind distribution of shares, and supporting secondary funds. For debt markets, the CSRC points to streamlined registration for technology innovation corporate bonds, market-making and repo policy support for high-quality tech bonds, and exploration of intellectual property securitisation and REITs issuance for new infrastructure and technology parks. On green finance, the document calls for unified green bond standards and sustainability disclosure implementation, work on sustainability ratings and assurance oversight, development of green equity standards, and an expanded product set including carbon-related futures R&D and orderly market construction. Additional priorities include deepening Beijing Stock Exchange and National Equities Exchange and Quotations pilots for small and micro enterprises, pushing securities and fund firms’ wealth management transition with lower mutual fund fee levels and making fund advisory pilots routine, facilitating long-term funds’ participation including widening insurance funds’ long-term equity investment pilots and expanding personal pension investment options, and accelerating digital transformation via fintech and “data elements × capital market” pilots and upgraded supervisory data infrastructure. Implementation is framed around improved cross-agency coordination, the creation of statistics and assessment mechanisms for the “five articles”, dynamic evaluation of policy effects with adjustments where needed, and tighter early risk correction and enforcement against misconduct carried out in the name of the five priorities.

Original source View in tracker