The China Securities Regulatory Commission (CSRC) held a symposium in Beijing chaired by CSRC Chairman Wu Qing to solicit views from academics, industry institutions and members of the China Capital Market Society on key tasks and measures for the capital market during the 15th Five-Year Plan period. The discussion centred on further deepening institutional reforms, strengthening enforcement and legal frameworks, attracting longer-term funding into markets, and advancing institutional opening-up. Participants pointed to progress during the 14th Five-Year Plan period, particularly since the implementation of the State Council’s new “Nine Articles” and the rollout of the capital market “1+N” policy package, including the “eight measures” for the STAR Market, the “six measures” on mergers and acquisitions, guidance on encouraging medium- and long-term funds to enter the market, and the STAR Market “1+6” reforms. Proposals for the 15th Five-Year Plan work included improving the multi-tier capital market system and market functions, raising the quality and investment value of listed companies, accelerating the development of long-term, patient and strategic capital and bringing more medium- and long-term funds into the market, strengthening legal制度 for equities, bonds, derivatives and cross-border regulation, improving multi-layer accountability mechanisms and intensifying action against financial fraud, market manipulation and insider trading, and steadily expanding institutional opening-up by optimising the Qualified Foreign Investor regime and supporting high-quality overseas companies to list onshore in A shares. The commission indicated it will continue planning work for implementing the 15th Five-Year Plan in line with central government decisions, using comprehensive reform of investment and financing as a driver and advancing a new round of capital market reform and opening-up, while promoting long-term, value and rational investment.

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