In remarks at an economic-themed press conference held during the third session of the 14th National People's Congress, China Securities Regulatory Commission (CSRC) Chair Wu Qing reviewed implementation of the State Council’s capital market policy package known as the 'new Nine Measures' and set out priorities to promote healthy equity market development. Delivery has been organised through a '1+N' framework backed by more than 50 new and revised rules, alongside a tougher supervisory approach across the full lifecycle from issuance and listing to trading and delisting. Wu reported an intensified enforcement campaign against financial fraud, fraudulent issuance, market manipulation and insider trading, with 739 cases handled in 2024 and CNY 15.3 billion in fines and confiscations, more than double the prior year. The CSRC also referred 178 cases or leads to public security authorities, up 51% year on year, and cited progress on investor compensation mechanisms including intermediary 'undertakings' cases and ongoing special representative litigation. Market-stabilisation measures cited included a programmatic trading oversight regime, a full suspension of refinancing securities lending, enhanced disclosure for northbound flows and tighter action against circumvention of share reduction rules, while equity ETFs grew past CNY 3 trillion, stock ETF registration can now be completed within five working days, and public funds’ holdings of A-share free float rose from CNY 5.1 trillion at the start of 2024 to CNY 6.0 trillion. Wu also highlighted listed-company payouts, noting 2024 dividends of CNY 2.4 trillion and buybacks close to CNY 150 billion. Next steps focus on deepening reforms to the STAR Market, ChiNext and the Beijing Stock Exchange and refining differentiated listing and disclosure arrangements, including 'green channel' pathways and more inclusive standards for technology firms such as unprofitable issuer listings and the STAR Market’s fifth listing standard. Plans for supporting innovation include strengthening the supporting framework for M&A, adjusting private equity and venture capital rules to widen exit channels, and expanding product supply such as technology innovation corporate bonds, which have reached a cumulative CNY 1.2 trillion in issuance, and intellectual property asset securitisation. Further priorities include improving primary-secondary market coordination and counter-cyclical tools, enhancing enforcement through proposed judicial and regulatory changes, building a longer-term anti-fraud regime with a whistleblower framework and tighter intermediary 'gatekeeper' accountability, and expanding institutional opening through enhancements to the overseas listing filing system and cross-border connectivity. On long-term capital, Wu cited cross-agency measures since September 2024 including People's Bank of China swap facility operations exceeding CNY 100 billion and disclosed share repurchase and shareholding increase relending by more than 400 listed companies with a loan cap near CNY 80 billion, alongside approvals of CNY 52 billion and CNY 60 billion under insurance long-term equity investment pilots. Net A-share purchases by insurance and pension money were put at around CNY 290 billion, and long-term funds’ A-share free-float holdings rose from CNY 14.6 trillion to CNY 17.8 trillion, while long-horizon performance assessment rules and a public fund reform package are being prepared alongside phased fee cuts expected to save investors more than CNY 45 billion per year.

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