The China Securities Regulatory Commission used its 2026 system work conference to review 2025 and set its capital markets priorities for 2026. The agenda centers on preserving market stability, deepening investment and financing reform, strengthening law-based supervision and enforcement, improving listed company governance, and advancing higher-level two-way opening. The commission said the capital market is broadly stable and improving, but still faces a complex mix of domestic and external risks. For 2026, the CSRC said it will strengthen market monitoring and early warning, apply countercyclical adjustments when needed, tighten trading and disclosure supervision, and crack down on excessive speculation, market manipulation, financial fraud and insider trading. Reform priorities include continuing public fund reform, expanding channels for medium- and long-term capital, launching deeper ChiNext reform, pushing through STAR Market reforms, improving refinancing flexibility, and supporting integrated high-quality development of the Beijing Stock Exchange and the National Equities Exchange and Quotations. Other measures include improving the bond market’s quality and structure, ensuring the steady rollout of the commercial real estate REITs pilot, strengthening futures and spot market linkage supervision, accelerating rules on listed company supervision, fully implementing revised listed company governance standards, and improving arrangements for dividends, buybacks, equity incentives and employee shareholding. On opening up, it will push forward the optimized Qualified Foreign Investor scheme, widen the scope of open futures products, improve the offshore listing filing regime, and raise the standardization and transparency of filing administration. In reviewing 2025, the commission highlighted stronger market stabilization mechanisms, stricter enforcement and continued market financing. It said regulators handled 701 securities and futures violation cases and imposed CNY 15.47 billion in fines and confiscations, while listed companies conducted a combined CNY 2.68 trillion of cash dividends and buybacks. IPOs and refinancing totaled CNY 1.26 trillion, and exchange bond markets issued CNY 16.3 trillion of bonds.
China Securities Regulatory Commission2026-01-16
China Securities Regulatory Commission sets 2026 capital markets agenda, including deeper ChiNext reform and tougher enforcement
The China Securities Regulatory Commission set a 2026 agenda focused on market stability, stronger enforcement, deeper capital markets reform and wider opening. Key measures include launching deeper ChiNext reform, continuing public fund reform, expanding long-term capital sources, and tightening action against fraud, manipulation and insider trading. The commission also cited 2025 enforcement and financing figures, including 701 cases, CNY 15.47 billion in penalties, and CNY 1.26 trillion in IPOs and refinancing.