At a State Council Information Office briefing, China Securities Regulatory Commission Vice Chairman Li Chao outlined the regulator’s capital market priorities under the 15th Five-Year Plan. The agenda seeks to establish a new framework for high-quality market development by 2030 through more adaptable financing rules, stronger market stability mechanisms, stricter supervision and investor protection, and further opening to cross-border investment. It continues reforms under the new Nine Articles and the related 1+N policy framework. Planned measures include more inclusive issuance, listing and mergers and acquisitions rules, dynamically updated listing standards, revised refinancing registration requirements and closer integration of the Beijing Stock Exchange and the National Equities Exchange and Quotations. The commission also intends to improve exit channels for private equity and venture capital, expand equity mutual funds and increase long-term institutional investment. Social security, pension and insurance funds have made net A-share purchases exceeding RMB600 billion in 2026, while their holdings by free-float market value have risen 12.5% from the end of 2025. Enforcement priorities include tighter oversight across market entry, continuing obligations, delisting, trading and intermediaries, alongside stronger coordination of administrative, criminal and civil liability. The commission plans to intensify action against fraudulent issuance, accounting fraud, market manipulation and insider trading, strengthen post-delisting supervision and launch another listed-company governance campaign. A revised regulation governing securities companies is expected in the near term, while work will continue on the Securities Investment Fund Law and listed-company supervision rules.

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