The China Securities Regulatory Commission held its 2026 System Work Conference, reviewing 2025 outcomes and setting the regulator’s 2026 programme around risk prevention, market stability, stronger supervision and continued reforms across equity, bond, fund and derivatives markets, alongside further capital-market opening measures. Reported 2025 work included efforts to build a market stabilization mechanism, progress on bringing medium- and long-term funds into the market, and a tougher enforcement stance including a special campaign targeting private equity fund violations. The CSRC investigated 701 securities and futures violations during the year and imposed CNY 15.47 billion in fines and confiscations; it also cited CNY 1.26 trillion of IPO and refinancing activity, CNY 16.3 trillion of exchange bond issuance, and the listing of 18 futures and options products. For 2026, priorities include enhanced market monitoring and early warning, timely counter-cyclical adjustment, tighter trading and disclosure supervision, and intensified action against financial fraud, price manipulation and insider trading, supported by improved administrative-criminal case coordination and the use of mechanisms such as special representative litigation and advance compensation. The workplan also calls for further public fund reform and “long money” product development, implementation of the next phase of Growth Enterprise Market reform and continued reform of the Science and Technology Innovation Board, bond-market quality and volume expansion including commercial real estate REITs pilots, stronger futures-spot linkage supervision, faster rollout of listed-company regulatory rules and revised governance standards, and opening-up steps covering qualified foreign investors, selected futures varieties and more standardised and transparent overseas listing filings.

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