The China Securities Regulatory Commission published its 2024 report on capital markets “rule-of-law government” work and set out priorities for 2025. The update links 2024 activity to the capital markets “1+N” policy framework anchored in the new “State Council Nine Measures”, combining expanded rulemaking with intensified supervision, enforcement and investor protection, while acknowledging remaining gaps in foundational制度, enforcement effectiveness and investor protection. In 2024, the regulator advanced legislative and rule revisions including an annual legislative work plan, “packaged” amendments and repeals of securities and futures rules aligned with the new Company Law, one departmental rule and 13 normative documents, including interim measures on listed company shareholder share reductions and rules covering IPO on-site checks and STAR Market science and technology attributes. Administrative licensing activity included 2,609 applications (607 registration applications) and 1,359 approval or registration decisions, alongside 739 enforcement cases and 592 administrative penalty decisions, with fines and confiscations totalling CNY 15.342 billion (2.4 times 2023), 118 market bans and 178 cases or leads transferred to public security authorities. The report also cites tighter gatekeeping on issuance and listing, measures to close circumvention routes for major shareholder sell-downs, stronger monitoring of abnormal algorithmic trading, stricter delisting implementation, expanded integrity records and dispute resolution outcomes including 8,000-plus successful mediations recovering more than CNY 650 million for investors. For 2025, the CSRC set out plans to further完善 foundational capital markets制度, deepen the stock issuance registration-based system, maintain “zero tolerance” enforcement against securities and futures misconduct, strengthen investor protection across制度 building and enforcement, and continue risk prevention with a focus on avoiding systemic风险.

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