The China Securities Regulatory Commission held its 2025 system work conference, reviewing 2024 actions and setting priorities for 2025 focused on risk prevention, stronger supervision and supporting high-quality development, anchored on implementing the new “National Nine Articles” and the related “1+N” policy framework. The 2025 work plan prioritises measures to consolidate market stabilisation, including strengthened monitoring and supervision across onshore and offshore markets, exchange and over-the-counter venues, and spot and derivatives markets, as well as better use of two structural monetary policy tools introduced with the People’s Bank of China, strengthened market-stabilisation mechanisms and more proactive policy communication. Reform and opening-up priorities include removing bottlenecks for medium- and long-term funds to enter the market, promoting longer-horizon assessment mechanisms and higher equity allocations, advancing public fund reforms, and deepening reforms of the STAR Market, ChiNext and the Beijing Stock Exchange, alongside optimising the overseas listing filing regime and expanding cross-border connectivity. Enforcement and investor protection measures include improving the supervisory and enforcement framework and technology enablement, issuing policy measures for small and medium-sized investor protection, strengthening mechanisms such as special representative litigation and “party commitment” cases, and stepping up work on financial fraud detection, market value management guidance, dividend and buyback incentives and constraints, M&A supporting mechanisms, controls on controlling shareholders and actual controllers, and a more normalised delisting and multi-channel exit regime with stronger investor protection during delisting. The 2024 review cited higher coverage of on-site checks and supervision for new IPO applicants to at least one-third of filings, 739 cases handled and penalty and confiscation amounts more than doubling year on year, the first Securities Law “party commitment” cases progressing, and 55 listed companies completing orderly delisting. Market-support actions included guidance to promote medium- and long-term funds’ market participation, equity ETF assets exceeding CNY 3 trillion, rollout of a swap facility for securities and fund institutions with a second batch launched, and 261 listed companies disclosing use of a relending facility linked to buybacks and stake increases; listed companies also paid CNY 2.4 trillion in dividends and conducted CNY 147.6 billion in buybacks. The CSRC also reported 2,131 disclosed M&A and restructuring transactions, CNY 13.43 trillion of exchange-traded bond financing, 144 completed overseas IPO filings, and the listing of 15 futures and options products, alongside continued work on central inspection rectification and anti-corruption efforts, including in issuance review.

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