At a State Council Information Office press conference on September 10th, held to discuss the financial sector's implementation of the 15th Five-Year Plan and the push to build a strong financial nation, Li Chao, Deputy Chairman of the China Securities Regulatory Commission (CSRC), outlined the commission's key priorities. He detailed eight "further" actions for the capital market over the next five years and used four "greater efforts" and four "more prominent" focuses to address how the CSRC will deepen comprehensive capital market reforms and improve the quality of listed companies. Li Chao stated a goal to basically form a new landscape of high-quality capital market development, with significantly enhanced comprehensive strength and international competitiveness, by around 2030, which will mark the 40th anniversary of the capital market's establishment.

On the topic of listings, the capital market's institutional inclusiveness and adaptability are expected to improve during the 15th Five-Year Plan period, providing greater support for high-quality enterprises representing new productive forces. As of September 10th, there were 5,567 listed companies on the A-share market with a total market capitalization of approximately 115 trillion yuan. CSRC data shows that since 2024, science and technology innovation enterprises have accounted for over 90% of new listings, and the market value of the tech sector has increased by more than 80%. Li Chao said the CSRC will optimize the issuance and listing system to support the growth of diverse, high-quality enterprises across different types and industries, including emerging industries, future industries, and the digital transformation of traditional sectors. The commission will implement more inclusive systems for issuance, listing, and mergers and acquisitions, aiming to make the A-share market a primary listing destination for high-quality domestic enterprises. This includes dynamically improving the listing standards system, accelerating the revision of refinancing registration rules, promoting the integrated high-quality development of the Beijing Stock Exchange and the New Third Board, and further smoothing the fundraising, investment, management, and exit cycle for private equity and venture capital funds to guide investments towards early-stage, small, long-term, and hard-tech ventures. Li Chao noted that the average IPO review cycle for the Shanghai and Shenzhen markets has been shortened to over six months this year, and refinancing reviews for some quality companies take less than a month. However, he emphasized that a shorter review cycle does not mean relaxing listing requirements, and the CSRC will continue to strictly control the listing entry gate and strengthen delisting supervision while enhancing investor protection during the delisting process, resolutely preventing a "delist-and-forget" approach. Industry insiders told Yicai that making the A-share market a primary listing destination does not mean neglecting the Hong Kong market, as Li Chao also emphasized further expanding high-level opening-up and supporting enterprises in utilizing both domestic and overseas markets and resources.

Regarding market stability, Li Chao emphasized the need to further enhance the internal stability of the capital market. He said the CSRC will strengthen the construction of market stabilization mechanisms and expand the market's stabilizing forces. The commission will broaden the sources, channels, and ways for medium- and long-term funds to enter the market, improve the market mechanisms for "long-term money and long-term investment," strengthen risk monitoring and comprehensive assessment, and maintain the smooth operation of the capital market. According to Li Chao, since the beginning of this year, social security funds, annuities, and insurance funds have collectively net purchased over 600 billion yuan of A-shares, with their holdings of tradable A-shares increasing by 12.5% compared to the end of 2025. The national social security fund achieved an investment return rate of 13.2% in 2025, and public funds generated 1.74 trillion yuan in profits for investors in the first half of this year. The next steps include improving the market mechanisms for long-term investment, promoting the steady increase of medium- and long-term funds' market entry scale and proportion, actively developing equity public funds, strengthening risk monitoring across markets, industries, and borders, and improving the long-term mechanism supporting capital market monetary policy tools.

On investor protection, Li Chao stated that the CSRC will continue to strengthen supervision, focusing on major illegal activities such as fraudulent issuance, financial fraud, market manipulation, and insider trading. The commission aims to enhance the deterrent effect of regulatory enforcement. In the first eight months of this year, the CSRC investigated 644 securities and futures violations, with penalties and confiscations totaling nearly 10 billion yuan and over 5 billion yuan recovered for investors through various means. Over the past three years, the CSRC has carried out a special campaign against financial fraud by listed companies, investigating 247 cases, imposing 156 administrative penalties, confiscating over 9 billion yuan, and transferring 134 criminal leads to public security organs. Li Chao said the CSRC will strive to improve capital market regulation and governance, improve the entire chain of supervision systems, and build a comprehensive accountability system that effectively links administrative, criminal, and civil remedies. The commission will also promote the standardized application of artificial intelligence in the capital market and accelerate the digitalization of regulation. In terms of improving the legal system, the revised regulations on the supervision of securities companies are expected to be issued soon, and the CSRC is also working on the formulation and revision of important laws and regulations. During the 15th Five-Year Plan period, the CSRC will place greater emphasis on promoting listed companies' ability to reward investors through mergers and acquisitions, as well as through share buybacks and dividend distributions. Since the introduction of the "M&A Six Measures" in 2024, listed companies have disclosed 370 major asset restructuring deals. Under the new "National Nine Articles," listed companies have distributed dividends and conducted buybacks exceeding 7 trillion yuan in total, with over 2,000 companies distributing dividends for five consecutive years and over 1,000 companies conducting interim dividends. Li Chao said the CSRC will continue to leverage the main channel role of mergers and acquisitions in the capital market, create a vibrant and orderly M&A market ecosystem, and urge listed companies to strengthen their awareness of rewarding investors, ensuring the sustainability, timeliness, and predictability of investor returns while better safeguarding the legitimate rights and interests of small and medium-sized investors.