On January 13, the China Securities Regulatory Commission (CSRC) held a systematic work meeting for 2025 to summarize the work of 2024, advance the rectification of inspections, and study and deploy key tasks for 2025. Wu Qing, Secretary of the CSRC Party Committee and Chairman, attended the meeting and gave a speech.

The meeting believes that in 2024, the China Securities Regulatory Commission (CSRC) system will adhere to ****'s Thought on Socialism with Chinese Characteristics for a New Era as guidance, thoroughly implement the decisions and deployments of the Central Committee of the Communist Party and the State Council, comprehensively promote risk prevention, strengthen regulation, and encourage high-quality development, reinforcing fundamentals and strict supervision, with the Capital Markets showing positive and profound changes.

First, push for the introduction of new "National Nine Articles" and "1+N" policy system for Capital Markets. The State Council issued a document titled "Several Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of Capital Markets," and the CSRC, in collaboration with relevant parties, formulated and revised several supporting documents and institutional rules to form a "1+N" policy system, systematically reshaping the basic system and regulatory underlying logic of Capital Markets.

Second, make every effort to maintain the stable operation of Capital Markets. The CSRC, together with the Central Financial Office, issued guiding opinions to encourage long-term funds to enter the market, and equity ETFs surpassed 3 trillion yuan. In conjunction with the People's Bank of China, two structural monetary policy tools were quickly launched, facilitating the first batch of securities and fund institutions' swaps, with the second batch officially initiated, and 261 listed companies disclosed repurchase and increased shareholding information.

Third, adhere to strict regulation in accordance with the law. The coverage of on-site inspections and supervision for newly listed companies has significantly increased to no less than one-third. Efforts are being made to establish a comprehensive punishment and prevention system for financial fraud, severely investigating and handling major cases of fraudulent issuance, financial fraud, illegal shareholding reductions, market manipulation, etc., with a total of 739 various cases handled, and fines exceeding double that of the previous year. After implementing the new Securities Law, the first batch of cases involving party commitments has been settled, with Jin Tong Ling Technology Group and Meishang Ecology entering special representative litigation procedures. Throughout the year, 55 listed companies successfully delisted.

Fourth, continue to promote the enhancement of the quality and investment value of listed companies. Collaborating with local governments, 1,622 listed companies were visited throughout the year.mergers and acquisitions.Various measures were taken to invigorate the restructuring market, with 2,131 mergers and acquisitions transactions disclosed. Listed companies implemented dividends of 2.4 trillion yuan and repurchased 147.6 billion yuan, both hitting historical highs.

Fifth, focus on improving the quality and effectiveness of Capital Markets in serving high-quality development. Policies such as "Sixteen Measures to Support Technology" and "Eight Measures for the Star" have been introduced to support the development of new types of productivity. Completed the overseas initial public offering filing for 144 enterprises. The bond financing in the Exchange market amounts to 13.43 trillion yuan, public offering.REITsMarket Cap reached a historical high. Opinions on the high-quality development of the Futures market were released, and 15 varieties of futures options were successfully listed.

The meeting emphasized that the Central Economic Work Conference has provided a comprehensive and profound analysis of the internal and external situation facing China's economy, pointing out the direction for scientifically assessing the development situation of the capital market. The situation facing the capital market in 2025 is still complex and changeable, with external input risks increasing and internal risk factors intertwining. However, China's economy maintains stability, has many advantages, strong resilience, and significant potential, with abundant tools for policy responses to various risks and challenges. In 2025, China's macro policy orientation will be more positive and proactive, with unexpected counter-cyclical adjustments intensified. The mechanisms for stabilizing the market will be further improved, and the inherent investment value of the capital market will become more prominent. Comprehensive, rational, objective, and dialectical consideration of the situation will be necessary, with an acknowledgment of risks and challenges while preparing for those risks, alongside a firm confidence to diligently manage ongoing affairs and respond to external uncertainties with internal development certainties.

The meeting required the CSRC system to fully implement the spirit of the Party's 20th National Congress and the second and third plenary sessions of the 20th Central Committee, execute the deployments of the Central Economic Work Conference and the National Financial System Work Conference, and adhere to the main thread of work emphasizing stability with progress, promoting stability through progress, closely aligning with risk prevention, strengthening regulation, and facilitating high-quality development. A holistic understanding of the relationships among stability and progress, overall size and structure, unity and locality, regulation and vitality, and openness and safety will be needed, continuously pushing for the effective implementation of the new "Nine Articles" for the capital markets and the "1+N" policy system, striving for a virtuous interaction between supporting economic recovery and promoting its own high-quality development.

First, adhere to a stabilization-first approach, making every effort to form and consolidate the positive momentum of market stabilization. Firmly implement the important requirements of the Central Economic Work Conference on stabilizing the stock market, strengthen the monitoring and regulation of domestic and overseas, on-site and off-site, and spot and futures linkage, enhancing the forward-looking, proactive, and effective nature of the work. Work with the People's Bank of China to better utilize two structural monetary policy tools, strengthen strategic force reserves and market stabilization mechanisms. Enhance policy interpretation and publicity guidance, promptly respond to market concerns, and further stabilize market expectations.

Second, accelerate reform and opening up, and deepen the comprehensive reform of investment and financing in the Capital Markets. Using the deepening of comprehensive investment and financing reform as a guide, further remove obstacles for long-term funds to enter the market, and collaboratively promote the establishment of long-cycle assessment mechanisms for various types of long-term funds, improving the equity investment ratio and deepening Fund reforms. Research and devise better policy arrangements to support the development of new productive forces, deepen the reforms of the Star, GEM, and BSE, and enhance the inclusiveness and adaptability of the system. Persist in promoting reform through openness, optimize the overseas listing filing system, expand cross-border connectivity in the Capital Markets, thoroughly study and learn from the beneficial practices of overseas markets, and enhance the competitiveness and attractiveness of the A-share market.

Third, focus on primary responsibilities and improve the effectiveness of regulatory enforcement and the level of investor protection. Adhere to a combination of punishment, prevention, and treatment, further improve the regulatory enforcement system and mechanism, fill in the gaps in the legal construction of the Capital Markets, and strengthen technological empowerment. Highlight law-based regulation and classified supervision, swiftly and accurately crack down on illegal activities, tackling both early signs and major issues, and enhancing the precision of regulatory enforcement. Introduce policies and measures for the protection of small and medium investors, promote the improvement of systems like special representative litigation and party commitments, and effectively maintain the three principles of fairness, transparency, and impartiality in the market.

Fourth, strengthen functional performance, effectively supporting economic stabilization and recovery. Develop implementation opinions on how the Capital Markets can contribute to the five major areas of finance. Ensure the effective implementation of the "Seventeen Policies for Venture Capital" and the "Eight Policies for the Star," develop diversified equity financing, and cultivate and expand patient capital. Increase the financing ratio of industrial Bonds and accelerate the construction of the REITs market. Perfect the layout of futures varieties in key areas like strong Agriculture, strong Manufacturing, and green transformation, and enhance the participation of industrial clients. Improve the comprehensive service capability of industry institutions for new productive forces and wealth management for residents, building first-class investment banks and investment institutions.

Fifth, focus on solidifying the foundation and cultivating more listed companies that meet high-quality development requirements. Properly implement the comprehensive punishment and prevention opinions on financial fraud in the Capital Markets, further enhance the ability to discover clues related to financial fraud. Fully implement the guidelines for managing the Market Cap of listed companies, increasing the incentives and constraints on dividends and repurchases by listed companies. Further enhance the role of the Capital Markets as the main channel for mergers and acquisitions, and quickly improve the supporting mechanisms for the "Six Policies for Mergers and Acquisitions." Accelerate the formulation of a comprehensive regulatory plan to constrain the behaviors of controlling shareholders and actual controllers, increase the coverage of inspections on listed companies, and promote improvements in operational management performance. Consolidate and deepen the regular delisting mechanism, provide multiple exit channels, and accelerate the improvement of investor protection systems during the delisting process.

The conference emphasized that since last year, the China Securities Regulatory Commission (CSRC) has effectively strengthened political leadership, deeply carried out party discipline education, solidly coordinated with central inspections and concentrated rectifications, and continuously advanced the CSRC’s party style and integrity construction and anti-corruption efforts within the system, maintaining a strict atmosphere of comprehensive and strict governance of the party. Going forward, it is necessary to deeply learn and implement the Central Party's decisions on comprehensive and strict governance of the party and the spirit of the Fourth Plenary Session of the 20th Central Commission for Discipline Inspection, further strengthen the party's overall leadership over the Capital Markets, and persist in the coordination of the "two responsibilities," fully enhancing the party’s construction within the CSRC system. First, focus on rectifying issues identified in central inspections. Facilitate action reforms through ideological reform, expedite the resolution of key and difficult tasks, ensure strict compliance with the task conclusion and cancellation mechanism for rectification, drive the implementation of high standards, and ensure thorough and effective changes. Second, consolidate and deepen the results of party discipline education. Regularly conduct warning education to comprehensively leverage the constraints and incentives of party discipline education. Third, with greater determination and intensity, combat corruption. Maintain a clear awareness of the corruption situation in the Capital Markets, fully support and cooperate with the discipline inspection and supervision team stationed at the CSRC to deepen the special governance of corruption issues in the area of securities issuance review, and thoroughly advance the concurrent investigation and remedying of issues related to both wind and corruption, eliminating the soil and conditions for corruption.

Fourth, focus on the construction of the team of cadre talents. Significantly enhance the functional capabilities of the cadre team, inspire a dedication to work and entrepreneurship, improve the integrity, professionalism, and combat effectiveness of the cadre team, and accelerate the creation of a regulation team with "three solid foundations."

The meeting was attended by members of the CPC committee of the China Securities Regulatory Commission, responsible comrades from the discipline inspection and supervision team stationed at the CSRC, main leaders of various units in the system, deputy bureau-level and above cadres from the CSRC, and relevant personnel invited from the Central Financial Commission Office, Central Financial Committee Office, General Office of the State Council, Ministry of Public Security, National Audit Office, and the Supreme People's Procuratorate.

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