On March 6, the Financial Associated Press reported that a press conference was held this afternoon at the Media Center for the Third Session of the 14th National People's Congress, inviting the Director of the National Development and Reform Commission, Zheng Zhanjie, Minister of Finance, Lan Foan, Minister of Commerce, Wang Wentao, Governor of the People's Bank of China, Pan Gongsheng, and Chairman of the China Securities Regulatory Commission, Wu Qing, to answer questions from Chinese and foreign reporters regarding development reform, fiscal budget, business, finance, and securities.

This is the second consecutive year that Zheng Zhanjie, Lan Foan, Wang Wentao, Pan Gongsheng, and Wu Qing have jointly answered questions from Chinese and foreign reporters regarding development reform, fiscal budget, business, finance, and securities. Last year, on the afternoon of March 6, the Second Session of the 14th National People's Congress held an economic-themed press conference at the Media Center, attended by Zheng Zhanjie, Lan Foan, Wang Wentao, Pan Gongsheng, and Wu Qing.

The important content of the press conference is as follows:

The Director of the National Development and Reform Commission: A national venture capital guidance Fund will be established.

Zheng Zhanjie, the Director of the National Development and Reform Commission, stated at the economic-themed press conference of the Third Session of the 14th National People's Congress that a national venture capital guidance fund will be established. The guidance fund will focus on cutting-edge fields such as AI, quantum technology, future energy, and Biomedical, investing in seed-stage and startup enterprises through market-oriented methods, while also considering early and mid-stage small and micro enterprises, supporting original, disruptive technological innovations and solving key core technology challenges, and nurturing the strategic emerging industries and future industries.

Zheng Zhanjie: A special action plan to boost Consumer will be released and implemented soon.

The Director of the National Development and Reform Commission, Zheng Zhanjie, stated at the economic-themed press conference of the Third Session of the 14th National People's Congress that a special action plan to boost Consumer will be released and implemented soon.

Zheng Zhanjie: In 2024, the value added of the 'three new' economy will account for more than 18% of GDP.

Zheng Zhanjie, the director of the National Development and Reform Commission, stated at the economic theme press conference of the Third Session of the 14th National People's Congress that in 2024, the value added of China's new industries, new business forms, and new business models in the 'three new' economy will further increase, exceeding 18%. The value added of high-tech manufacturing industry is expected to grow by 8.9%, which is 3.1 percentage points faster than the growth rate of value added in regulated industries.

Zheng Zhanjie: The vitality and dynamism of the private economy are continuously strengthening.

Zheng Zhanjie, the director of the National Development and Reform Commission, stated at the economic theme press conference of the Third Session of the 14th National People's Congress that the transformation and upgrading of traditional industries have accelerated significantly, and the vitality and dynamism of the private economy are continuously strengthening. Last year, private economic exports accounted for 64.7%, an increase of 1.4 percentage points; private investment in manufacturing and infrastructure grew by 10.8% and 5.8%, respectively.

Zheng Zhanjie: There is a foundation, support, and guarantee to achieve this year's growth target of around 5%.

Zheng Zhanjie, the director of the National Development and Reform Commission, stated that this year's expected target of around 5% is proposed by the Party Central Committee and the State Council after comprehensive judgment, scientific verification, systematic balance, and cautious assessment. On the operational level, we have also made solid and adequate preparations to achieve this goal. In the past year, China's economy has demonstrated strong resilience and vitality, and the economic performance has four characteristics: ① large increment; ② high quality; ③ solid foundation; ④ good momentum.

Zheng Zhanjie: The National Development and Reform Commission will issue specific plans to resolve structural contradictions in key Industries on a sector-by-sector basis.

The director of the National Development and Reform Commission, Zheng Zhanjie, stated at the economic theme press conference of the Third Session of the 14th National People's Congress that the National Development and Reform Commission will issue specific plans for resolving structural contradictions in key industries by sector, promote the withdrawal of backward and inefficient capacity, and expand the supply of medium and high-end capacity, making the supply side better adapt to changes in market demand.

Zheng Zhanjie: Last year, over 8,000 major projects were launched to private capital.

Zheng Zhanjie, the director of the National Development and Reform Commission, stated at the economic themed press conference of the Third Session of the 14th National People's Congress that last year, over 8,000 major projects were launched to attract private capital. This year, support will be offered for private enterprises' investment layout in emerging industries and future industries, with attractive major projects to be introduced in the fields of Railroads, Water Conservancy, and Nuclear Power.

Lan Foan: A more proactive fiscal policy can be understood as "continuous effort, more strength".

Lan Foan, the minister of finance, mentioned at the economic themed press conference of the Third Session of the 14th National People's Congress that a more proactive fiscal policy reflects the targeted and forward-looking nature of macroeconomic regulation, which can be understood as 'continued efforts, more powerful support.' On one hand, efforts will be made on the existing market policies to ensure that the package of policies introduced in the fourth quarter of last year is effectively implemented. On the other hand, real measures will be taken in planning new policies to fully utilize policy space, focusing on benefiting people's livelihoods, promoting Consumer spending, and enhancing post-stimulus strength.

Lan Foan: The first batch of special national bonds in the amount of 500 billion yuan will be issued to support state-owned large commercial Banks in replenishing their core tier one capital.

Lan Foan, the minister of finance, stated at the economic themed press conference of the Third Session of the 14th National People's Congress that this year, the first batch of special government bonds amounting to 500 billion yuan will be issued to support state-owned large commercial Banks in strengthening their core Tier 1 capital.

Lan Foan: This year, the central government's transfer payment arrangement to local governments will be 10.34 trillion yuan, an increase of 8.4% year-on-year.

Finance Minister Lan Foan stated at the economic theme press conference of the third session of the 14th National People's Congress that the transfer payment efforts this year are stronger, with the central government's arrangement for transfer payments to local governments being 10.34 trillion yuan, an 8.4% increase year-on-year, focusing on increasing general transfer payments to enhance the financial capacity of local governments.

Lan Foan: The central government has reserved sufficient reserve tools and policy space.

Finance Minister Lan Foan stated at the press conference on the economic theme of the third session of the 14th National People's Congress that, to address potential uncertainty factors from both domestic and international sources, the central government has reserved sufficient tools and policy space.

Lan Foan: This year, national Education expenditure, social security and employment expenditure are close to 4.5 trillion yuan.

Finance Minister Lan Foan emphasized at the press conference on the economic theme of the third session of the 14th National People's Congress that this year there is a stronger guarantee in key areas. This year, national education expenditure and social security and employment expenditure are both nearly 4.5 trillion yuan, growing by 6.1% and 5.9% respectively, while science and technology expenditure exceeds 1.2 trillion yuan, growing by 8.3%. Expenditures in areas such as health, wellness, and housing security maintain a high growth rate. At the same time, efforts will continue to strengthen financial scientific management, deepen tax system reforms, and resolutely implement the requirement for party and government agencies to live a frugal life, ensuring that funds are spent effectively.

Minister of Commerce Wang Wentao: More practical measures will be introduced to expand Consumer spending in 2025.

At the economic theme press conference of the 14th National People's Congress, Minister of Commerce Wang Wentao stated that by 2025, the focus will be on combining expanding consumer spending and benefiting people's livelihoods, coordinating Commodity consumption and service consumption, and introducing more practical measures. Among them, the "trade-in" program will be strengthened and expanded to benefit residents, increasing the range of products eligible for the "trade-in" subsidy.

Wang Wentao: Service consumption continues a favorable trend, becoming a new growth point in consumption.

At the economic theme press conference of the 14th National People's Congress, Minister of Commerce Wang Wentao indicated that consumption remains the primary driving force of economic growth, and service consumption continues a favorable trend, becoming a new growth point in consumption. Last year, the biggest highlight in consumption was the trade-in program, which has become a household term, not only as an economic policy but also as a resident benefit measure.

Wang Wentao: The main contradiction in commodity consumption lies on the demand side, while the main contradiction in service consumption lies on the supply side.

Minister of Commerce Wang Wentao stated at the economic theme press conference of the third session of the 14th National People's Congress that the main issue in commodity consumption is the weak consumption capacity and willingness, which is the key contradiction on the demand side; the main contradiction in service consumption lies on the supply side, where the quality supply is insufficient.

Wang Wentao: Since 2025, over 0.7 million applications for auto replacement and upgrade subsidies have been received.

At the economic theme press conference of the Third Session of the 14th National People's Congress, Minister of Commerce Wang Wentao stated that as of yesterday, since 2025, over 0.7 million applications for auto replacement and upgrade subsidies and over 0.3 million applications for scrapping and upgrading subsidies have been received, totaling over 1 million applications.

Wang Wentao: Promote the expansion of pilot openings in the fields of telecommunications, Medical, and Education.

Minister of Commerce Wang Wentao stated at the press conference on the economic theme of the Third Session of the 14th National People's Congress that in terms of opening up, efforts will be made to promote the expansion of pilot programs for openness in telecommunications, Medical, and Education sectors, and advance comprehensive pilot programs to expand openness in the service industry.

Wang Wentao: Actions will be implemented to enhance service consumption and benefit the public.

At the economic theme press conference of the Third Session of the 14th National People's Congress, Minister of Commerce Wang Wentao stated that actions will be implemented to enhance service consumption and benefit the public, and a series of activities to promote service consumption will be organized.

Wang Wentao: Optimize visa policies for foreigners coming to China to enhance the convenience of entry, lodging payments, and other aspects.

Minister of Commerce Wang Wentao stated at the economic theme press conference of the third session of the 14th National People's Congress that in terms of opening up to the outside world, we will promote the expansion of pilot projects in the fields of telecommunications, Medical, Education, and promote the orderly opening of Internet culture and other fields, advance the comprehensive pilot demonstration of the opening up of the service industry, enhance its leading role in the national service industry opening, introduce more high-quality services, improve supply quality, and also optimize visa policies for foreigners coming to China, enhancing the convenience of entry, lodging payments, and other aspects.

Central Bank Governor Pan Gongsheng: This year, interest rates will be lowered selectively based on the domestic and international economic and financial situation and financial market conditions.

This year, interest rates will be lowered selectively based on the domestic and international economic financial situation and the running conditions of the financial markets. Currently, the average deposit reserve ratio of Financial Institutions is 6.6%, with room for further reduction, and the rates of structural monetary policy tools can also be studied for reduction. Further expansion of the scale of re-loans for Technology innovation and technology transformation will broaden the coverage of policy support.

Pan Gongsheng: Further expand the scale of re-loans for Technology innovation and technology transformation.

People's Bank Governor Pan Gongsheng stated at the press conference on the economy of the Third Session of the Fourteenth National People's Congress that the People's Bank will implement a moderately relaxed monetary policy. Structurally, support will be increased for key strategic areas and weak links, and further expansion of the scale of re-loans for Technology innovation and technology transformation will be carried out.

Pan Gongsheng: Exploring a normalized institutional arrangement with the Securities Regulatory Commission to support the development of Capital Markets.

Pan Gongsheng, the governor of the People's Bank, stated at the economic theme press conference of the Third Session of the 14th National People's Congress that the aim is to explore normalized institutional arrangements with the Securities Regulatory Commission to support the development of Capital Markets.

Pan Gongsheng: Strengthen regulations on some unreasonable market behaviors that easily reduce the transmission of MMF policy.

At the economic theme press conference of the Third Session of the 14th National People's Congress, the Governor of the People's Bank of China, Pan Gongsheng, stated that in terms of policy transmission, the People's Bank will further improve the interest rate adjustment mechanism, continuously strengthen the implementation and supervision of interest rate policies, enhance regulations on certain unreasonable market behaviors that can easily reduce the transmission of monetary policy, promote the implementation of measures for banks to supplement their capital, and smooth the interest rate transmission mechanism.

Pan Gongsheng: Strengthen the coordination between financial policies and industrial policies to achieve both support and control.

At the economic theme press conference of the Third Session of the 14th National People's Congress, the Governor of the People's Bank of China, Pan Gongsheng, stated that it is necessary to strengthen the synergy between financial policies and industrial policies, ensuring that financial resource policies achieve both protection and control.

Pan Gongsheng: Strengthen expectation guidance and resolutely prevent risks of Exchange Rates overshooting.

On March 6, at the economic theme press conference of the Third Session of the 14th National People's Congress, the Governor of the People's Bank of China, Pan Gongsheng, stated that our policy and position on exchange rates are consistent. We uphold the decisive role of the market in the formation of exchange rates, maintain exchange rate flexibility, while strengthening expectation guidance, resolutely preventing excessive exchange rate adjustment risks, and ensuring the basic stability of the RMB exchange rate at a reasonable and balanced level.

Wu Qing: Since the introduction of the new 'Nine National Regulations', the CSRC has formulated and revised more than 50 institutional rules.

Wu Qing, Chairman of the CSRC, stated at the economic-themed press conference of the third session of the 14th National People's Congress that since the introduction of the new 'Nine National Regulations', the CSRC has formulated and revised more than 50 institutional rules, systematically reshaping regulatory logic, further improving regulatory institutional mechanisms, and enhancing regulatory effectiveness.

Wu Qing: Serious illegal activities that investors detest will be thoroughly investigated and severely punished in accordance with the law.

The Chairman of the China Securities Regulatory Commission, Wu Qing, stated at the economic theme press conference of the Third Session of the 14th National People's Congress that in terms of strict supervision to protect investors, there will be stringent monitoring and management. The regulatory system and mechanisms will be further refined in all aspects of the entire chain, including information disclosure for issuance and listing, corporate governance, mergers and acquisitions, and delisting, to enhance regulatory effectiveness, focusing on market concerns, especially on serious illegal activities that investors detest, such as financial fraud, fraudulent issuance, market manipulation, and insider trading, which will be investigated and punished severely according to the law.

Wu Qing: More than 300 listed companies distributed dividends before the Spring Festival, with a total dividend amount exceeding 340 billion yuan.

The Chairman of the China Securities Regulatory Commission, Wu Qing, stated at the economic theme press conference of the Third Session of the 14th National People's Congress that more than 300 listed companies distributed dividends before the Spring Festival, with a total dividend amount exceeding 340 billion yuan.

Wu Qing: The scale of equity ETFs has surpassed 3 trillion yuan.

Chairman Wu Qing of the China Securities Regulatory Commission stated at the economic theme press conference of the Third Session of the 14th National People's Congress that since last year, the CSRC has actively promoted more incremental funds into the market. The registration and issuance of public funds have accelerated significantly, the scale of equity ETFs has exceeded 3 trillion yuan, and the public funds' holdings of the circulating market value of A-shares have increased from 5.1 trillion yuan at the beginning of 2024 to the current 6 trillion yuan, an increase of 17.4%.

Wu Qing: Eliminate obstacles and blockages for the entry of medium to long-term funds into the market, and enhance the strategic reserves through multiple channels.

The chairman of the China Securities Regulatory Commission, Wu Qing, stated at the economic-themed press conference of the third session of the 14th National People's Congress that efforts will continue to push for the effective implementation of the new "Nine National Policies" and the "1+N" policy framework, accelerating the new round of reforms and opening up in the Capital Markets. We will eliminate the obstacles and blockages for the entry of medium to long-term funds such as social security, insurance, and wealth management into the market, and enhance the strategic reserves through multiple channels.

Wu Qing: The CSRC will further enhance the adaptability of the market's basic system, adhering to respect for laws and rules.

Wu Qing, Chairman of the China Securities Regulatory Commission, stated at the economic theme press conference of the third session of the 14th National People's Congress that the Commission will further enhance the adaptability of the market's basic systems, adhere to respecting laws and rules, optimize the market evaluation mechanism, evaluate and improve the trading and settlement system, and create a fairer, more efficient, attractive, and predictable institutional environment for all market participants.

Wu Qing: Accelerate the promotion of a new round of Capital Markets reform and opening up.

Wu Qing, Chairman of the China Securities Regulatory Commission, stated at the economic theme press conference of the third session of the 14th National People's Congress that we will accelerate the new round of reforms and openings in the capital markets, continuously building a solid foundation for the healthy development of the stock market. First, we need to further enhance the inclusiveness of the multi-level market. Second, we need to further enhance the synergy of investment and financing development. Third, we need to further enhance the effectiveness of regulatory enforcement. Fourth, we need to further enhance the adaptability of the market's basic systems.

Wu Qing: Further enhance the effectiveness of regulatory enforcement.

The chairman of the China Securities Regulatory Commission, Wu Qing, stated at the press conference on the economic theme of the 14th National People's Congress that it is necessary to further enhance the effectiveness of regulatory enforcement, punishing severely according to the law on one hand, and preventing responsibility strictly on the other.

Wu Qing: Research and implement more effective measures to protect the legal rights and interests of investors.

The chairman of the China Securities Regulatory Commission, Wu Qing, stated at the press conference on the economic theme of the 14th National People's Congress that it is necessary to further enhance the coordination of investment and financing development, to research and introduce more hard measures to protect the legal rights and interests of investors, and to promote the formation of an effective mechanism for checks and balances between small and medium investors and major shareholders, controlling shareholders and other key minorities, to enhance the awareness and capability of listed companies in returning value to investors.

Wu Qing: Enhance the inclusiveness of the multi-tiered market system and deepen the reforms of the Star, GEM, and BSE.

At the economic theme press conference of the Third Session of the 14th National People's Congress, the Chairman of the China Securities Regulatory Commission, Wu Qing, stated that it is necessary to further enhance the inclusiveness of the multi-tiered market system, deepen the reforms of the Star Market, GEM, and BSE, and promote the gathering of market resources towards new industries, new formats, and new technologies.

Wu Qing: A market ecology that is more coordinated in investment and financing is accelerating its formation.

Chairman of the China Securities Regulatory Commission, Wu Qing, mentioned at the economic theme press conference of the Third Session of the 14th National People's Congress that in 2024, the total dividends for the All Market will reach 2.4 trillion yuan, setting a historical high for dividend amounts. The market's dividend repurchase has far surpassed the total scale of IPOs, Refinancing, and Shareholding reductions, with the Csi 300 Index dividend yield reaching 3.4%, and a market ecology with more coordinated investment and financing is accelerating its formation.

The Securities Regulatory Commission strictly punishes serious illegal and irregular behaviors such as technical divorce.

Wu Qing, Chairman of the China Securities Regulatory Commission, introduced that in terms of preventing risks and stabilizing confidence, last year, facing the complex and severe market running situation, the Commission, together with all relevant parties, improved the market stability mechanism and launched a series of combined measures. The regulatory system for procedural trading was improved, the Become Margin was comprehensively suspended in accordance with the law, the information disclosure mechanism for northward trading was optimized, and strict punishment for illegal Shareholding was imposed, including handling of violations such as technical divorce, roundabout Shareholding, and quick cash-out.

Wu Qing: The more technology innovation enterprises there are, the stronger the attractiveness and vitality of the Capital Markets.

At the economic theme press conference of the 14th National People's Congress, Chairman of the CSRC Wu Qing stated that the Capital Markets have a unique and important supporting role in promoting industry and technological innovation. The more technology innovation enterprises there are, the stronger the attractiveness and vitality of the Capital Markets, and the greater their ability to create value for investors.

Wu Qing: The market share of listed companies in All Market strategic emerging industries has exceeded 40%.

Chairman of the CSRC, Wu Qing, stated at the economic press conference of the 14th National People's Congress that in 2024, the proportion of new listed companies in the Star, GEM, and BSE that are high-tech enterprises will all exceed 90%. Currently, the market share of listed companies in All Market strategic emerging industries has exceeded 40%, with leading enterprises emerging in key fields such as advanced manufacturing, New energy Fund, new generation information technology, and Biomedical.

Wu Qing: DeepSeek's emergence has led to a recent re-evaluation of the value of assets in China to some extent.

Chairman of the Securities Regulatory Commission, Wu Qing, stated that the economic theme press conference is quickly transforming into a technology theme, and DeepSeek's emergence has led to a recent re-evaluation of the value of assets in China to some extent.

Wu Qing: Accelerate the improvement of support mechanisms specifically for Technology enterprises.

Chairman of the CSRC, Wu Qing, stated at the economic press conference of the 14th National People's Congress that the improvement of specialized support mechanisms for Technology enterprises should be accelerated. Focus on areas with active technological innovation that reflect new productive forces, make good use of systems like the "green channel" and the listing of unprofitable enterprises, and steadily implement the fifth set of listing standards for the Star, providing more precise support for quality Technology enterprises to go public.

Wu Qing: Urgently improve the supporting mechanism for the "six guidelines for mergers and acquisitions."

Chairman of the CSRC, Wu Qing, stated at the economic press conference of the 14th National People's Congress that it is necessary to urgently improve the supporting mechanism for the "six guidelines for mergers and acquisitions," and promote more typical cases of mergers and acquisitions for Technology innovation enterprises to be realized.

Wu Qing: Increase support for the supply of financial products for technological innovation and steadily develop the securitization of intellectual property Assets.

Wu Qing, the chairman of the China Securities Regulatory Commission, stated at the economic-themed press conference of the third session of the 14th National People's Congress that there will be increased support for financial products that promote global strategy. The capital markets support for technology enterprises is not limited to only going public; bonds, convertible bonds, preferred shares, and other options can also make a difference. Continuous efforts will be made to support a combination of technological innovation, steadily develop the securitization of intellectual property assets, and provide more comprehensive and efficient services in the capital markets for technological innovation.

Wu Qing: Only by enduring the loneliness of sharpening a sword for ten years can one welcome the astonishing brilliance.

The Chairman of the China Securities Regulatory Commission, Wu Qing, stated at the economic themed press conference of the third session of the 14th National People's Congress that only by enduring the loneliness of sharpening a sword for ten years can one welcome the astonishing brilliance. We will further encourage and support private equity fund investors and managers to adhere to long-termism, continuously enhance their ability to provide long-term support and value-added services to enterprises, support Technology companies in focusing on their main business, dedicating themselves to research, leading innovation, and accumulating strength for breakthroughs.

Wu Qing: Hope that all parties in the market can view the risks in the growth of technology companies comprehensively, objectively, and calmly.

At the press conference on the economic theme of the third session of the 14th National People's Congress, Chairman of the China Securities Regulatory Commission, Wu Qing, expressed the hope that all parties in the market will view the risks of technological enterprises' growth comprehensively, objectively, and calmly, and effectively manage risks and obtain returns through scientific methods and tools. More tolerance and understanding should be given to the listing of unprofitable companies, in order to create a healthier and better market environment for the development of new productive forces.

Wu Qing: Promote the introduction of judicial interpretations of the crime of betrayal of trust and accelerate the drafting of regulations for the supervision of listed companies.

Wu Qing, the chairman of the Securities Regulatory Commission, stated that the commission will further enhance the effectiveness of regulatory enforcement. On one hand, it will promote the introduction of judicial interpretations such as the crime of breach of trust, accelerate the drafting of regulations for the supervision of listed companies, expedite the revision of regulations for securities companies, deepen inter-departmental and central-local cooperation, and implement joint penalties for violations of laws in the capital markets according to the law. On the other hand, it will improve the long-term mechanism for preventing and combating financial fraud, perfect the 'whistleblower' system, solidify the 'gatekeeping' responsibilities of intermediary institutions, strengthen technological empowerment to enhance regulatory capabilities, and simultaneously reinforce source governance.

Wu Qing: There is a significant increase in money entering the market.

Chairman of the China Securities Regulatory Commission, Wu Qing, stated at the economic themed press conference of the Third Session of the 14th National People's Congress that medium and long-term funds are the "stabilizer" and "ballast" for the healthy running of the Capital Markets. The amount of money entering the market has significantly increased, and the People's Bank has guided securities and Fund companies to carry out two batches of swap convenience operations, with amounts exceeding 100 billion yuan; over 400 listed companies have publicly disclosed information on Share Buyback and shareholding information, with a loan limit of nearly 80 billion yuan.

Chairman of the China Securities Regulatory Commission, Wu Qing: The second batch of Insurance funds for long-term Stocks investment pilot approved 52 billion yuan before the Spring Festival, and another 60 billion yuan was approved a couple of days ago.

Chairman of the China Securities Regulatory Commission, Wu Qing, stated at the economic-themed press conference of the 14th National People's Congress that the Financial Regulatory Administration has launched the second batch of Insurance funds for long-term Stocks investment pilot, approving 52 billion yuan before the Spring Festival, and another 60 billion yuan was approved a couple of days ago, with plans to further expand in the future.

Chairman of the China Securities Regulatory Commission, Wu Qing: Since September last year, Insurance funds and various pension funds have net bought approximately 290 billion yuan in the A-shares market.

Chairman of the China Securities Regulatory Commission, Wu Qing, stated at the economic-themed press conference of the 14th National People's Congress that from September last year to now, Insurance funds and various pension funds have net bought approximately 290 billion yuan in the A-shares market, effectively supporting the market's stabilization and improvement.

Wu Qing: The Ministry of Finance, the Ministry of Human Resources and Social Security, and other departments are promoting the revision of the assessment policy document for long-term funds.

Wu Qing, Chairman of the China Securities Regulatory Commission, stated at the press conference on the economic theme of the third session of the 14th National People's Congress that the Ministry of Finance, the Ministry of Human Resources and Social Security, and other departments are actively advancing the revision of the assessment policy document for long-term funds, and have currently solicited opinions and suggestions from the companies.

Wu Qing: The market value of circulating A-shares held by various types of medium and long-term funds has increased to 17.8 trillion yuan.

The Chairman of the Securities Regulatory Commission, Wu Qing, stated at the economic themed press conference of the Third Session of the Fourteenth National People's Congress that since September last year, the circulating market value of A-shares held by various medium and long-term funds has increased from 14.6 trillion yuan to 17.8 trillion yuan, an increase of 22%.

Wu Qing: The development of equity funds has accelerated significantly.

The Chairman of the Securities Regulatory Commission, Wu Qing, stated at the economic themed press conference of the Third Session of the Fourteenth National People's Congress that the development of equity funds has accelerated significantly. From September last year to now, a total of 459 equity funds have been registered, accounting for 70% of the total registered fund products during the same period. The scale of equity funds has increased from 6.3 trillion yuan to 7.7 trillion yuan, and the proportion of public fund total scale has increased from 20% to 24%. At the same time, actively promoting the reform of public fund fee rates, reducing the overall fee rate in phases, and is expected to save investors more than 45 billion yuan in costs each year, closely binding the interests of fund companies with those of investors.

Wu Qing: Actively promoting the public offering fee reform to better align the interests of Fund companies with those of investors.

Chairman of the China Securities Regulatory Commission, Wu Qing, stated at the economic theme press conference of the 14th National People's Congress that the development of equity Funds is significantly accelerating. During the promotion of high-quality development of indexed investment in Capital Markets, ETF products for Stocks can complete registration quickly within five working days. Wu Qing pointed out, "Since last year, the CSI A500 Fund and the Star comprehensive index fund have been launched and widely recognized by the market. From September last year to now, a total of 459 equity Funds have been registered, accounting for 70% of the total number of registered Fund products during the same period, with the scale of equity Funds increasing from 6.3 trillion yuan to 7.7 trillion yuan, and the proportion of equity Funds in the total scale of public offering Funds increasing from 20% to 24%."

Wu Qing further pointed out that while the scale is expanding rapidly and the proportion is increasing, the income situation of public offering Funds is also gradually improving. To better protect investors' rights and interests, the CSRC is also actively promoting the reform of public offering Fund fee rates, gradually reducing the comprehensive fee rate, which is expected to save investors more than 45 billion yuan in costs each year. At the same time, by promoting fee rate reform, the bond between Fund companies and investors' interests is made even tighter.

Editor/ping