On October 19, the Chairman of the China Securities Regulatory Commission, Wu Qing, delivered a keynote speech at the 2026 Financial Street Forum Annual Meeting titled "Coordinating Development and Security, Upholding Openness and Cooperation, and Striving to Write a New Chapter of High-Quality Development for the Capital Market During the 15th Five-Year Plan."
In his speech, Wu Qing summarized and affirmed the achievements of the capital market in the opening year of the 15th Five-Year Plan and elaborated on the profound changes occurring in the underlying logic of China's capital market operations.
He also discussed the transformation of the market driven by AI, the entry of medium- and long-term funds, multi-tiered market reform, share reduction rules, and opening-up to the outside world.
Additionally, Wu Qing spoke about the Beijing Stock Exchange, which was established five years ago, stating that a series of measures would be steadily introduced, including the BSE 50 ETF and the market value-based allotment for new stock listings on the BSE.
Point One: Dividends and Buybacks by Listed Companies This Year Are 2.7 Times the Combined IPO Financing and Refinancing During the Same Period
Wu Qing stated that this year marks the opening year of the 15th Five-Year Plan, and the capital market is gaining new momentum, optimizing its structure, and improving its ecosystem, effectively rewarding investors and powerfully serving high-quality economic and social development.
Wu Qing pointed out that listed companies, serving as the "ballast" of the national economy and the "bellwether" of industrial development, have further improved their operational quality and efficiency. In the first half of the year, they achieved total revenues of 37.7 trillion yuan and net profits of 3.6 trillion yuan, a year-on-year increase of 19.5%, hitting a new high in nearly three years. Dividends and buybacks during the year reached 2.1 trillion yuan, which is 2.7 times the combined IPO financing and refinancing during the same period.
"The investment value of listed companies has been effectively enhanced, not only consolidating the foundation for the steady and long-term development of the capital market but also demonstrating the confidence and vitality of China's high-quality economic development," Wu Qing said.
Point Two: The Allocation Value of Chinese Assets Has Become More Prominent
Wu Qing pointed out that a new round of technological revolution and industrial transformation is flourishing, and the world's political and economic landscape and financial ecosystem are facing profound adjustments and reshaping, exerting an increasingly extensive and far-reaching impact on the capital market.
First, geopolitical conflicts are disrupting and raising global risk premiums. Second, the complex interest rate environment is driving asset repricing and rebalancing. Third, artificial intelligence is accelerating market transformation. Fourth, the linkage and resonance of global markets have significantly increased.
"Recently, monetary policies in the US, Japan, and Europe have generally tightened, long-term bond yields in developed economies have systematically risen, and cross-border capital flows and risk asset allocation have become more complex and frequent," Wu Qing further pointed out. "The联动 of fluctuations in stock, bond, and foreign exchange markets has increased, and the cross-border, cross-market, and cross-industry risk transmission warrants high vigilance."
Wu Qing stated that China's macroeconomic policies are intensifying and becoming more effective, innovative momentum is continuously being released, and the supporting conditions and fundamental trends for China's economy to move toward new and better directions and achieve long-term growth remain strong. The underlying logic of capital market operations has quietly undergone profound changes, and the allocation value of Chinese assets has become more prominent.
Point Three: Approval of the First Batch of 18 Active ETFs for Registration
Regarding efforts to fully safeguard the safety and stability of the capital market, Wu Qing stated that domestic and overseas market dynamics will be closely tracked, risk assessment and policy tool reserves will be strengthened, the construction of market stabilization mechanisms will be consolidated and improved, and efforts will focus on strengthening risk prevention for new types of businesses. High vigilance will be maintained against new risk points such as leveraged products overseas linked to A-share individual stocks, continuously building a breakwater and seawall against capital market risks.
"We will promote the further improvement of long-term assessment mechanisms suitable for long-term investment, expand the sources, channels, and entry methods for medium- and long-term funds, continue to deepen public fund reform, and strengthen the forces for market stability," Wu Qing pointed out.
Wu Qing said: "Today, the CSRC will approve the registration of the first batch of 18 active ETFs. This is an important measure to promote the innovative development of fund products and will also introduce more incremental funds into the market. At the same time, we encourage qualified listed companies to increase buybacks and shareholding increases to better reward investors."
Point Four: Implementation of More Inclusive and Adaptive Systems for Issuance, Listing, and M&A
Regarding the continued deepening of inclusive reform of the capital market, Wu Qing stated that efforts will focus on supporting the development of new quality productive forces, implementing detailed reform measures for the "two innovation boards," and further improving mechanisms for identifying and screening technology enterprises. Research will be advanced on multi-tiered market reform, implementing more inclusive and adaptive systems for issuance, listing, and M&A.
Wu Qing also pointed out that refinancing reform will be deepened, and the newly revised administrative measures for securities issuance registration of listed companies and supporting rules will be released in due course.
"In this process, we will accelerate the introduction of regulations on the supervision of listed companies, improve institutional mechanisms for corporate governance, information disclosure, and investor protection, and cultivate and strengthen the group of high-quality listed companies. We will intensify efforts to advance the high-quality development initiative for securities companies, support industry M&A and subsequent integration, and accelerate the building of world-class investment banks," Wu Qing said.
Point Five: Issuance and Implementation of Opinions on the Safe and Compliant Application of AI in the Securities and Futures Industry
Regarding AI, Wu Qing stated that the AI wave is sweeping the globe, injecting new momentum into financial markets and economic development, while also spawning new types of risks such as algorithm black boxes and AI network attacks, posing greater tests for the operational resilience of financial infrastructure.
"We will soon issue and implement opinions on the safe and compliant application of AI in the securities and futures industry, improve regulatory norms for business development and data security, promote safe and efficient application in key scenarios such as risk control and investment research, and guide technology toward good," Wu Qing said.
Point Six: Improvement of Penalty Rules for Illegal Share Reductions
Regarding efforts to vigorously cultivate a standardized and healthy market ecosystem, in addition to issuing opinions on the safe and compliant application of AI in the securities and futures industry, Wu Qing stated that three other measures will be introduced soon.
First, a fund industry operation monitoring center will be established to undertake responsibilities such as private fund share registration, public and private fund information collection, and risk monitoring, focusing on improving risk prevention and control and regulatory effectiveness in the fund industry. Second, penalty rules for illegal share reductions will be improved, adhering to the principle of proportionate punishment and not wronging the innocent, refining identification standards, and more precisely and effectively cracking down on illegal share reduction behavior. Third, guidance opinions on advance compensation in the securities market will be formulated and issued, further clarifying applicable entities and implementation procedures, promoting lawful, convenient, and efficient advance compensation, and better safeguarding the legitimate rights and interests of small and medium-sized investors.
Point Seven: Further Improvement of Cross-Border Investment and Financing Facilitation
Regarding opening-up, Wu Qing stated that starting from aspects such as markets, institutions, and products, cross-border investment and financing facilitation will be further improved, continuously enhancing the attractiveness and predictability of the open institutional framework.
Wu Qing pointed out that QFII investment operational convenience will be enhanced, and domestic and overseas institutions will be supported in cooperatively launching more indices and products based on Chinese assets. Foreign institutions will be encouraged to make good use of their parent companies' professional capabilities and group advantages, further improve product layouts, participate in innovative businesses, and more foreign institutions will be supported to invest and operate in China. The new "five synergies" cooperation model between the mainland and Hong Kong markets will be implemented, and the inclusion of RMB stock trading counters and REITs in the Shanghai-Hong Kong-Shenzhen Stock Connect will be accelerated.
"At the same time, we will deeply participate in the governance reform of international financial organizations, actively promote regulatory cooperation on key issues such as AI governance, financial stability, and sustainable finance, and strive to contribute more Chinese solutions and Chinese wisdom," Wu Qing said.
Point Eight: Steady Introduction of the BSE 50 ETF and Market Value-Based Allotment for New Stock Listings on the BSE
Regarding the development of the Beijing Stock Exchange, Wu Qing stated that over the five years since its establishment, a group of specialized and sophisticated enterprises have gathered and grown. The number of listed companies and total market value have increased by more than 3 times compared to the initial opening, and trading volume has increased nearly 10 times, achieving an important leap from a newly established market to basically formed systems and then to a basically improved ecosystem.
"Next, we will anchor our efforts on building a main front for serving innovative small and medium-sized enterprises, steadily introduce a series of measures including the BSE 50 ETF, market value-based allotment for new stock listings on the BSE, innovative evaluation standards, and optimized tiered management for the New Third Board, promoting the integrated high-quality development of the BSE and the New Third Board," Wu Qing said.
Wu Qing pointed out that at the same time, efforts will be intensified to support the deep integration of technological innovation and industrial innovation, support the accelerated implementation of demonstration cases of capital market technology finance practices in Beijing Haidian and other areas, promote the establishment of the Beijing Capital Market Society, strengthen the aggregation effects of factors, institutions, and talent, continuously enhance the development level of Beijing's capital market, and better serve the high-quality development of the capital's economy.
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