The financing scale in the exchange market has reached 64 trillion yuan, with the proportion of direct financing rising to 31.97%. Cash dividends have amounted to 10.7 trillion yuan, and the market value of A-shares held by medium- to long-term funds has increased by over 50%. On March 6, at the economic-themed press conference of the Fourth Session of the 14th National People's Congress, the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, highlighted a series of achievements in the capital market during the 14th Five-Year Plan period.
As the 15th Five-Year Plan begins, this year’s government work report has outlined key priorities for capital market reform and development. During the press conference, Wu Qing elaborated on reform measures and set clear development goals for the next five years, further clarifying the roadmap for high-quality growth in the capital market.
Representatives and committee members expressed that the CSRC’s initiatives indicate a deepening of market reforms toward institutionalization, normalization, and systematization. They noted that market inclusivity and adaptability will continue to improve, aligning more closely with China’s industrial restructuring and upgrading trends. Additionally, reforms are increasingly focused on benefiting the public, enabling residents to share in development gains, supporting wealth growth and consumption stimulation, and ultimately building a more efficient and higher-quality capital market that serves the real economy while steadily increasing household property income.
Reforms in the ChiNext market are being continuously deepened to enhance market inclusivity. In recent years, the CSRC has introduced measures such as the "Sci-Tech Innovation Board Eight Measures," "M&A Six Measures," and the "1+6" reform for the STAR Market, enabling numerous sci-tech innovation enterprises to efficiently complete IPOs and mergers and acquisitions.
In June of last year, the STAR Market resumed allowing unprofitable enterprises to use the fifth set of listing standards. At the same time, the ChiNext Board officially adopted its third set of standards to support high-quality, innovative companies that have yet to achieve profitability. Statistics show that since June 2025, the two boards have accepted IPO applications from 19 unprofitable enterprises.
While reforms on the STAR Market advance, reforms for the ChiNext Board are also deepening. The overall plan has largely taken shape and will be further refined before implementation. During the press conference, Wu Qing detailed considerations and key arrangements for deepening ChiNext reforms, including introducing a more precise and inclusive set of listing standards, replicating beneficial practices such as pre-review mechanisms from the STAR Market to the ChiNext Board, and comprehensively improving the quality of listed companies on the ChiNext Board.
A deputy to the National People's Congress and distinguished professor at Peking University commented that the reforms closely align with the needs of developing new quality productive forces, highlighting three key aspects: significantly enhanced institutional inclusivity, with new listing standards breaking traditional profitability requirements to support growth-stage companies with core competitiveness; improved review efficiency and market pricing rationality by applying proven STAR Market practices to the ChiNext Board; and a focus on enhancing listed company quality through a full-process approach, reinforcing intermediary responsibilities, and strengthening information disclosure to foster a healthy market ecosystem.
A member of the National Committee of the Chinese People's Political Consultative Conference and chief economist at Shenwan Hongyuan Securities Research Institute emphasized that the reforms do not relax listing conditions but adjust standards to fit the growth paths of technology-driven, digital, and other innovative enterprises. The criteria focus on technological development, industrial pathways, and investment feasibility, reducing reliance on traditional financial metrics while emphasizing long-term innovation and organizational capabilities.
Refinancing mechanisms will become more precise to support core technological breakthroughs. Refinancing is a vital system for helping listed companies strengthen their operations, fostering innovation capital, and cultivating new growth drivers.
Wu Qing outlined three areas for optimizing refinancing mechanisms: enhancing the inclusivity and adaptability of rules by introducing shelf offerings, improving fixed-price private placements, and streamlining simplified procedures; emphasizing support for high-quality sci-tech innovation companies; and strengthening refinancing supervision.
The deputy from Peking University described the refinancing optimizations as unprecedented. Shelf offerings will shorten approval cycles and improve financing efficiency, enabling tech firms to seize market opportunities promptly. Simplified procedures will lower financing thresholds and costs for quality enterprises, enhancing capital allocation efficiency. The focus on supporting excellence and innovation reflects targeted policy support, directing financial resources to key technological and industrial upgrade areas, thereby accelerating core technology development and industrialization.
A deputy to the National People's Congress and chairman of Lishen CPA Firm noted that the refinancing optimizations shift from broad financing convenience to precise resource allocation, directing capital to high-quality tech firms in need. Shelf offerings increase flexibility, while simplified procedures facilitate financing for small and medium-sized sci-tech enterprises. The emphasis on supporting excellence and innovation represents a structural adjustment that adds and subtracts in policy orientation.
Safeguarding high-quality development requires robust risk prevention and supervision. Wu Qing stated that the CSRC will advance risk prevention and supervision through "five focuses" to ensure stable capital market growth.
The chief economist at Shenwan Hongyuan Securities emphasized that risk prevention and strong supervision are essential for high-quality development, requiring adaptive regulatory focus and methods. The "five focuses" address current market challenges, including enhanced oversight of marginally profitable or unprofitable listed companies regarding fund usage and development directions, improving market self-balancing mechanisms, and regulating trading behaviors to prevent excessive speculation while maintaining price formation and risk balance.
The deputy from Peking University added that these supervisory measures align with the core demands of high-quality development. Strengthening comprehensive prevention and punishment of financial fraud enhances full-chain regulatory capabilities, safeguarding market integrity. Regulating high-frequency quantitative trading aims to guide its standardized development, balancing market vitality and stability. Strict enforcement against speculation, hype, and manipulation through穿透式 supervision and real-time monitoring fosters fair trading environments and boosts investor confidence.
From "strong supervision" to "strong market," the development goals for the next five years are clear. Wu Qing also outlined a five-year roadmap for high-quality capital market development, emphasizing a more resilient and stable market, more inclusive and adaptive systems, higher-quality listed companies with optimized structures, more effective supervision and investor protection, and deeper, higher-level openness.
The deputy from Peking University viewed these "five enhancements" as interconnected: mature systems form the foundation, coordinated systems provide the path, company quality is the core, regulatory rule of law offers protection, and international influence extends reach, creating a logical, dynamic high-quality development cycle that supports advancing new quality productive forces and national technological self-reliance.
The chairman of Lishen CPA Firm interpreted the five aspects as a strategic shift from "strong supervision" to "strong market." Market resilience and stability depend on internal steadiness, addressing volatility and short-term trading by stabilizing expectations from both capital and mechanism perspectives. Institutional reforms, centered on the STAR and ChiNext markets, integrate investment and financing reforms to suit new quality productive forces. For listed companies, the focus shifts from authenticity to investability, strengthening market foundations and directing resources to high-quality firms. Supervision and investor protection will evolve toward fostering a well-regulated market environment. With sound systems, the market can naturally mitigate excessive fluctuations and external shocks. openness will continue to enhance the international competitiveness and resource allocation capabilities of China’s capital market.
Overall, these five aspects are interlinked and convey a clear message: the future capital market will prioritize quality, promising a healthy and dynamic environment worthy of expectation.
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