**Shanghai Stock Exchange: Advancing Reform Measures and Identifying "Hard Tech" Firms** The Government Work Report for 2026 outlined a series of measures for capital market reform and enhancing services to the real economy. On March 6, China Securities Regulatory Commission (CSRC) Chairman Wu Qing elaborated on five key areas for upgrading the capital market's high-quality development during the 15th Five-Year Plan period at a press conference on the economy held during the Fourth Session of the 14th National People's Congress.
**Hu Wangming, National Committee Member of the CPPCC and Chairman of China Baowu Steel Group: Boosting Low-Carbon Metallurgy R&D** During the National Two Sessions, Hu Wangming, also Secretary of the Party Committee and Chairman of China Baowu Steel Group, proposed suggestions for the green, low-carbon transformation of the steel industry and the development of high-quality overseas iron ore projects. He emphasized that green development is a crucial direction for upgrading the manufacturing sector and is essential for fostering new productive forces and building a modern industrial system.
**M&A Reshapes Securities Industry Landscape with Focus on Specialized Services** CSRC Chairman Wu Qing recently stated that efforts will be made to revise and promulgate regulations for supervising securities companies, actively supporting high-quality leading institutions to strengthen and expand, while encouraging small and medium-sized brokerages to pursue differentiated development paths. The securities industry's development trajectory is becoming clearer. In recent years, mergers and acquisitions within the sector have accelerated significantly. Major brokerages are enhancing their core competitiveness through integration, while smaller firms are carving out niches through regional focus and specialized services. Many representatives suggest that securities companies can provide comprehensive, professional wealth management services tailored to regional enterprise needs, establishing a virtuous cycle to support long-term, stable regional industrial development.
**Chen Siqing, Vice Chairman of the CPPCC Foreign Affairs Committee: Building "Soft Connectivity" for Cross-Border RMB Payments** The 2026 Government Work Report highlighted the need to further expand high-level opening up, with "expanding the cross-border use of RMB" listed as a key task, pointing the direction for deepening financial sector reform. During the Two Sessions, Chen Siqing, also former Party Secretary and Chairman of Industrial and Commercial Bank of China (ICBC), shared insights on global financial governance reforms, the Cross-border Interbank Payment System (CIPS), the application prospects of the digital yuan, and financial institution support for Chinese companies going global.
**Shanghai Stock Exchange: Prudently Expanding the Scope for Listing Standard Five** The Shanghai Stock Exchange (SSE) stated it will firmly implement decisions from the central authorities and CSRC requirements, adhering to a principle of seeking progress while maintaining stability and pursuing reform. The SSE aims to contribute to Chinese modernization and building a strong financial nation. It will steadily advance the expansion of industries eligible under the fifth set of listing standards and support regular financing and listing for tech firms in key core technology sectors.
**20 Key Indicators Outline Path for High-Quality Development in the 15th Five-Year Plan Period** The draft outline for the 15th Five-Year Plan, submitted for review, presents over 70,000 words detailing plans for economic and social development over the next five years. It specifies 20 main indicators across five areas: economic development, innovation-driven growth, public well-being, green and low-carbon development, and security safeguards, emphasizing a clear orientation towards high-quality development.
**Enhancing Investor Protection Systems to Boost Market Confidence** The commitment to "improve the investor protection system" was included in this year's Government Work Report. CSRC Chairman Wu Qing stated efforts will focus on better balancing development and security, enforcing strict and law-based regulation, and strengthening fundamentals to enhance trust and confidence among investors and market participants. Industry experts believe improving investor protection is a key part of comprehensive capital market reform and will reinforce expectations of fairness, justice, and transparency.
**"Reform" and "Innovation" Emerge as Key Themes in Government Work Report** The terms "reform" and "innovation" were mentioned 75 times in the Government Work Report. The report calls for continuous deepening of reforms in key areas, focusing on building a high-level socialist market economy, intensifying reform efforts, removing institutional barriers, and enhancing the momentum and vitality for high-quality development.
**Private Enterprises Drive 18.3% Surge in Imports and Exports for First Two Months** Data released by the General Administration of Customs on March 10 showed that in the first two months of the year, China's total goods trade import and export value reached 7.73 trillion yuan, a year-on-year increase of 18.3%. Exports grew by 19.2% to 4.62 trillion yuan, while imports increased by 17.1% to 3.11 trillion yuan. Private enterprises delivered a standout performance.
**Heads of Ten Major Brokerages Voice Support for High-Quality Capital Market Development** Chairmen or CEOs from ten leading securities firms, including CITIC Securities, Guotai Junan Securities, and China International Capital Corporation (CICC), recently shared their views on the capital market-related content in the Government Work Report and the 15th Five-Year Plan draft outline.
**SSE to Advance Existing Reforms and Plan New Policies to Support Tech and Transformation** Following the strategic部署 in the 2026 Government Work Report, the SSE emphasized integrating the implementation of存量 reforms with the planning of incremental policies. It aims to support regular financing and mergers and acquisitions for technology innovation and industrial upgrading companies.
**Venture Capital Takes Center Stage in Policy to Drive Core Tech Innovation** The 2026 Government Work Report featured substantial and specific部署 for supporting venture capital development, including the efficient use of the national venture capital guidance fund, vigorous development of venture capital and angel investment, and encouraging government investment funds to act as "patient capital." The表述 this year was more detailed and clear than in previous reports, marking the most prominent positioning for venture capital to date.
**Rising Storage Chip Costs Force Mobile Phone Manufacturers to Adjust Prices** On March 10, OPPO announced price adjustments for some of its and OnePlus's already-released products, effective March 16, 2026. The company cited rising costs for key components, including high-speed storage hardware, as the reason, stating the move aims to sustain excellent product quality and user experience.
**Surge in AI Glasses Shipments Drives Technological Innovation Across Supply Chain** According to latest data from Omdia released on March 9, global shipments of AI glasses reached 8.7 million units in 2025, a substantial increase of 322% year-on-year. The Chinese mainland market accounted for 10.9% of the global market, with shipments nearing 1 million units, making it the second-largest market globally after the United States.
**February Sees 151% Surge in New Private Fund Registrations, Equity Strategies Dominate** The number of newly registered private securities funds rose significantly in February. Data shows that 722 private fund managers registered a total of 1,366 private securities products (including self-issued and advisory products) during the month, a year-on-year increase of 151.57% and a month-on-month increase of 100.88%. Equity strategies accounted for over 60% of the new registrations.
**Stock Exchanges Multi-Dimensional Efforts to Foster New Productive Forces** Globally, robust support from capital markets is essential for both established tech giants and innovative startups. The characteristic that innovation starts with technology, thrives through industry, and succeeds with capital is increasingly prominent. During the 14th Five-Year Plan period, the pace of the capital market serving technological innovation accelerated significantly. Data indicates that over 90% of newly listed companies in recent years were technology firms or companies with high technological content. Currently, the market capitalization proportion of the technology sector in the A-share market notably exceeds the combined market cap of the banking, non-bank financial, and real estate sectors.
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