CSRC Chairman Wu Qing makes a major statement! Will launch the implementation of deepening the reform of the Growth Enterprise Board.

On October 27th, the 2025 Financial Street Holdings Forum Annual Meeting with the theme of "Global Financial Development under Innovation, Change, and Reshaping" opened in Beijing. The Chairman of the China Securities Regulatory Commission, Wu Qing, announced at the meeting that they will launch the implementation of deepening reforms for the Growth Enterprise Market (GEM), setting listing standards that are more in line with the characteristics of emerging industries and future innovation and entrepreneurship enterprises, to provide more precise and inclusive financial services for Shenzhen New Industries Biomedical Engineering, new formats, and new technology companies. Regarding further strengthening the foundation, Wu Qing emphasized the need to solidify the inherent foundation of market stability, introduce the refinancing shelf registration system at the opportune time, and further expand channels to support mergers and acquisitions. Supervise listed companies to improve governance, increase dividend payouts, and repurchase shares. Focus on the role of medium and long-term funds as stabilizers and strive to improve the market ecology for "long-term funds and investments." Wu Qing stated that in the process of risk repricing and asset rebalancing, prudence and balance are increasingly becoming the preferred options for asset allocation, and the international consensus of "not putting all eggs in one basket" is growing. In this process, the value of Chinese assets such as A-shares and H-shares are continuously reevaluated, and their allocation value becomes more evident. Wu Qing mentioned that they will coordinate the two markets and two types of resources and steadily expand high-level institutionalized opening to the outside world. The "Optimization Plan for Qualified Overseas Investors System" was officially launched on the 27th, including optimizing access management, improving investment operation efficiency, expanding investment scope, etc., and efforts will be made to provide various overseas investors with a more transparent, convenient, and efficient institutional environment. Measures such as efficient approval of qualifications and account opening as one process and green channels for access of configuration-oriented foreign investment will be implemented on the same day. Wu Qing emphasized the need to build a strong defense line against risks and strengthen regulatory oversight to enhance the effectiveness of protecting investors' rights and interests. He introduced that they will release several opinions on enhancing the protection of small and medium investors in the capital market, introduce 23 practical measures, continuously strengthen the safety net for investor protection, and enhance early risk management to prevent market volatility, crackdown on illegal activities such as financial fraud. Wu Qing pointed out that Beijing will be an important window for capital market reform and opening up, promoting more pioneering policies to be implemented in Beijing to encourage high-quality industry institutions and long-term capital to gather and develop in Beijing, continuously upgrade the capital market of the capital city, and vigorously promote the healthy interaction between the capital market and the economic development of the capital. Additionally, Wu Qing also mentioned that they will adhere to the positioning of serving innovative small and medium-sized enterprises, continue to promote the high-quality development of the Beijing Stock Exchange, improve the listing, information disclosure, and trading systems of the New Third Board market, smooth the mechanism for the connection of the third and fourth boards, and strengthen the foundation of multi-level capital market.