Vice Chairman of the CSRC Liu Haoling: The capital market has development resilience, and the investment ecosystem continues to improve.

On November 12, Liu Haoling, Vice Chairman of the China Securities Regulatory Commission (CSRC), said in a speech at the 2026 Shanghai Stock Exchange International Investors Conference that the capital market has development resilience and the investment ecosystem continues to improve. In recent years, the comprehensive reform of investment and financing in the capital market has continued to advance, with the STAR Market "1+6" reform, the "M&A Six Measures," the deepening reform of the ChiNext board, and refinancing optimization policies being implemented successively. A series of institutional developments conducive to "long-term money for long-term investment" have been solidly advanced, and the scale and proportion of medium- and long-term funds such as social security, annuity, and insurance funds entering the market have steadily increased, with net purchases of A-shares exceeding RMB600 billion since the beginning of the year. The operating efficiency of listed companies continues to improve. Since the beginning of this year, the scale of dividends and share buybacks by listed companies has exceeded the amount of IPO and refinancing proceeds, and the investor return mechanism has been continuously strengthened. At the same time, high-level opening-up of the capital market is also being advanced in an orderly manner. More and more internationally renowned financial institutions are setting up institutions and investing in business in China. The QFII system and the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect mechanisms are continuously being optimized, QFIIs are allowed to participate in domestic treasury bond futures trading, and RMB treasury bond futures have also been listed smoothly in Hong Kong. The capacity for regulation and risk prevention in an open environment is being continuously strengthened, laying a solid safety bottom line for high-level opening-up. The full text is as follows: Speech by Liu Haoling, Vice Chairman of the China Securities Regulatory Commission, at the 2026 Shanghai Stock Exchange International Investors Conference Respected Vice Mayor He Qing, Chairman Qiu Yong, Distinguished guests, dear friends: Good morning, everyone! In this golden autumn season, I am very pleased to join you all at the 2026 International Investors Conference of the Shanghai Stock Exchange. First of all, on behalf of the China Securities Regulatory Commission, I would like to extend warm congratulations on the convening of this conference and express sincere gratitude to people from all walks of life who have long cared about, supported, and participated in the development of China's capital market! I also extend a cordial welcome to all the guests attending this conference! The theme of this conference is "Interaction and Connectivity, Mutual Benefit and Win-Win," inviting global investors to discuss the "safety, resilience, and innovative value" of Chinese assets, which is of great practical significance. Taking this opportunity, I would like to share a few views in light of China's macroeconomic situation and the deepening reform and high-level opening-up of the capital market. First, China's development has long-term certainty, and investing in China has a solid foundation. At present, profound changes unseen in a century are accelerating, the international environment is complex and turbulent, and shocks from global liquidity cycle fluctuations and geopolitical conflicts continue to test the capital markets of all countries. China has always adhered to its own high-quality development to inject certainty into the world economy. Since the beginning of this year, under the strong leadership of the Party Central Committee and the State Council, the Chinese economy has withstood multiple external pressures, maintained stable operation, and shown a good momentum of new drivers and improved structure. In the first three quarters of this year, GDP exceeded RMB107 trillion, up 4.6% year on year, and the "15th Five-Year Plan" got off to a good start. This is the solid foundation for the stable operation of the capital market. Second, the capital market has development resilience, and the investment ecosystem continues to improve. In recent years, the comprehensive reform of investment and financing in the capital market has continued to advance, with the STAR Market "1+6" reform, the "M&A Six Measures," the deepening reform of the ChiNext board, and refinancing optimization policies being implemented successively. A series of institutional developments conducive to "long-term money for long-term investment" have been solidly advanced, and the scale and proportion of medium- and long-term funds such as social security, annuity, and insurance funds entering the market have steadily increased, with net purchases of A-shares exceeding RMB600 billion since the beginning of the year. The operating efficiency of listed companies continues to improve. Since the beginning of this year, the scale of dividends and share buybacks by listed companies has exceeded the amount of IPO and refinancing proceeds, and the investor return mechanism has been continuously strengthened. At the same time, high-level opening-up of the capital market is also being advanced in an orderly manner. More and more internationally renowned financial institutions are setting up institutions and investing in business in China. The QFII system and the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect mechanisms are continuously being optimized, QFIIs are allowed to participate in domestic treasury bond futures trading, and RMB treasury bond futures have also been listed smoothly in Hong Kong. The capacity for regulation and risk prevention in an open environment is being continuously strengthened, laying a solid safety bottom line for high-level opening-up. Third, the value of industrial innovation is being activated at an accelerated pace, and future-oriented investment opportunities are constantly emerging. The "15th Five-Year Plan" clearly proposes to accelerate high-level scientific and technological self-reliance and self-strengthening and lead the development of new quality productive forces. Since the beginning of this year, China's industrial upgrading has continued to accelerate, and new drivers such as high-end manufacturing, the digital and intelligent economy, and modern services have continued to grow and strengthen, with their contribution to economic growth stable at more than 40%. The capital market has continuously increased support for scientific and technological innovation enterprises, continuously optimized listing standards and listing procedures, and enhanced institutional inclusiveness and adaptability. Taking the SSE STAR Market as an example, there are currently more than 600 companies on the STAR Market. In the first three quarters of this year, total R&D investment reached RMB147.1 billion, up 26% year on year. A large number of enterprises in fields such as artificial intelligence, semiconductors, high-end manufacturing, and innovative drugs have grown and strengthened, becoming leading enterprises with global competitiveness, driving the coordinated upgrading of upstream and downstream industrial chains, and bringing rare investment opportunities to global investors. Next, the CSRC will fully implement the arrangements of the "15th Five-Year Plan," always adhere to the general principle of seeking progress while maintaining stability, and advance risk prevention, strengthened regulation, and high-quality development in an integrated manner. We will continue to deepen the comprehensive reform of investment and financing in the capital market, strengthen financial support for scientific and technological innovation, and continuously improve the quality of listed companies and long-term investment value. We will continue to intensify regulatory enforcement and effectively safeguard the lawful rights and interests of investors. We will continue to expand high-level opening-up, improve the convenience of cross-border investment and financing, and support Shanghai in accelerating the building of an international financial center. Distinguished guests, dear friends! The Chinese government attaches great importance to the stable and healthy development of the capital market. The CSRC will resolutely implement the decisions and arrangements of the Party Central Committee, implement the requirements of the recent State Council executive meeting, improve the market stabilization mechanism, enhance the internal stability of the stock market, and work with relevant departments to make coordinated efforts and implement a policy combination to stabilize the market and expectations. We will make full and good use of the two structural monetary policy tools. Securities and fund companies have carried out the third batch of swap facility operations totaling RMB100 billion. We will support listed companies in increasing the intensity of buybacks and shareholding increases. Since the beginning of this year, the amount of newly disclosed buyback plans, the actual buyback amount, and the amount and proportion of buybacks for cancellation by listed companies have all hit record highs. We will enrich market investment tools, increase the supply and innovation of equity products, and guide and encourage active ETFs to accelerate investment and position building. We will further broaden the sources, channels, and market entry methods of medium- and long-term funds, promote the counter-cyclical adjustment function of margin trading and securities lending, and pool the synergy of all parties to make every effort to maintain the smooth operation of the market. Looking ahead, the supporting conditions and fundamental trend of China's long-term positive economic development have not changed, and the safety, resilience, and innovative value of Chinese assets will continue to become more prominent. We warmly welcome financial institutions from all countries and global investors to invest and do business in China's capital market and jointly write a new chapter of mutual benefit and win-win results! Finally, I wish this conference complete success. Thank you all. This article is excerpted from the "SSE Release" WeChat public account, edited by GMTEight: Feng Qiuyi.