Shang Fulin: Enhance the functions of price discovery, resource allocation, and risk management in the capital market.

On December 27th, the China Wealth Management Forum 2025 was held in Beijing. Shang Fulin, Chairman of the China Wealth Management Forum, former Chairman of the China Banking Regulatory Commission, and former Chairman of the China Securities Regulatory Commission, stated during the conference that advancing towards the "fifteenth five-year plan" and accelerating the construction of a financial powerhouse is the organic unity of qualitative and quantitative improvement, as well as a comprehensive, systematic, and leading leap. Shang Fulin emphasized the need to continue deepening financial system reforms, accelerate the improvement of the China's modern financial system with Chinese characteristics. To build a financial powerhouse, it is necessary to establish a "six pillar" system that matches Chinese modernization. This includes optimizing the central bank system, constructing a scientifically sound monetary policy system, a comprehensive macro-prudential management system, facilitating the transmission of monetary policies, and maintaining the stability of the RMB exchange rate at a reasonable equilibrium level; optimizing the financial institution system, strengthening the main responsibility of financial institutions to serve the real economy, cultivating internationally competitive first-class financial institutions; continuously and comprehensively deepening capital market reforms, increasing the proportion of institutional investors, improving basic systems such as information disclosure, enhancing the inclusiveness and adaptability of capital market systems, and increasing the functions of price discovery, resource allocation, and risk management in the capital market; and strengthening the financial regulatory system, enhancing cooperation between central and local regulatory bodies, utilizing regulatory technology to enhance the ability of comprehensive supervision, and strengthening the bottom line of risk prevention and control.