CSRC: The legal foundation for rational investment, value investment, and long-term investment in the capital market has been further strengthened.

On March 27, Cheng Hehong, chief lawyer of the China Securities Regulatory Commission, stated at the sub-forum of the Boao Forum for Asia Annual Conference 2026 on "Creating a Good Market Environment and Advocating Long-term Value Investment" that the draft financial law recently solicited public opinions, clearly stipulating "supporting the entry of medium and long-term funds into the market, enhancing the intrinsic stability of the capital market", and further solidifying the legal basis of rational investment, value investment, and long-term investment. Cheng Hehong introduced that since the introduction of the new "National Nine Rules" more than two years ago, the CSRC has successively formulated and revised over 50 normative documents, including the "Measures for the Disclosure of Information of Listed Companies", the "Interim Measures for the Management of Reduction of Shares by Shareholders of Listed Companies", and the "Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market". The release of a series of policy documents such as "Opinions on Strictly Implementing the Delisting System" and "Opinions on Strengthening the Supervision of Securities Companies and Public Fund Management for Accelerating the Construction of First-Class Investment Banks and Investment Institutions".Continuously improving insurance, pension, and social security fund long-term assessment mechanisms, promoting public fund reforms, further streamlining and optimizing the interests of fund companies, fund managers, and investors, and improving relevant tax systems. "While improving regulatory rules, the CSRC has strengthened supervision and law enforcement together with public security and judicial organs and strictly cracked down on a large number of securities violations and crimes that harm the legitimate rights and interests of investors, such as fraudulent issuance, financial fraud, market manipulation, and insider trading," Cheng Hehong said. In 2025, 701 securities and futures illegal cases were investigated, with a total amount of fines of 15.474 billion yuan, significantly increasing the punishment intensity; supporting judicial organs to increase the trial intensity of securities representative litigation cases, the Jintongling false statement civil compensation case ruled that the company compensated more than 40,000 investors with a total investment loss of over 770 million yuan, effectively protecting the legitimate rights and interests of investors.