On October 27, 2025, China Securities Regulatory Commission (CSRC) Chairman Wu Qing delivered a significant speech at the Financial Street Forum Annual Conference, outlining key reforms for capital markets, including openness, stability, and investor protection. Earlier, on October 24, the CSRC Party Committee held an expanded meeting to discuss the implementation of the Fourth Plenary Session of the 20th CPC Central Committee, where Chairman Wu emphasized the need to "continuously enhance the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital markets." At the forum, he reiterated priorities in market inclusiveness, stability, reforms for the STAR Market, and institutional innovation.

**Market Inclusiveness** focuses on three areas: 1. **Support for Emerging Industries**: The ChiNext reform will introduce listing standards better suited to innovative enterprises in emerging sectors, providing more precise and inclusive financial services. 2. **Openness and Cooperation**: Measures include optimizing the Stock Connect mechanism, improving overseas listing procedures, deepening mainland-Hong Kong market collaboration, and fostering coordinated development between onshore and offshore markets while ensuring security. 3. **Facilitation for Foreign Investors**: The "Optimized Qualified Foreign Investor (QFI) Program" was officially launched on October 27, streamlining access, improving investment efficiency, and expanding investment scope.

**STAR Market Reforms Accelerate**: The first batch of companies under the new registration-based system for the STAR Market’s "Sci-Tech Growth Layer" have gone public. Pilot initiatives, such as pre-review mechanisms for professional institutional investors, have shown positive results, bolstering support for tech firms.

**Institutional Reforms** highlight three key policies: 1. **Refinancing**: A shelf-offering system will be introduced to simplify and expedite refinancing processes. 2. **M&A Restructuring**: Channels for mergers and acquisitions will be expanded to facilitate corporate transformation. 3. **Shareholder Returns**: Listed companies are urged to improve governance, increase dividends, buybacks, and shareholding boosts to enhance investor value.

Additionally, Beijing authorities pledged to advance the high-quality development of the Beijing Stock Exchange (BSE) and pioneer more pilot policies.

Other financial leaders at the forum announced policy directions: - **Pan Gongsheng** (PBOC Governor): The central bank will resume open-market treasury bond transactions. - **Li Yunze** (Regulator): Promote orderly consolidation and quality improvements for small and medium-sized financial institutions. - **Zhu Hexin** (SAFE Head): Nine new measures will soon be introduced to boost trade innovation.

**Risk Warning**: Potential delays in policy implementation and escalating geopolitical tensions.