吴清重磅发声！公募费改落地、私募风险整治、券商职责压实等成关键词

Core Insights - The press conference highlighted significant achievements in the financial sector during the "14th Five-Year Plan" period, particularly in capital market reforms and investor protection measures [1][3][5]. Group 1: Public Fund Reforms - The China Securities Regulatory Commission (CSRC) announced the completion of a three-phase fee reduction reform for public funds, which began in July 2023 and will conclude in September 2025, aiming to save investors approximately 45 billion yuan annually [3][4]. - The first two phases of the reform have already led to reductions in management fees, custody fees, and transaction commission rates for public funds [3][4]. - The reforms are designed to shift the focus of public funds from "scale" to "returns," enhancing the quality of development in the public fund sector [4][5]. Group 2: Private Fund Risk Management - The CSRC reported the successful clearance of around 7,000 "zombie" private fund institutions, effectively mitigating new risks in the private fund sector [4][5]. - Since the beginning of 2025, 853 private funds have been deregistered, with 451 voluntarily and 332 by the association, indicating a proactive approach to risk management [4][5]. - The implementation of new regulations, including the Securities Law, has contributed to a more robust legal framework for the capital market [4][5]. Group 3: Investor Protection Measures - The CSRC has introduced various measures to strengthen investor protection, including advance compensation systems and strict accountability for intermediaries [6][7]. - Notable cases, such as the compensation of approximately 2.46 billion yuan to investors in the Kangmei Pharmaceutical case, demonstrate the effectiveness of these protective measures [6][7]. - The regulatory environment has seen increased scrutiny of brokerage firms, with 76 regulatory letters issued in the past year addressing violations in initial public offerings [7]. Group 4: Market Openness and Future Outlook - The "14th Five-Year Plan" period has seen the removal of foreign ownership limits in the financial sector, enhancing the openness of China's capital markets [7]. - The CSRC has approved 13 foreign-controlled securities and fund institutions to operate in China, expanding the market's global reach [7]. - The press conference served to boost investor confidence in the capital market's current and future development, with expectations for continued reforms in the upcoming "15th Five-Year Plan" [7].