FINANCIAL STREET(SZ:000402) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-27 13:49Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, at the 2025 Financial Street Forum emphasizes the need for deepening reforms in the capital market to navigate uncertainties and seize future opportunities [1][3]. Group 1: Capital Market Reform Initiatives - The next phase of capital market reform will focus on four key initiatives, with several substantial benefits expected to be implemented soon [3]. - The Science and Technology Innovation Board (STAR Market) will see the first batch of newly registered companies listed on October 28, following the successful implementation of the "1+6" policy [4]. - The reform of the Growth Enterprise Market (GEM) will soon commence, introducing listing standards that better align with the characteristics of emerging industries and innovative enterprises [4]. - The Beijing Stock Exchange (BSE) will continue to develop high-quality, enhancing the differentiated listing, information disclosure, and trading systems of the New Third Board [5]. Group 2: Strengthening Market Foundations - The CSRC plans to introduce a refinancing framework to broaden merger and acquisition channels, promoting the integration and strengthening of listed companies [6]. - Wu Qing has called for listed companies to increase dividend payouts and share buybacks, emphasizing the importance of returning value to shareholders [7]. - Reforms in public funds will be advanced, aiming to enhance long-term investment products and risk management tools [7]. Group 3: Opening Up to Foreign Investment - The "Qualified Foreign Institutional Investor (QFII) System Optimization Work Plan" was officially launched on October 27, aiming to streamline qualification approval and account opening processes for foreign investors [8]. - Two ETFs for Chinese investments in overseas markets will soon announce fundraising, with plans to optimize the connectivity mechanism between domestic and foreign markets [9]. Group 4: Enhancing Investor Protection - A significant document will be released to strengthen the protection of small and medium investors, introducing 23 practical measures to create a fairer trading environment [10]. - Wu Qing emphasized the need for strict enforcement against financial fraud and market manipulation to enhance investor trust and confidence [11]. - The CSRC aims to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness and attractiveness of the capital market to better serve the construction of a financial powerhouse [11].