FINANCIAL STREET(SZ:000402) Jing Ji Ri Bao·2025-10-29 22:28Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, at the 2025 Financial Street Forum outlines a clear roadmap for the high-quality development of the capital market during the 14th Five-Year Plan period, emphasizing the need for comprehensive reforms to enhance market inclusivity and competitiveness in response to global changes and technological innovations [1][2]. Group 1: Support for Innovation Capital Formation - New industries and business models, particularly in artificial intelligence and biomedicine, require significant patient capital and a flexible financing environment to foster innovation [2]. - The CSRC has been deepening reforms in areas such as issuance, mergers and acquisitions, and equity incentives to optimize the supply of systems and products, facilitating resource allocation towards innovation [2]. - The introduction of the "1+6" policy for the Sci-Tech Innovation Board aims to enhance listing standards and improve financing channels for high-quality tech companies, thereby enriching the market structure [2][3]. Group 2: Steady Expansion of Opening Up - The CSRC is committed to gradually expanding high-level institutional opening-up, optimizing the Qualified Foreign Institutional Investor (QFII) system to enhance transparency and efficiency for foreign investors [4][5]. - As of now, there are 913 QFIIs in China, with a total asset scale exceeding 1 trillion RMB, indicating a robust framework for foreign investment [5]. - The recent optimization measures aim to streamline the approval process for foreign investors, encouraging long-term capital inflows into Chinese assets [5][6]. Group 3: Enhancing Investor Protection - The CSRC emphasizes the importance of protecting investors, particularly small and medium-sized investors, by strengthening risk prevention and regulatory measures [7]. - A new set of 23 practical measures has been introduced to enhance investor protection throughout the issuance and trading processes, creating a comprehensive protection network [7][8]. - The focus on a "full-process protection network" aims to improve the efficiency of investor rights protection and enhance market confidence [8].