Core Viewpoint - The China Securities Regulatory Commission (CSRC) is set to introduce multiple policies aimed at enhancing the quality of public funds and supporting technological innovation in the financial market [1][3]. Policy Initiatives - **Policy One**: The CSRC will release an "Action Plan for Promoting High-Quality Development of Public Funds," which emphasizes aligning the interests of public funds with investors. This includes optimizing the fee structure for actively managed equity funds, where underperforming funds will charge lower management fees. Performance metrics such as benchmark comparisons and investor profit/loss will be integrated into the assessment of fund companies and managers, shifting focus from "scale" to "returns" [3]. - **Policy Two**: The CSRC will expedite the release of a revised "Management Measures for Major Asset Restructuring of Listed Companies" and related regulatory guidelines [3]. - **Policy Three**: New measures to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market will be introduced, enhancing the inclusivity and adaptability of the regulatory framework, particularly in market structure, review mechanisms, and investor protection [3]. - **Policy Four**: There will be a strong push to develop technology innovation bonds, optimizing the issuance registration process and improving credit enhancement support to provide comprehensive financial services for tech enterprises [3]. Support for Technology Innovation Bonds - The People's Bank of China and the CSRC jointly announced measures to support the issuance of technology innovation bonds, aligning with the goals set forth in the 20th National Congress. This initiative aims to broaden financing channels for tech innovation companies and stimulate market vitality [4][5]. - The announcement includes several measures to enrich the product system for technology innovation bonds and improve supporting mechanisms. Key points include: - Encouraging financial institutions and tech companies to issue various types of technology innovation bonds, including corporate bonds and debt financing instruments [5]. - Allowing issuers to flexibly set bond terms, promoting the issuance of long-term bonds to better match the funding needs of the tech sector [5]. - Streamlining bond issuance management and innovating credit rating systems to facilitate financing for technology innovation bonds [5]. - Including technology innovation bonds in the evaluation of financial institutions' performance in technology finance services [5]. - Encouraging local governments to provide interest subsidies and guarantees for these bonds [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is set to release an action plan aimed at promoting the high-quality development of public funds, emphasizing the alignment of interests between public funds and investors [1] Group 1: Reform Measures - The reform will focus on enhancing the binding of interests between public funds and investors [1] - The charging model for actively managed equity funds will be optimized, with underperforming funds required to charge lower management fees [1] - A floating management fee mechanism will be introduced to address the issue of fund companies benefiting regardless of performance [1] Group 2: Performance Assessment - Key performance indicators, such as whether fund performance exceeds benchmarks and the financial outcomes for investors, will be incorporated into the assessment system for fund companies and managers [1] - This shift aims to encourage fund companies to prioritize returns over scale [1]

Core Viewpoint - The overall operation of the capital market in China has shown stability and progress in 2023, with the China Securities Regulatory Commission (CSRC) committed to maintaining market stability while enhancing market vitality and functionality [1]. Group 1: Support for Market Stability - The CSRC will fully support the Central Huijin Investment Ltd. in playing its role as a stabilizing fund, enhancing market monitoring and risk assessment to respond to external shocks [2]. - A comprehensive "combination punch" of policy, funding, and expectation countermeasures will be implemented to inject more certainty into the market amid global economic uncertainties [10]. Group 2: Reforms and Regulations - New policies to deepen reforms in the Sci-Tech Innovation Board and the ChiNext will be introduced, enhancing the inclusiveness and adaptability of the system [3]. - The CSRC will expedite the release of revised regulations on major asset restructuring for listed companies, aiming to strengthen the role of capital markets in mergers and acquisitions [4]. Group 3: Development of Public Funds - An action plan to promote the high-quality development of public funds will be released, focusing on aligning the interests of fund managers with investors and enhancing long-term capital inflow into the market [5]. - Measures will be taken to stabilize fund investment behaviors, including setting clear performance benchmarks for each fund product to ensure alignment with their stated objectives [6]. Group 4: Investor Services and Fund Growth - The CSRC will enhance the capabilities of fund companies to serve investors better, including optimizing investment research and risk management resources [7]. - There will be a focus on expanding equity funds, with regulatory guidance to promote the issuance and sales of equity funds that align with national development goals [7]. Group 5: Market Resilience and Adaptability - A-share listed companies demonstrate strong resilience and adaptability, with nearly 90% of their revenue coming from domestic markets, and a reported 3.6% year-on-year growth in net profits [11]. - Companies have successfully diversified their export markets and improved their competitiveness, with over 350 companies announcing share buybacks since April 7, indicating confidence in their value [12]. Group 6: Regulatory Support and Open Market - The CSRC will continue to provide regulatory support to companies affected by external shocks, including optimizing regulatory arrangements for those significantly impacted by tariffs [13]. - The commission is committed to advancing high-level opening-up of the capital market, including the gradual inclusion of RMB trading counters in the Hong Kong Stock Connect [14].

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized that public funds will increasingly focus on the best interests of investors, enhancing individual satisfaction as the "Action Plan for Promoting the High-Quality Development of Public Funds" is implemented [1] Group 1: Fund Growth - Since September of last year, the scale of equity public funds has increased from 7 trillion yuan to 8.3 trillion yuan [1] Group 2: Regulatory Guidance - The China Securities Regulatory Commission will strengthen regulatory guidance to ensure that public funds prioritize investor interests [1]

中国证监会主席吴清5月7日在国新办发布会上表示，证监会将于当日发布《推动公募基金高质量发展行 动方案》。他介绍，改革突出强化公募基金与投资者的利益绑定，将优化主动权益类基金收费模式，业 绩差的必须少收管理费，通过浮动管理费收取机制，扭转基金公司"旱涝保收"的现象。同时，把业绩是 否跑赢基准、投资者盈亏情况等直接关乎投资者切身利益的指标，纳入基金公司和基金经理的考核体 系，督促基金公司从"重规模"向"重回报"转变。(新华社) ...

中国证监会主席吴清在发布会上表示，今天将会发布推动公募基金高质量发展的行动方案。(第一财经) ...

中国证监会主席吴清5月7日在国新办发布会上说，将发布《推动公募基金高质量发展行动方案》。 （新华财经） ...