Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of strengthening capital market regulation and risk prevention during the "14th Five-Year Plan" period, highlighting the need for a safe, standardized, transparent, open, vibrant, and resilient capital market [1] Group 1: Regulatory Actions and Market Environment - The capital market has faced complex changes and external risks over the past five years, with the CSRC focusing on balancing development and safety while reinforcing regulatory measures [1] - Approximately 7,000 zombie private equity firms have been cleared, and the growth of "pseudo-private equity" risks has been effectively curtailed [1] Group 2: Private Fund Developments - As of September 22, 2023, 853 private equity firms have completed deregistration this year, including 375 private securities investment funds [1] - The number of actively deregistered private equity firms has surpassed those deregistered by the association for the first time, indicating a shift from passive clearing to active optimization within the industry [3] Group 3: Compliance and Risk Management - The CSRC has implemented measures against "pseudo-private equity" firms that violate regulations and harm investor interests, collaborating with law enforcement to address private fund crimes [3] - The China Securities Investment Fund Industry Association (AMAC) has been actively improving the integrity record-keeping mechanism for private equity firms to promote compliance and healthy industry development [3]