China formulating action plans on deepening capital market reform: official

China's top securities regulator is studying and drawing up action plans to further deepen capital market reform, Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), said on Friday.

The CSRC will deepen the market-oriented, law-based comprehensive reform of capital market investment and financing, Wu told the Annual Conference of Financial Street Forum 2024 that opened on the same day.

Wu called for efforts in accelerating the implementation of the guidelines on medium and long-term capital entry into the market, while vigorously developing public equity funds.

Efforts will also be made to improve the mechanism for coordinated development of the primary and secondary markets, and make the scale and pace of market financing more scientific and reasonable, he said.

Wu noted that works will also be focused on improving the quality of listed companies, guiding and urging listed companies to optimize corporate governance, improve transparency, and increase dividends and buybacks, so as to create long-term returns for investors.

Commenting on shareholders reducing their holdings, Wu said data showed that, whether in the past year or since late September, listed companies have not experienced cluster holding reduction or large-scale illegal reduction of holdings.

He however noted that the CSRC will strengthen the whole-chain supervision on issuance and listing, information disclosure, share reduction and delisting targeting the major shareholders to effectively protect the rights of small and medium investors.

On supporting the development of the new quality productive forces, the CSRC will focus on supporting high-quality innovative enterprises, enhancing the inclusiveness and adaptability of the system, and reforming and optimizing the issuance and listing system, Wu added.