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The China Securities Regulatory Commission Has Released 18 Policy Measures!
In order to thoroughly implement the deployment requirements of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, the Central Financial Work Conference, the Central Economic Work Conference, and the new "National Nine Articles" on doing a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance, actively play the role of the capital market, and improve the quality and efficiency of serving the real economy, the China Securities Regulatory Commission has formulated the "Implementation Opinions on Doing a Good Job in the Capital Market's Financial" Five Articles "(hereinafter referred to as the" Implementation Opinions ").
The Implementation Opinions focus on supporting the development of new quality productive forces, highlighting the comprehensive reform of capital market investment and financing, enhancing institutional inclusiveness and adaptability, and promoting the aggregation of factor resources towards major strategies, key areas, and weak links such as technological innovation, advanced manufacturing, green low-carbon, and inclusive people's livelihood. 18 policy measures have been proposed to strengthen financial services for technology-based enterprises throughout the entire chain and lifecycle, enrich the product system for promoting green and low-carbon transformation in the capital market, enhance the efficiency of inclusive finance services in the capital market, promote better meeting of diversified pension finance needs in the capital market, accelerate the empowerment of the capital market through digitization and intelligence, strengthen the financial "five articles" service capabilities of industry institutions, and enhance the synergy of the capital market in doing a good job in financial "five articles".
In the next step, the CSRC will adhere to the principle of seeking progress while maintaining stability and promoting stability through progress, make overall plans to prevent risks, strengthen supervision, and promote high-quality development, strengthen policy coordination, organization and implementation, and publicity and guidance, solidly promote the capital market to do a good job in the "five major articles" of finance, and better serve the overall situation of Chinese path to modernization and high-quality economic and social development.
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China Securities Regulatory Commission's dispatched agencies, exchanges, subordinate units, associations, and internal departments:
To thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, the Central Financial Work Conference, and the Central Economic Work Conference, as well as the requirements outlined in the State Council's Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of the Capital Market (State Council Document No. 10, 2024), this implementation plan is formulated to actively leverage the functions of the capital market, focus on effectively addressing the "five major financial priorities"—technology finance, green finance, inclusive finance, pension finance, and digital finance—and better serve high-quality economic and social development.
1、 Overall requirements
——Adhere to political guidance and serve the overall situation. Deeply grasp the political and people-oriented nature of capital market work, adhere to the duty of serving the real economy, firmly establish the concept of finance for the people, and provide higher quality and more efficient financial services for economic and social development.
——Adhere to problem oriented and precise policy implementation. Highlighting key points and striving for practical results, we will focus on breaking through the bottlenecks and difficulties in the capital market, creating a favorable institutional environment, improving policy accuracy and effectiveness, and promoting a virtuous cycle of economy and finance.
——Persist in upholding integrity and innovation, and strive for progress while maintaining stability. Make good use of the key move of reform and adhere to promoting innovative development of the capital market on the track of marketization and rule of law. Handle the relationship between the government and the market well, deepen the comprehensive reform of capital market investment and financing, strengthen risk prevention and control and regulatory capacity building.
——Persist in system integration and collaborative cooperation. To do a good job in the financial "five major articles" in the capital market, it is necessary to not only focus on each article, but also pay attention to systematicity, integrity, and synergy, and strengthen the coordination and connection with policies in the fields of finance, taxation, and industry.
2、 Strengthen financial services for technology-based enterprises throughout their entire chain and lifecycle
（1） Support the issuance and listing of high-quality technology-based enterprises. Continuously promote the implementation of a package of policy measures, including the "Sixteen Measures for Capital Market Services for High level Development of Technology Enterprises" and the "Eight Measures for Deepening the Reform of the Science and Technology Innovation Board to Serve Technological Innovation and the Development of New Quality Productivity". Adhere to the "four orientations", further enhance the inclusiveness of new industries, new formats, and new technologies, and increase support for strategic industries such as new generation information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, and quantum technology. Actively explore ways to combine effective markets with proactive governments, further improve the institutional mechanism for accurately identifying technology-based enterprises, and provide greater support for technology-based enterprises that break through key core technologies in new industries, new business models, and new technology fields to go public. Continuously support the issuance and listing of high-quality non-profit technology-based enterprises. Improve the information disclosure rules for technology-based enterprises. Optimize the underwriting mechanism for new stock issuance, dynamically evaluate the effectiveness of the pilot implementation of the deepening underwriting system for the Science and Technology Innovation Board, and timely expand the scope of application. Steadily promote the implementation of the recognition standards for "light assets, high R&D investment" and the release and implementation of the refinancing shelf issuance system. Guide technology-based enterprises to make reasonable use of the "two markets and two resources" for domestic and foreign listings, and support high-quality technology-based enterprises listed overseas to return to the A-share market.
（2） Optimize the systems of mergers and acquisitions, equity incentives, etc. for technology-based listed companies. Implement the Opinions on Deepening the Market Reform of Mergers and Acquisitions of Listed Companies, and take multiple measures to activate the M&A and reorganization market. Encourage technology-based enterprises to carry out mergers and acquisitions in the upstream and downstream industries of the same industry, and support listed companies to carry out mergers and acquisitions around industrial transformation and upgrading, and to find a second growth curve. Supporting the acquisition of high-quality unprofitable assets by listed companies can help strengthen and supplement the supply chain, and enhance key technological capabilities. Support technology-based enterprises to carry out cross-border mergers and acquisitions in a reasonable manner. Improve the inclusiveness of valuation for mergers and acquisitions of technology-based enterprises, and support the adoption of diversified valuation methods that adapt to the characteristics of new quality productivity. Improve the rules and regulations of the absorption and merger system, and support listed companies to carry out absorption and merger. Encourage technology-based listed companies to comprehensively use various payment tools such as shares, targeted convertible bonds, and cash to carry out mergers and acquisitions, and establish a mechanism for installment payment of share consideration. Promote the implementation and effectiveness of simplified procedures for merger and acquisition review. Encourage the development of merger and acquisition funds. Develop more technology innovation indices, and develop more technology innovation themed public funds and related futures and options products. Enhance the inclusiveness and flexibility of equity incentives for technology-based enterprises, optimize implementation procedures and reserved equity arrangements, and apply regulations such as short-term trading and window periods to optimize the grant and attribution of equity incentives.
（3） Guide private equity venture capital funds to invest early, small, long-term, and hard technology. Implement the policy arrangements of the General Office of the State Council on promoting high-quality development of venture capital, facilitate diversified exit channels for private equity and venture capital funds, and promote a virtuous cycle of "fundraising, investment management, and exit". Optimize the policy of private equity and venture capital funds exiting the "reverse linkage". Promote the pilot program of private equity venture capital funds distributing stocks to investors in physical form. Study and improve the mechanism for transferring shares of private equity and venture capital funds. Support the development of private equity secondary market funds (S funds). Support the pilot of direct equity investment by financial asset investment companies. Expand the funding sources of private equity venture capital funds through multiple channels, attract more social capital participation, and actively develop patient capital.
（4） Intensify the support of multi-level bond markets for technological innovation. Promote the high-quality development of technology innovation corporate bonds, optimize the issuance and registration process, encourage relevant institutions to provide credit enhancement support for technology-based enterprises to issue bonds in accordance with market-oriented and rule of law principles, and explore the development of more science and technology innovation themed bonds. Include high-quality enterprise science and technology innovation bonds as benchmark market making products and increase policy support for exchange collateralized repurchase discount coefficients. Explore intellectual property asset securitization business. Support the issuance of Real Estate Investment Trusts (REITs) for new infrastructure projects such as artificial intelligence, data centers, smart cities, and technology innovation industrial parks to promote the revitalization of existing assets and support the digital transformation of traditional infrastructure.
3、 Enriching the capital market and promoting a product system for green and low-carbon transformation
（5） Improve the green finance standard system in the capital market. Continuously optimize the standards for green bonds, unify the purpose of fundraising, information disclosure, and regulatory requirements, and study and improve evaluation and certification standards. Encourage rating agencies to incorporate environmental information indicators into bond issuance rating methods. Implement the sustainable information disclosure rules of the exchange and continuously strengthen the information disclosure requirements for listed companies to practice green development. Study and strengthen the construction of sustainable rating and certification systems, and improve regulatory mechanisms. Actively participate in the development of international sustainable standards and promote the International Sustainable Standards Council to further enhance the inclusiveness and operability of the standards. Develop green stock standards and unify business rules. Promote the improvement of the green finance statistical system.
（6） Enrich the capital market with green financial products. Support eligible green industry enterprises to issue and list, finance mergers and acquisitions, and issue green bonds, green asset-backed securities, etc. Further improve the convenience of green bond application acceptance, review and registration. Launch more green themed public funds. Encourage the development of green private equity venture capital funds. We will steadily and orderly promote the construction of the carbon futures market and the research and development of carbon emission futures for listing, and support eligible financial institutions to participate in carbon emission trading under the premise of legal compliance and controllable risks. Develop more green and low-carbon futures and options that meet the development needs of the real economy. Support Guangzhou Futures Exchange in building a green futures exchange. Enrich the green index system and its derivatives. Continuously deepen green international cooperation and promote the two-way opening of the green securities market.
4、 Enhancing the efficiency of capital market services for inclusive finance
（7） Improve the institutional arrangements for serving small and medium-sized enterprises in the capital market. Deepen the pilot program of inclusive finance on the Beijing Stock Exchange and the New Third Board, and support the listing of high-quality small and medium-sized enterprises such as "specialized, refined, unique, and new". Accelerate the establishment of a statistical evaluation system for inclusive financial services on the Beijing Stock Exchange and the New Third Board, give full play to the role of the evaluation "baton", guide market institutions to tilt resources towards inclusive financial services, and increase efforts to connect small and medium-sized enterprises with services. Standardize the development of regional equity markets, improve the comprehensive services of "specialized, refined, unique, and new" specialized boards, and strengthen the organic connection with national securities trading venues. Promote the alignment of regional equity market rules and standardization.
（8） Enrich the ways in which the capital market serves agricultural entities. Improve the "insurance+futures" model, steadily promote normalized operation, encourage more capital participation, and expand the implementation area according to local conditions. Support the development of agricultural futures and options varieties. Actively developing corporate bonds for rural revitalization, further improving the convenience of review and registration, and supporting enterprises to issue bonds for modern rural industries, integrated development of rural industries, and other fields. Supporting agricultural technology enterprises to grow and strengthen through the capital market, researching and compiling indices that reflect rural revitalization, modern agriculture, animal husbandry and aquaculture, and other areas focused on agriculture, rural areas, and farmers.
（9） Better meet the diversified investment needs of residents. Promote securities and fund management institutions to accelerate the transformation of wealth management. Enrich the spectrum of public fund products with different risk return characteristics. Steadily reduce the comprehensive fee rate of the public fund industry, standardize the fund sales fee mechanism, and guide the conversion of short-term trading funds into long-term allocation funds. Improve the rules and regulations of the investment advisory system, promote the pilot transformation of public fund investment advisory business into a regular practice, explore the construction of industry practice standards, cultivate and strengthen the talent team, and orderly expand the scope of investable products.
5、 Promote the capital market to better meet the diversified needs of pension finance
（10） The goal is to steadily increase the value of medium and long-term funds such as service pension. Implement the "Guiding Opinions on Promoting Medium - and Long Term Funds to Enter the Market" and its implementation plan, and unblock the entry points for medium - and long-term funds such as social security, insurance, and wealth management. Promote the inclusion of eligible index funds and other equity public funds in the scope of personal pension investment. Promote the improvement of the regulatory system for equity investment of insurance funds, better encourage and guide insurance companies to carry out long-term equity investment, and expand the pilot scope for long-term stock investment of insurance funds. Support eligible employers to explore the relaxation of individual choices for enterprise annuity, and encourage enterprise annuity fund managers to explore differentiated investments. Support various medium and long-term funds to carry out financial futures and derivative hedging transactions. Promote various professional institutional investors to establish and improve a long-term assessment mechanism of more than three years.
（11） Provide high-quality pension financial product services. Support eligible silver haired economic enterprises such as health and elderly care through stock and bond financing, and explore the issuance of asset-backed securities and REITs using elderly care facilities as underlying assets. Support public fund management companies to establish subsidiaries specializing in pension financial services. Promote securities and fund operating institutions to increase their efforts in renovating their business outlets, service apps, and other elderly friendly facilities. Strengthen the popularization and education of financial knowledge among the elderly, and safeguard the legitimate rights and interests of elderly investors.
6、 Accelerate the digitization and intelligence to empower the capital market
（12） Enhance the digitalization level of the securities and futures industry. Promote the digital transformation of industry institutions. Steadily promote the pilot of financial technology innovation in the capital market and the special pilot of "data elements x capital market", and steadily promote the application and implementation of data element related technologies in key areas of the capital market. Improve the unified query platform function for public fund account share information, and steadily promote the pilot transformation of securities company account management function optimization to routine. Promote the implementation of more "green light" projects for digital economy and platform enterprise stock and bond issuance.
（13） Strengthen the construction of digital infrastructure for securities and futures. Improve the intelligent supervision platform. Deeply promote the construction of regulatory big data warehouses and industry basic databases, optimize and improve industry data standards, break down data silos, continue to carry out data governance actions, and enhance data service capabilities. Accelerate the transformation of intelligent supervision, strengthen system interoperability, enhance cross departmental data and information sharing, and further improve regulatory efficiency and risk identification and prevention capabilities. Strengthen information security management and continuously enhance the independent security and controllability of technical information across the entire market and industry.
7、 Strengthening the service capabilities of industry institutions in the financial "Five Major Articles"
（14） Improve the positioning and governance of industry institutions. Urge securities and futures operating institutions to rectify their business philosophy and prioritize functionality. Guide industry institutions to incorporate the "five major articles" of finance into their long-term business development strategies, strengthen the construction of organizational management systems, and make appropriate tilts in internal organizational settings, resource investment, performance evaluation, and other aspects. Guide industry institutions to combine shareholder characteristics, regional advantages, talent reserves and other resource endowments, and tailor financial "five major articles" to local conditions. Encourage securities companies, futures companies and other industry institutions to actively participate in rural revitalization and carry out "one company, one county" paired assistance. Establish and improve the statistical and assessment evaluation system for the financial "five major articles" in the capital market, and improve the classification evaluation index system for industry institutions such as service technology innovation and information technology investment. Cultivate a good industry culture and strengthen the construction of talent teams in the capital market.
（15） Strengthen compliance management and risk prevention and control. Urge industry institutions to firmly establish the concept of "compliance creates value", implement comprehensive risk management and all staff compliance management requirements, adhere to the principle of "no business development without clear visibility and control", avoid rushing forward, and strictly prevent "pseudo innovation" and "chaotic innovation". Exploring the establishment of a risk early correction hard constraint system based on the risk characteristics of different fields in the "Five Great Articles" of finance, and urging industry institutions to improve risk identification, monitoring and early warning, and stress testing mechanisms.
8、 Enhancing the synergy of the capital market and doing a good job in the five major articles of finance
（16） Establish a sound working mechanism. Strengthen collaboration and cooperation with relevant departments and local governments, coordinate policy research and formulation, continuously promote the improvement of the regulatory system and policy framework for the "five major financial articles" in the capital market, and supervise the implementation of various measures. Effectively leverage the subjective initiative of all parties and steadily carry out research and promotion of innovative measures.
（17）Coordinate risk prevention and strong supervision work. Strengthen risk monitoring, early warning, and early correction, achieve early identification, early warning, early exposure, and early disposal of potential risks, improve risk assessment and feedback improvement mechanisms for innovative activities, and maintain the smooth operation of the capital market. Adhere to the main responsibility and business of supervision, strictly crack down on various illegal and irregular behaviors carried out under the name of the "Five Great Articles of Finance", strictly prevent the deviation from reality to virtuality and self entertainment, and effectively protect the legitimate rights and interests of investors.
（18） Strengthen publicity and guidance. Focusing on better serving the development of new quality productive forces in the capital market, we will strengthen the promotion and interpretation of major financial reforms and important policies in the "Five Great Articles" of the capital market, and strive to create a favorable public opinion environment. Carry out various forms of publicity and education activities to strengthen investor education. Timely summarize experience and practices, increase publicity and promotion of typical practices and demonstration cases. Dynamically evaluate the effectiveness of policies and optimize the arrangement of relevant measures in a timely manner.
China Securities Regulatory Commission
February 7, 2025
Source：China Securities Regulatory Commission releases WeChat
Release Time：2025-02-10 11:26:00
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