On October 19, Chairman Wu Qing of the Securities Regulatory Commission delivered a keynote speech at the opening ceremony of the 2026 Financial Street Forum Annual Meeting. Deng Shubin, chief economist at Zhongyuan Securities and director of the Securities Research Institute, explained that the speech made it clear that the underlying logic of capital market operation has changed profoundly, and that China's asset allocation value has become more prominent. It focuses on stabilizing the market, introducing long-term money, strict supervision, expanding openness, and building a multi-level capital market, transforming the “15th Five-Year Plan” into an implementable institutional tool, product innovation, and regulatory initiative. According to Deng Shubin's analysis, Wu Qing's speech sent seven major positive signals. First, reforms insist on seeking the long term, seize the present, implement while deploying, and continue to use policy toolboxes to focus on stabilizing market expectations and enhancing internal resilience. Second, the main line of reform is shifting to two-way coordination of investment and financing to establish a healthy positive cycle of investment and financing. Third, medium- to long-term capital entering the market has entered the stage of commercialization and institutionalization, strengthening the “stabilizer” of the capital market. Fourth, speed up the establishment of the rule of law, make up for shortcomings in supervision, and enhance market credibility. Fifth, a high level of opening-up to the outside world is progressing steadily, and equal emphasis is placed on openness and safety. Sixth, the differentiated functions of the multi-level capital market sector continue to be strengthened, and an equity financing system covering the entire life cycle of an enterprise is built. Seventh, the risk management system has evolved with the times. Deng Shubin also believes that the incremental inclusive reform, which focuses on the issuance and financing system, the regulation of listed companies, and incentives and restraint mechanisms, will form a closed loop of “screening listing - improving quality and efficiency - realizing value - attracting science, innovation and capital.”
Zhitongcaijing · 2d ago
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On October 19, Chairman Wu Qing of the Securities Regulatory Commission delivered a keynote speech at the opening ceremony of the 2026 Financial Street Forum Annual Meeting. Deng Shubin, chief economist at Zhongyuan Securities and director of the Securities Research Institute, explained that the speech made it clear that the underlying logic of capital market operation has changed profoundly, and that China's asset allocation value has become more prominent. It focuses on stabilizing the market, introducing long-term money, strict supervision, expanding openness, and building a multi-level capital market, transforming the “15th Five-Year Plan” into an implementable institutional tool, product innovation, and regulatory initiative. According to Deng Shubin's analysis, Wu Qing's speech sent seven major positive signals. First, reforms insist on seeking the long term, seize the present, implement while deploying, and continue to use policy toolboxes to focus on stabilizing market expectations and enhancing internal resilience. Second, the main line of reform is shifting to two-way coordination of investment and financing to establish a healthy positive cycle of investment and financing. Third, medium- to long-term capital entering the market has entered the stage of commercialization and institutionalization, strengthening the “stabilizer” of the capital market. Fourth, speed up the establishment of the rule of law, make up for shortcomings in supervision, and enhance market credibility. Fifth, a high level of opening-up to the outside world is progressing steadily, and equal emphasis is placed on openness and safety. Sixth, the differentiated functions of the multi-level capital market sector continue to be strengthened, and an equity financing system covering the entire life cycle of an enterprise is built. Seventh, the risk management system has evolved with the times. Deng Shubin also believes that the incremental inclusive reform, which focuses on the issuance and financing system, the regulation of listed companies, and incentives and restraint mechanisms, will form a closed loop of “screening listing - improving quality and efficiency - realizing value - attracting science, innovation and capital.”
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