On June 18th, Wu Qing, Chairman of the China Securities Regulatory Commission, stated at the 2025 Lujiazui Forum that the focus will be on enhancing the inclusiveness and adaptability of the system, deepening the reform of the Science and Technology Innovation Board and the Growth Enterprise Market, focusing on developing diversified equity financing, and striving to create a more attractive and competitive market system and product service matrix. We will coordinate the comprehensive reform of investment and financing and the protection of investor rights, and accelerate the construction of a capital market ecology that is more conducive to supporting comprehensive innovation. He revealed that the China Securities Regulatory Commission will intensify efforts to launch the "1+6" policy measures to further deepen the reform of the Science and Technology Innovation Board, including setting up a science and technology innovation growth layer on the board and restarting the application of the fifth set of standards for listing of unprofitable enterprises on the board. At the same time, the China Securities Regulatory Commission will officially implement the third set of standards on the ChiNext board to support high-quality, unprofitable innovative enterprises to go public. Wu Qing stated that further construction of the innovation ecosystem requires the collaboration and combination of scientists, entrepreneurs, and investors. In the new situation, building an innovation ecosystem centered on the capital market and improving the efficiency of innovation capital formation are of great significance for accelerating the integration and development of scientific and technological innovation and industrial innovation. Wu Qing said that China's capital market has undergone profound structural changes, effectively promoting a virtuous cycle of technology, capital, and industry. The multi-level market system effectively expands the coverage of technological innovation. Listed companies have become the main force of technological innovation. The role of patient capital in empowering technological innovation is more prominent. Further construction and formation of an innovative ecosystem. Wu Qing stated that the capital market, in effectively serving the process of technological innovation and industrial transformation and upgrading, has also promoted the continuous improvement of its own structure, efficiency, and investment value, injecting fresh water into the source of strong foundation and high-quality development. It can be said that technological innovation, industrial innovation, and capital market development complement each other and achieve mutual success, promoting a virtuous cycle of the three is an important mainline for current and future capital market reform and innovation, and also the only way for high-quality development of the capital market. ”He said. Supporting technology-based listed companies to become better and stronger, Wu Qing stated that he will further deepen the reform and opening up of the capital market comprehensively, and promote the integration of technological innovation and industrial innovation to a new level of development. One is to better leverage the role of the Science and Technology Innovation Board as a "test field" for reform. The China Securities Regulatory Commission will continue to fully leverage the demonstration effect of the Science and Technology Innovation Board and vigorously introduce the "1+6" policy measures to further deepen reforms. "1" means setting up a science and technology growth layer on the Science and Technology Innovation Board, and restarting the application of the fifth set of standards for listing unprofitable enterprises on the board, providing more accurate services for high-quality technology enterprises with significant technological breakthroughs, broad business prospects, and continuous R&D investment. At the same time, special arrangements are made to strengthen information disclosure and risk disclosure, and to enhance investor suitability management. The "6" refers to the introduction of six reform measures in the innovation of the Science and Technology Innovation Board, including the pilot introduction of a senior professional institutional investor system for enterprises that apply the fifth set of standards of the Science and Technology Innovation Board; Pilot IPO pre review mechanism for high-quality technology enterprises; Expand the scope of application of the fifth set of standards to support enterprises in more cutting-edge technology fields such as artificial intelligence, commercial aerospace, and low altitude economy; Support technology companies under review that have not yet made profits to carry out activities such as capital increase and share expansion for existing shareholders; Improve the refinancing system for companies listed on the Science and Technology Innovation Board and the criteria for identifying strategic investors; Increase investment products and risk management tools for the Science and Technology Innovation Board. At the same time, the China Securities Regulatory Commission will officially implement the third set of standards on the ChiNext board to support high-quality, unprofitable innovative enterprises to go public. The second is to further strengthen the advantages of stock bond linkage services for technological innovation. We will vigorously develop science and technology innovation bonds, optimize the issuance and trading system arrangements, promote the improvement of supporting mechanisms such as interest subsidies and guarantees, accelerate the launch of science and technology innovation bond ETFs, and actively develop stock bond combination products such as exchangeable bonds and convertible bonds. Thirdly, greater efforts should be made to cultivate and strengthen patient capital and long-term capital. Focus on the bottlenecks in various stages of private equity fund "fundraising, investment management, and withdrawal", and make precise efforts to ensure smooth circulation. Actively promote the participation of social security funds, insurance funds, and industrial capital in private equity investment, and broaden the sources of funds. Promote the pilot transfer of fund shares to become a regular practice, optimize the physical distribution of stocks pilot and "reverse linkage" mechanisms, and facilitate diversified exit channels. Support the compilation of more science and technology innovation indices, the development of more science and technology innovation themed public fund products, and guide more medium - and long-term funds to participate in technology enterprise investment. The China Securities Regulatory Commission will also support the establishment of specialized technology companies in Shanghai, build new asset management service platforms, and assist various investment institutions in further enhancing their investment and risk management capabilities. The fourth is to support technology-based listed companies to become better and stronger. The China Securities Regulatory Commission will adhere to a goal oriented and problem oriented approach, continuously improve the regulatory system arrangement for the entire chain of listed companies, implement the "Six Measures for Mergers and Acquisitions" and major asset restructuring management methods, promote the implementation of new measures such as installment payment mechanism for share consideration and simplified review procedures for restructuring, study and improve the implementation procedures for equity incentives of listed companies, enhance convenience and flexibility, promote listed companies to continuously improve their core competitiveness and business performance, and better return investors in high-quality development. In this process, the China Securities Regulatory Commission will also strictly supervise in accordance with the law, severely punish illegal transfer of benefits, insider trading, market manipulation and other behaviors, strictly prevent "fishing in troubled waters", and effectively protect the legitimate rights and interests of small and medium-sized investors. The fifth is to build a more open and inclusive capital market ecosystem. In the near future, we will accelerate the implementation of a package of key measures for the opening up of the capital market to the outside world by 2025, including the release of an optimization plan for the Qualified Foreign Investor (QFII) system, further optimizing access management, investment operations, and other arrangements; Include more products in the scope of foreign investment trading and expand the total number of QFII tradable futures and options to 100 as soon as possible; To jointly study and launch RMB foreign exchange futures with the People's Bank of China to create favorable conditions for financial institutions and entity enterprises to better manage exchange rate risk; We will work with relevant parties to promote the listing of liquefied natural gas futures and options products, further enhancing the convenience of foreign investment in the Chinese capital market, and enabling global investors to share China's innovative development opportunities more smoothly and fully. Wu Qing also revealed that recently, the China Capital Market Association has been officially approved to be registered and established in Shanghai. (New Society)