Financial stability ensures economic stability, and the prosperity of finance drives the prosperity of the economy. Fie is the lifeline of the national economy, and how to prevent and resolve major risks and build a solid barrier for economic and financial security is a focal point of concern for deputies and committebers at this year's Two Sessions. Promoting special legislation for the management of ownerless financial assets, cracking down hard on financial fraud, and improving the information governance system of the caal market... Deputies and committee members, closely aligning with the realities of the financial industry and focusing on people's livelihood needs, actively offered advice and suggestions revolving around the of "weaving a tight and solid financial security protection net with a rule-of-law mindset." Improving the Management of Ownerless Financial Assets Insurance companies are unable to contact policyholders to distribue dividends, and banks struggle to effectively contact account holders... Today, such issues related to ownerless financial assets are not uncommon in the financial industry. How to activate dormant assets and safegua' legitimate property rights is a question that He Jie, a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and deputy head of tg Provincial Committee of the Revolutionary Committee of the Kuomintang (CNR), has been pondering. "The volume of ownerless financial assets in our country is massive, ae management cannot be carried out," He Jie explained. In the banking sector, ownerless or suspected ownerless accounts are mainly divided into two categories: one is accounts with unknownties, namely those opened before the implementation of the real-name system for personal deposit accounts in April 2000, which have not yet been cleared or converted to real-names. The other is dormant accounts, namely personal bank accounts with balances that have not seen active transactions for five years or more. He Jie pointed out that the current disposal of ownerless finassets mainly faces problems such as complex legal recognition procedures and a lack of operational processes; owners and heirs lack effective channels to query asset information; and financial institutions lack the motivation and authorizatioverification and disposal. To address this, He Jie suggested formulating a law on the management of ownerless financial assets to break the current impasse. First, it necessary to clarify the definition standards and management procedures for ownerless financial assets and set clear recognition standards. Second, a specialized ownerless property management agency should be established. He suggested p a national-level specialized agency under relevant departments to uniformly take charge of receiving and safeguarding suspected ownerless assets transferred by financial institutions, handling heirs' claims and refunds, managing reserv and legally entrusting professional institutions to manage the funds. In addition, financial institutions should be granted necessary management responsibilities and information query authorizations, and their responsibilities for the active management and ification of long-dormant accounts should be clarified. He Jie hopes that financial regulatory authorities and other relevant departments will collaborate to carry out public education on estate management, popularize knowle related to the Inheritance Chapter of the Civil Code, strengthen public education and guidance on lifetime property planning, and reduce the generation of ownerless financial assets at the source. o a good job in related legislative work, He Jie suggested conducting a nationwide special cleanup and screening of ownerless financial assets as soon as possible to get a clear picture of the situationould provide data support for legislation while educating the public. Furthermore, a unified national financial asset information query and service platform should be built to provide citizens with a "one-stop" for queries and online claims, allowing this massive pool of dormant funds to find its rightful destination under the sunshine of the rule of law.

Increase the severity of punishment for financial fraud "Financial fraud is a 'cancer' eroding thoundation of the capital market." At a press conference on the theme of the economy held on March 6 during the fourth session of the 14th National People's Congrss, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated that last year, the CSRC accelerated the construction of a comprehensive prevention and punishment system for financial fraud. Sied companies were ordered to delist due to serious fraud, a number far exceeding previous years. Financial fraud is one of the key focuses of strict crackdowns by regulatory authorities. The severunishment of financial fraud is also a focal point of attention for many deputies and committee members, who call for the construction of a more rigorous and comprehensive accountability system. They advocate pg the market ecosystem through means such as strengthening legal deterrence and introducing technological supervision. "Financial fraud harms the entire capital market ecosystem, particularly causing significant damage to the interests of small and medim investors, and easily undermines investor confidence in the market." Feng Yidong, a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and Genl Manager of Zhongtai Securities, who has long followed this issue, pointed out that while current perpetrators of financial fraud are already subject to criminal liability, there remains a mismatch betonsibilities, and liabilities regarding loss compensation in financial fraud cases. For example, in financial fraud cases, the actual controllers and listed companies, as the primary responsible parties and the largest bneficiaries, may actually bear only a small portion of the compensation responsibility due to factors such as falling stock prices and declining asset valuations, while securities firms and other intermediaries often bear majority of the compensation responsibility. In response to this, Feng Yidong suggested further increasing the punishment for personnel responsible for financial fraud. He proposed that the penalty standards for public officialsvolved in embezzlement and bribery should be referenced to increase penalties for major stakeholders with responsibility, such as controlling shareholders and actual controllers. For cases with serious circumstances and egregious soct, punitive fines should be imposed and criminal liability pursued. Furthermore, the "gatekeeper" responsibilities of intermediaries must be consolidated, and investor compensation mechanisms improved to ensure that investors who ssses receive timely relief. Zhu Jiandi, a deputy to the National People's Congress and Chief Partner of Lixin Certified Public Accountants, focused on the issue of "colsive fraud." He pointed out that financial fraud often does not involve the issuer alone, but also involves third parties such as suppliers, customers, and even financial institutions in the fraud, causing mrofound harm. "Third parties who assist in the implementation of fraud and constitute a crime should be held criminally liable," Zhu Jiandi said. "For main responsible persons acolluders in the financial fraud chain, the cost of illegal acts should be significantly increased, and civil compensation strengthened, so that those attempting fraud and colluding in fraud dare not commh acts again. The ultimate goal is to form a complete closed loop where 'those who reach out will surely be caught, those who violate the law will surely be severely punished, ae who suffer losses will surely be compensated.'" Strengthening information governance in the capital market How to make policy transmission more precise and efficient, avoiding irrational market fluctuations caused by informatin asymmetry; how to curb the spread of false information and effectively protect the legitimate rights and interests of investors... Niu Xuefeng, a deputy to the National People's Congresmer director of the Henan Securities Regulatory Bureau, has long paid attention to the issue of information governance in the capital market.

In his research, he found that current information governance in China's capital market still faces issues such as imprecise policy transon, the easy spread of false information, and difficulties in investor rights protection. These issues not only harm the legitimate rights and interests of investors but also constrain the high-quality development of the maffectiveness of macro-policy expectation management. "Recommendations are made to improve the information governance system of the capital market and strengthen the implementation of policies." Niu Xuefeng suggested tablishing a coordination mechanism for the release of major policies. Relevant departments should collaborate to establish a cross-departmental policy impact assessment mechanism. Coordination and communication should be conducted beforee release of major economic, industrial, and financial policies to anticipate potential impacts on the capital market and prevent abnormal market fluctuations. To avoid misinterpretation or distortion after policy release, it suggested to increase reporting on important policies by authoritative platforms and conduct timely, precise interpretations. Currently, self-media and social platforms have become the main channels for information dissemination, making it eaor false and misleading information to spread rapidly. In response, Niu Xuefeng suggested utilizing technologies such as big data and artificial intelligence to strengthen monitoring and early warning for theissemination of information involving major policies and sensitive stock market issues. He also suggested strengthening the regulation and guidance of self-media, taking timely control measures against behaviors such as disseminating false o information and making unauthorized disclosures, allowing technology to serve as the "all-seeing eye" and "firewall" of information governance. Regarding behaviors such as maliciously fabricating aeading false information or distorting policies, Niu Xuefeng suggested strengthening accountability and punishment. He proposed building a three-dimensional accountability system encompassing civil, administrative, and criminalliabilities. Timely penalties such as ordering the elimination of adverse effects, fines, and account bans should be imposed. For those who maliciously release false information, trigger major market flucns, or cause huge losses, legal accountability should be pursued to effectively safeguard the legitimate rights and interests of investors. (Liaoxin News Agency)