Translated by Claude, edited by Sinocism.com

Source: CSRC (证监会) | July 20, 2026

On the morning of July 20, Wu Qing, CSRC Party Committee Secretary and Chairman, conducted a research visit to a securities brokerage branch in Beijing and chaired an investor symposium, meeting face-to-face with 8 representatives from various categories of investors — large, medium, small, and retail — to hear their opinions and suggestions on promoting the stable and healthy development of the capital market.

7月20日上午，证监会党委书记、主席吴清在北京到证券营业部调研并主持召开投资者座谈会，与包括大中小散各类投资者的8名代表面对面交流，就促进资本市场稳定健康发展听取意见建议。

At the meeting, investor representatives spoke on the basis of their experiences and reflections from investing and participating in the stock market. Participants said that since the implementation of the new "Nine Measures" (新"国九条"), China's capital market has generally shown a trend of steady improvement. Recently, under the combined impact of imported external risks and other factors, the A-share market has seen relatively large volatility, but since "September 26" (9·26) the capital market's policy logic, innovation logic, and security logic have not changed, and short-term volatility does not alter the long-term upward trend. They recommended strengthening counter-cyclical adjustment across the primary and secondary markets, using a range of measures to guide medium- and long-term capital into the market, regulating and developing quantitative trading and AI applications, further pushing listed companies to increase dividend payouts, raising the cost of securities violations and crimes, and doing everything possible to advance the high-quality development of the capital market.

会上，投资者代表结合投资和参与股市的经历和体会作了发言。大家表示，新"国九条"实施以来，我国资本市场总体呈现稳中向好发展态势。近期，受境外输入性风险等因素叠加影响，A股市场出现较大波动，但"9·26"以来资本市场政策逻辑、创新逻辑、安全逻辑没有改变，短期波动不改变长期向好趋势。建议加强一二级市场逆周期调节，多措并举引导中长期资金入市，规范发展量化交易和AI应用，进一步推动上市公司加大分红力度，提高证券违法犯罪成本，全力推动资本市场高质量发展。

Wu Qing said that the broad mass of investors are the foundation of the market and the most important participant group in the capital market. The CSRC will persist in advancing capital-market risk prevention, strengthened regulation, and the promotion of high-quality development as an integrated whole; do everything possible to maintain the smooth operation of the market; work to improve the transparency and authenticity of listed companies and better reward investors; urge industry institutions to operate in a regulated manner and raise the level of investor services; continuously improve long-term mechanisms for investor protection; resolutely uphold an open, fair, and just market order; and let investors better share in the fruits of the high-quality development of the economy and the capital market.

吴清表示，广大投资者是市场之本，是资本市场最重要的参与群体。证监会将坚持一体推进资本市场防风险、强监管、促高质量发展，全力维护市场平稳运行，着力提高上市公司透明度和真实性、更好回报投资者，督促行业机构规范经营并提升投资者服务水平，不断健全投资者保护长效机制，坚决维护公开、公平、公正的市场秩序，让投资者更好分享经济和资本市场高质量发展成果。

Chief officials from relevant departments and bureaus of the CSRC and from the Beijing Regulatory Bureau of the CSRC attended the symposium.

证监会有关司局、北京证监局主要负责同志参加座谈。