On the morning of June 17, the 2026 Lujiazui Forum officially opened. The theme of this year’s forum is “Financial Development and Cooperation under the Global Governance Initiative: New Visions, New Challenges, and New Opportunities.” Ding Xiangqun, Chair of the National Financial Regulatory Administration and Co-Chair of the Forum, delivered the opening remarks. Senior officials from financial regulatory authorities—including Pan Gongsheng, Governor of the People’s Bank of China; Wu Qing, Chair of the China Securities Regulatory Commission; and Zhu Hexin, Deputy Governor of the People’s Bank of China and Director-General of the State Administration of Foreign Exchange—delivered keynote speeches.
Wu Qing: Technology sector now accounts for over 30% of A-share market capitalization
At the 2026 Lujiazui Forum, Wu Qing delivered a keynote speech titled “Further Enhancing the Coordination between Investment and Financing Functions of Capital Markets to Better Serve New Quality Productive Forces and High-Quality Economic Development.” Wu noted that the technology sector currently accounts for more than 30% of the total market capitalization of A-shares, and among companies with market values exceeding RMB 100 billion, 45% are technology firms.
Wu Qing: Guidelines on the Standardized Development of Artificial Intelligence in Capital Markets to Be Issued at an Appropriate Time
Wu Qing stated that guidelines on the standardized development of artificial intelligence in capital markets will be issued at an appropriate time.
Wu Qing: Encourage pension funds, insurance capital, and other institutional investors to increase their equity investment allocations.
Wu Qing emphasized actively broadening funding sources, supporting state-owned capital funds and social capital to complement each other’s strengths, and guiding pension funds, insurance funds, and other institutional investors to increase their equity investments, thereby further facilitating a smooth fundraising–investment–management–exit cycle.
Wu Qing: Strongly support listed companies in mergers and acquisitions as well as refinancing; support qualified Hong Kong-listed companies in listing on mainland exchanges
Wu Qing stated that strong support will be given to mergers and acquisitions and refinancing by listed companies. Efforts will be made to further invigorate M&A and restructuring activities, deepen refinancing reforms, and support qualified Hong Kong-listed companies in seeking listings on mainland Chinese exchanges.
Wu Qing: The safety value, resilience value, and innovation value of Chinese assets are attracting growing attention and favor from international investors
Wu Qing noted that China’s capital markets have undergone positive and profound changes, having withstood significant risk tests and continuously enhanced their resilience and risk resistance capabilities. At present, global financial assets are undergoing deep rebalancing and reallocation, and the safety value, resilience value, and innovation value of Chinese assets are attracting growing attention and favor from international investors.
Wu Qing: Proactively embrace the new round of scientific and technological revolution and industrial transformation
Wu Qing stated that China should proactively embrace the new round of scientific and technological revolution and industrial transformation, and continuously enhance the inclusiveness and adaptability of its capital market system.
Wu Qing: The fifth listing criterion for the STAR Market will be expanded to cover the large AI model industry.
Wu Qing stated that the scope of application of the fifth listing criterion for the STAR Market will be expanded to include the large AI model industry.
Wu Qing: Expedite the revision of institutional rules such as the 'Measures for the Administration of Securities Issuance Registration by Listed Companies.'
Wu Qing stated that efforts should be accelerated to revise institutional rules such as the 'Measures for the Administration of Securities Issuance Registration by Listed Companies.'
Wu Qing: Since the introduction of the new 'Nine Measures,' social security funds, insurance institutions, and other investors have recorded net purchases of RMB 1.3 trillion in A-shares.
Wu Qing stated that since the release of the new 'National Nine Articles' over two years ago, social security funds, insurance institutions, and other long-term investors have increased their holdings of A-share tradable market value by 85%, with net purchases of RMB 1.3 trillion in A-shares.
Pan Gongsheng: Enhance the investment commitment of medium- and long-term funds in the stock and bond markets.
Pan Gongsheng stated that efforts should be made to strengthen the investment commitment of medium- and long-term funds in the stock and bond markets.
Pan Gongsheng announced upcoming policy measures.
According to an official post on the People's Bank of China's WeChat account, Pan Gongsheng announced upcoming policy measures at the 2026 Lujiazui Forum.
The People's Bank of China optimizes the temporary overnight repo and reverse repo operations in open market operations.
To flexibly and efficiently utilize the temporary overnight repo and reverse repo instruments in open market operations, the People's Bank of China has decided, effective immediately, to optimize operational parameters by adjusting the operation window to 15:00–15:30 on business days and setting the operation rates at 25 basis points below and above the rate of the 7-day reverse repo operation, respectively. The usage rules for these instruments are further clarified: when the overnight interbank repo rate (DR001) remains persistently below or above the corresponding instrument’s operation rate, the People's Bank of China will initiate the relevant operation based on demand from primary dealers.
Pan Gongsheng: Pilot Offshore RMB Foreign Exchange Trading in Shanghai Free Trade Zone
Pan Gongsheng stated that a pilot program for offshore RMB foreign exchange trading will be launched in the Shanghai Free Trade Zone, authorizing six banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China CITIC Bank—to conduct offshore RMB foreign exchange transactions via the China Foreign Exchange Trade System platform within the Shanghai Free Trade Zone. The development of the offshore RMB foreign exchange trading market will be further advanced based on the outcomes of this pilot.
Pan Gongsheng: Studying the establishment of a macroprudential tool to provide liquidity support to non-bank financial institutions under specific scenarios
At the 2026 Lujiazui Forum, Pan Gongsheng stated that research is underway to establish a macroprudential liquidity support tool for non-bank financial institutions under specific stress scenarios. In the event of systemic stress in markets such as the bond market, where normal liquidity channels are impaired and a group of institutions faces a collective liquidity crisis that could trigger systemic risk, emergency liquidity would be provided to non-bank institutions through swap arrangements.
Pan Gongsheng: Improve the short-end interest rate steering mechanism.
Pan Gongsheng stated that the short-end interest rate steering mechanism will be improved.
Ding Xiangqun: Accelerate the revision and enactment of the Banking Supervision Law and the Insurance Law.
In her opening remarks, Ding Xiangqun stated that efforts will be accelerated to revise and enact the Banking Supervision Law and the Insurance Law.
Ding Xiangqun: Jointly issue with Shanghai a set of measures to accelerate Shanghai’s development as an international reinsurance center.
Ding Xiangqun stated that a set of measures will be jointly issued with Shanghai to accelerate Shanghai’s development as an international reinsurance center.
Editor/Lambor