The "15th Five-Year Plan" for Building a Strong Financial Nation has been officially released, outlining the goal to basically establish a modern financial system with Chinese characteristics that is highly adaptive, competitive, and inclusive by 2035. The China Securities Regulatory Commission (CSRC) stated that it will accelerate the implementation of a new round of reforms and opening-up in the capital market and spare no effort to maintain its stable operation. The National Financial Regulatory Administration (NFRA) clarified that it will vigorously rectify practices such as "price wars," irregular commission rebates, and "high-interest high-rebate" schemes.
At 3:00 p.m. on Thursday, September 10, the State Council Information Office held a press conference as part of the "Kickstarting the 15th Five-Year Plan" series. Lu Lei, Deputy Governor of the People's Bank of China; Cong Lin, Deputy Director of the National Financial Regulatory Administration; Li Chao, Vice Chairman of the China Securities Regulatory Commission (CSRC); and Li Bin, Deputy Director of the State Administration of Foreign Exchange (SAFE) and its spokesperson, were invited to introduce measures for implementing the 15th Five-Year Plan in the financial sector and advancing the construction of a financial powerhouse, and to answer questions from the media.
Lu Lei, Deputy Governor of the People's Bank of China, stated that the "15th Five-Year Plan for Building a Financial Powerhouse" has recently been officially released. To effectively implement the related deployments, the People's Bank of China has formulated and issued the "People's Bank of China 15th Five-Year Reform and Development Plan," accompanied by nine action plans in relevant areas.
The overall framework of the Plan sets out that by 2030, financial macro-control policies will be coordinated and effective, financial risk prevention and control will be precise and efficient, and the international influence and competitiveness of the financial industry will continue to rise. By 2035, a modern financial system with Chinese characteristics—highly adaptive, competitive, and inclusive—will be basically established.
CSRC Clarifies Capital Market Development Goals for the 15th Five-Year Plan
Accelerate the Implementation of a New Round of Reform and Opening-up in the Capital Market
Li Chao, Vice Chairman of the CSRC, stated at the "Kickstarting the 15th Five-Year Plan" press conference held by the State Council Information Office on September 10 that China will accelerate the implementation of a new round of reform and opening-up in the capital market. The goal is to basically form a new pattern of high-quality development in the capital market by 2030, marking the 40th anniversary of its establishment, with significantly enhanced comprehensive strength and international competitiveness.
Continuously Strengthen Market Stabilization Mechanisms to Fully Ensure the Stable Operation of the Capital Market
Li Chao, Vice Chairman of the CSRC, stated that efforts will be made to further enhance the intrinsic stability of the capital market. Building on experiences and practices from recent years, China will continuously strengthen market stabilization mechanisms and expand the forces contributing to market stability. Further efforts will be made to broaden the sources, channels, and entry methods for medium- and long-term capital, improving the market mechanisms and ecosystem for "long-term investment with long-term capital." Risk monitoring, early warning, and comprehensive assessment and response capabilities will be strengthened to fully maintain the stable operation of the capital market.
Market Value of A-Shares Held by Medium- and Long-Term Funds Increased by 12.5% Compared to the End of Last Year
Li Chao noted that since the beginning of this year, medium- and long-term funds such as social security funds, annuities, and insurance funds have recorded net purchases of A-shares exceeding RMB 600 billion. The market value of A-shares held by these funds has increased by 12.5% compared to the end of 2025.
The revised Regulations on the Supervision of Securities Companies are expected to be released in the near future.
Li Chao, Vice Chairman of the China Securities Regulatory Commission (CSRC), stated at a press conference held by the State Council Information Office on the afternoon of the 10th that efforts to strengthen legal safeguards will be intensified. We will persist in advancing reform and development along the tracks of marketization and rule of law, leveraging the crucial role of the rule of law in consolidating foundations, stabilizing expectations, and benefiting long-term growth, while further improving the legal and institutional framework of the capital market. The revised Regulations on the Supervision of Securities Companies are expected to be released in the near future. We will also accelerate the formulation and amendment of key laws and regulations, such as the Law on Investment Funds and the Regulations on the Supervision of Listed Companies. Meanwhile, we will further improve the investor protection system tailored to China's national and market conditions, and actively foster an open and fair market environment.
Promote the steady increase in the scale and proportion of medium- and long-term funds entering the market.
Li Chao, Vice Chairman of the CSRC, stated that next steps will involve continuously improving the market mechanisms and ecosystem for "long-term investment with long-term capital," promoting the steady increase in the scale and proportion of medium- and long-term funds entering the market, vigorously developing equity-oriented public mutual funds, and strengthening the "stabilizer" function of various types of medium- and long-term funds. We will enhance cross-market, cross-industry, and cross-border risk monitoring, promote the establishment of a long-term mechanism for monetary policy tools supporting the capital market, and enrich the policy toolkit. Furthermore, we will strengthen and improve expectation management in the capital market and actively cultivate a favorable public opinion environment.
Promote the standardized application of artificial intelligence in the capital market.
Li Chao, Vice Chairman of the CSRC, stated that the CSRC will focus on improving the level of capital market supervision and governance, continuously perfecting the full-chain regulatory system covering market entry, ongoing supervision, delisting, trading, and institutions, and accelerating the construction of an accountability system with effective coordination among administrative, criminal, and civil liabilities. We will promote the standardized application of artificial intelligence in the capital market, advance the digital and intelligent transformation of regulation, and strengthen the supervision and risk control of new business models.
Vigorously guide listed companies to enhance the sustainability of investor returns.
Li Chao, Vice Chairman of the CSRC, stated that the CSRC will continue to leverage the primary channel role of mergers and acquisitions (M&A) and restructuring in the capital market, striving to build a vibrant yet orderly M&A market ecosystem. We will vigorously urge and guide listed companies to strengthen their awareness of investor returns, enhancing the sustainability, timeliness, and predictability of such returns, thereby better safeguarding the legitimate rights and interests of the vast number of small and medium-sized investors.
National Financial Regulatory Administration Clarifies Key Priorities for the 15th Five-Year Plan Period
Prudently advance risk prevention and control in key areas.
Cong Lin, Deputy Director of the National Financial Regulatory Administration (NFRA), stated that during the 15th Five-Year Plan period, work on risk prevention, strengthened supervision, and promotion of high-quality development will be advanced in an integrated manner. We will prudently advance risk prevention and control in key areas. We will effectively, orderly, and efficiently prevent and resolve risks at local small and medium-sized financial institutions, firmly holding the bottom line against systemic failures. We will comprehensively strengthen the "five major supervisory areas," resolutely ensuring that regulation has "teeth and thorns" with clear edges and corners. We will promote financial institutions to coordinate their efforts on the "five major articles," and further strengthen service guarantees for major strategies, key areas, and weak links.
Vigorously rectify practices such as "price wars."
Cong Lin, Deputy Director of the National Financial Regulatory Administration (NFRA), stated that multiple measures will be taken to foster a healthy industry ecosystem. Financial institutions will be guided to establish correct perspectives on performance, operations, results, and risk, effectively discarding an obsession with scale. The focus will shift from pursuing speed and size to prioritizing quality and efficiency, thereby continuously enhancing core competitiveness. Practices such as "price wars," irregular commission rebates, and "high interest with high rebates" will be vigorously rectified.
Increase financial support for areas such as boosting consumption, expanding investment, stabilizing enterprises, ensuring employment stability, and promoting technological innovation.
Cong Lin, Deputy Director of the National Financial Regulatory Administration (NFRA), stated that during the 15th Five-Year Plan period, the NFRA will further strengthen service guarantees for major strategies, key sectors, and weak links to promote high-quality development. It will increase financial support for boosting consumption, expanding investment, stabilizing enterprises, ensuring employment stability, and promoting technological innovation, while strengthening financing for "major national strategies and security capacity building" and "large-scale equipment renewal and consumer goods trade-in programs."
The People's Bank of China clarifies key priorities for the 15th Five-Year Plan period.
China has neither the need nor the intention to gain a trade competitive advantage through currency depreciation.
Lu Lei, Deputy Governor of the People's Bank of China, stated that China implements a managed floating exchange rate system, adhering to the decisive role of the market in exchange rate formation. It aims to prevent herd behavior in the market and the self-reinforcement of irrational expectations. China has neither the need nor the intention to gain a trade competitive advantage through currency depreciation.
The central bank will firmly maintain the stability of the currency's value while gradually de-emphasizing quantitative intermediate targets.
Lu Lei, Deputy Governor of the People's Bank of China, stated that during the 15th Five-Year Plan period, the PBOC will further improve and optimize the modern monetary policy framework with Chinese characteristics. The PBOC will firmly maintain the stability of the currency's value to promote economic growth and effectively support the high-quality development of the real economy. At the same time, it will gradually de-emphasize quantitative intermediate targets and place greater emphasis on the role of interest rate-based regulatory tools.
The central bank will improve the deposit reserve ratio system and conduct open market operations with greater flexibility and precision.
Lu Lei, Deputy Governor of the People's Bank of China (PBOC), stated that during the 15th Five-Year Plan period, the PBOC will continue to improve the mechanism for base money injection, refine the reserve requirement ratio system, conduct open market operations with greater flexibility and precision, and continuously strengthen the market-based interest rate formation, regulation, and transmission mechanisms. This aims to enhance the guiding role of policy rates and ensure that short-term money market rates operate more steadily around the policy rates.
During the 15th Five-Year Plan period, efforts will be made to develop the offshore Renminbi market and diversify the supply of offshore Renminbi liquidity.
Lu Lei, Deputy Governor of the People's Bank of China (PBOC), stated that during the 15th Five-Year Plan period, focus will be placed on promoting reform and development through opening-up, and advancing high-level financial opening-up to the outside world. To this end, we will advance RMB internationalization, strengthen cross-border interconnectivity of financial infrastructure, develop the offshore Renminbi market, and diversify the supply of offshore Renminbi liquidity.
During the 15th Five-Year Plan period, the financial statistics, payment, treasury, and cash service systems will be improved.
During the 15th Five-Year Plan period, the People's Bank of China will comprehensively consolidate the foundation for fulfilling its central bank duties, continuously optimize financial infrastructure and central banking service systems, enhance the quality and efficiency of central banking financial services, and improve the financial statistics, payment, treasury, and cash service systems.