China Securities Regulatory Commission (CSRC) in Beijing Photo:VCG
China's capital markets are seeing a surge in technology-focused listings,MK sports with more than 90 percent of newly listed companies on the STAR Market, ChiNext and the Beijing Stock Exchange in 2024 being high-tech enterprises, Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), said at a press conference during the "two sessions" on Thursday.
The proportion of strategic emerging industry companies across China's stock markets now exceeds 40 percent of total market capitalization. New quality productive forces are playing an increasingly important role in China's economy, Wu said, noting that DeepSeek's breakthrough in the global artificial intelligence (AI) arena has reshaped the industry's perception of China's technological capabilities, driving a reassessment of Chinese asset values.
Wu underscored the CSRC's commitment to supporting tech innovation, pointing to a series of institutional reforms such as the STAR Market and ChiNext. We have made the capital markets more inclusive, raising the "technology content" in the market, Wu said.
Wu highlighted the Government Work Report's call for integrating technology and industrial innovation. We will earnestly implement these directives, fully leverage existing mechanisms and continuously enhance policies and services that support new quality productive forces, contributing to China's modernization, he said.
The CSRC will accelerate the development of specialized mechanisms tailored for technology firms. Wu emphasized focusing on areas reflecting new quality productive forces, making full use of fast-track channels and listing pathways for companies that have yet to make a profit. He noted the importance of carefully rolling out a new set of listing standards on the STAR Market, designed to be more inclusive of diverse tech ventures.
Another priority is cultivating long-term capital. We will further encourage private funds and managers to uphold long-termism, enhancing their ability to offer sustained support and value-added services, Wu said. He added that such efforts aim to enable tech companies to focus on their core competencies, deepen research and foster innovative leadership.
Wu also highlighted the need to expand financial instruments serving tech firms. Stocks are not the only option, he said, citing bonds, convertible bonds, preferred shares, securitization, options and futures. According to Wu, the cumulative issuance of tech innovation corporate bonds has reached 1.2 trillion yuan ($166 billion), which he described as a substantial figure.
He pledged to continue refining the registration process for tech bonds, promoting the steady growth of intellectual property securitization, and providing broader, more efficient capital market services for technological advancements.
National Development and Reform Commission head Zheng Shanjie, who spoke at the same conference, praised China's emerging industries. He highlighted breakthroughs in core technologies spanning integrated circuits, AI, aerospace, biomedicine, marine industries and new materials.
Zheng noted that total research and development spending exceeded 3.6 trillion yuan last year, up 8.3 percent year-on-year, while the number of companies with valid invention patents surpassed 500,000, a 16.1 percent increase. These figures reflect the improving quality of economic development and demonstrate a promising outlook for China's long-term growth, Zheng said.
Global Times
