Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), told a conference that with a greater emphasis on fairness and standardization, efforts will be made to effectively prevent the abuse of technological advantages and crack down on illegal activities such as market manipulation.
“China’s booming emerging and future industries urgently needs capital support,” Wu said in a speech posted on the watchdog’s website.
China’s fund industry should focus on national strategies and also “needs to improve global competitiveness and the ability to cope with external shocks.”
Wu’s speech came a day after the CSRC tightened oversight of the country’s US$3.4 trillion private fund industry.
Meanwhile, volatility is increasing in global markets. On Friday, U.S.-traded chipmakers plunged, wiping out about US$1.3 trillion in market value.
“External uncertainties are rising, global financial markets are fluctuating at high levels and global assets are undergoing a major rebalancing,” Wu said.
“At the same time, a new wave of technological revolution led by artificial intelligence urgently needs a more compatible financial system.”
Wu urged China’s private equity firms to play a more “strategic and fundamental” role in supporting innovation, and step up long-term investment in early-stage, hard-technology start-ups. (Xinhua/Reuters)
