China Securities Zhu Yeqin: A more resilient and robust new ecosystem for capital markets has already taken shape

China Economic News Reporter Sun Ruxiang and Xia Xin Beijing Report

“Driven by the dual forces of fundamental recovery and increased capital inflows, the A-share market is transitioning from stock-based competition to a key phase of incremental allocation. A more resilient and stable new ecosystem for the capital market has already taken shape,” said Zhu Yexin, Executive Member of the CITIC Securities Management Committee and Head of the Research Department.

At the CITIC Securities 2026 Spring Capital Market Forum held on March 19, Zhu Yexin believed that China’s capital market ecosystem is clearly improving, with the attractiveness of Chinese assets continuously rising. Based on the “Government Work Report,” recent statements from the China Securities Regulatory Commission (CSRC), and a series of measures, stabilizing the market and establishing a sustainable long-term investment environment have become essential for high-quality development of the capital market.

“We are pleased to see a capital market that offers better investor returns and protection taking shape,” Zhu Yexin said. The regulatory authorities are also continuously strengthening efforts, cracking down on financial fraud and insider trading, and strictly implementing mandatory delisting policies, greatly purifying the market environment. Meanwhile, the multi-tiered capital market system is becoming more inclusive and adaptable. Regulators are deepening reforms of the ChiNext Board, optimizing refinancing mechanisms, and introducing more inclusive listing standards to precisely support new industries, new business models, and technological innovation enterprises.

“It is precisely based on this solid foundational logic of reconstruction that China’s assets’ global appeal continues to rise,” Zhu Yexin added.

Zhu Yexin stated that the transformation of old and new driving forces is leading to a qualitative leap. The construction of a modern industrial system and the globalization of Chinese enterprises are reshaping the valuation logic of China’s core assets.

The “14th Five-Year Plan” emphasizes building a modern industrial system and consolidating the foundation of the real economy, proposing to develop a modern industrial system with advanced manufacturing as its backbone.

Zhu Yexin believes that under this grand backdrop, new productive forces represented by artificial intelligence, commercial aerospace, and biotechnology are moving from conceptual exploration to industrial implementation, rewriting the main growth drivers of the economy and markets.

“Even more exciting is that Chinese enterprises’ overseas expansion and the internationalization of the Renminbi are forming a strong strategic resonance, opening up vast possibilities for a systemic revaluation of Chinese assets,” Zhu Yexin said.

(Edited by Xia Xin, Reviewed by Li Huimin, Proofread by Wan Ling)

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