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On January 10th-11th, the CSRC held the 20th International Advisory Council (IAC) meeting in Beijing -- the first onsite meeting since 2020 when the pandemic broke out. During the meeting, Chinese Vice premier HE Lifeng, who is also a member of the Political Bureau of the Communist Party of China Central Committee, met with the participating IAC members. 

Themed “Advancing Reforms and Opening-up of China’s Capital Markets amid Global Changes”, the IAC meeting was attended by IAC Chair Sir Howard Davies, Vice Chair Mrs. Laura. M. Cha, and other 13 IAC members. CSRC Chairman YI Huiman, Vice Chairman FANG Xinghai, as well as heads of the CSRC departments, regional offices and affiliated institutions were present at the meeting. 

Extensive and in-depth discussions were held around three topics: “opportunities, challenges and strategies for China’s capital market development”, “further deepening capital market reforms to better serve China’s high-quality economic development”, and “continuously advancing high-level institutional opening-up while effectively addressing cross-border risks and challenges”. The IAC members spoke highly of China’s perseverance in pushing forward reform and opening-up, and applauded the great endeavor of China’s capital markets in comprehensively deepening reforms, expanding high-level two-way opening-up and cooperation, and preventing risks, which has supported the innovative development of enterprises and China’s economic recovery. 

The IAC members welcomed the achievements of the rule of law in China’s capital markets in recent years, and believed that this will be conducive to the better performance of capital market functions. Members believed that in face of the complex and fast-changing international political, economic and financial landscape, capital markets shoulder important responsibilities for global economic recovery and sustainable development. Securities regulators across the globe shall carefully analyze the international economic and financial situation, adhere to their major responsibilities, strengthen cross-border supervision and enforcement cooperation, and coordinate with each other to respond to new issues and challenges.

The IAC members also put forward views and suggestions on further deepening the reforms, strengthening high-level opening up and cooperation in the securities and futures markets, cultivating medium and long-term funds, promoting sustainability disclosure based on national realities, and strengthening communication with the market.

Established in June 2004 upon the approval of the State Council, the IAC serves as the think tank of the CSRC. Consisting of former senior officials from overseas financial regulators, senior executives of financial institutions and renowned experts and academics, the IAC celebrates its 20th anniversary this year and has been meeting annually to provide continuous insight on the development of China’s securities and futures markets, introducing the most recent international practices and experiences, and providing suggestions and consulting opinions to the CSRC, so as to contribute continuously to the CSRC’s efforts in drawing experiences from international markets, and in promoting the reform and opening-up as well as steady and sound development of China’s capital markets.