[China Securities Regulatory Commission: Explore systems and practices that are more suitable for innovative small and medium-sized enterprises] Wang Li, deputy director of the General Office of the China Securities Regulatory Commission, said at the press conference of the 2026 Financial Street Forum Annual Meeting on October 12 that over the past five years, the China Securities Regulatory Commission has solidly promoted the high-quality development of the market. The Beijing Stock Exchange operates safely and stably, functions effectively, and market construction has achieved positive results. First, effectively support the innovative development of small and medium-sized enterprises. Under the overall structure of the multi-level capital market, the Beijing Stock Exchange plays its role in serving innovative small and medium-sized enterprises, focusing on the characteristics of multiple types of small and medium-sized enterprises with different development stages, designing multiple listing standards, and supporting the listing of a group of qualified high-quality small and medium-sized enterprises. As of the end of September this year, there were a total of 348 companies listed on the Beijing Stock Exchange, of which more than 60% were national-level specialized and new enterprises, widely distributed at the forefront of industry segments. The Beijing Exchange has established an on-demand flexible financing mechanism to support small and medium-sized enterprises in public issuance and financing of more than 82 billion yuan and refinancing of nearly 6 billion yuan, effectively empowering the reinforcement, strengthening and extension of the industrial chain. Driven by the Beijing Stock Exchange, more than 1,400 new companies have been listed on the New OTC Market in the past five years, nearly half of which are national-level specialized and new enterprises, effectively expanding the coverage of capital market services. The second is to effectively enhance market vitality and resilience. Adhere to the coordinated development of both investment and financing ends, vigorously strengthen the construction of the investment end of the Beijing Stock Exchange, guide early investment, small investment, long-term investment, and hard technology investment, and enhance the inherent stability of market operations. There are nearly 11.7 million qualified investors, twice as many as when the market opened. More than 3,000 public funds have allocated North Exchange stocks, and the proportion of institutional investors' transactions has increased from 9% when the market opened to 24% currently. Since the beginning of this year, the average daily trading volume has exceeded 20 billion yuan, a significant increase compared with the initial stage of the market opening, and market valuation and liquidity levels have continued to improve. Currently, there are 58 BASE theme funds and BASE 50 index funds, with the scale of existing funds exceeding 16 billion yuan. The product system for attracting long-term funds to enter the market is increasingly improving. To strengthen investor returns, more than 90% of the companies listed on the Beijing Stock Exchange have implemented dividends since the market opened, with a cumulative dividend of 27 billion yuan. 168 companies have paid dividends for three consecutive years, and the stability and predictability of dividends continues to increase. The third is to actively build a market structure of stock-bond linkage. Adhere to the construction concept of "equal development of stocks and bonds" and promote the high-standard start and high-quality development of the bond market. In terms of government bonds, the normalized issuance of government bonds on the exchange market has been achieved. The cumulative issuance of government bonds has exceeded 18 trillion yuan, accounting for about one-third of the total issuance nationwide, effectively assisting national macro-control; local government bonds of 1.5 trillion yuan have been issued, covering 22 provinces and cities, and actively support regional economic development. In terms of credit bonds, 10 special bond types were launched, including science and technology innovation bonds, green bonds, and small, medium and micro enterprise support bonds, and a total of more than 27 billion yuan in issuance financing was completed, broadening the financing channels for scientific and technological innovation enterprises, and forming a dual-wheel drive pattern of stocks and bonds. The fourth is to continue to improve the good market ecology that serves the development of small and medium-sized enterprises. We will continue to deepen cooperation and docking between ministries and commissions, and strengthen the gradient cultivation of specialized, specialized and new enterprises. Strengthen cooperation with financial institutions, launch special credit products, special credit procedures and other service packages, and give full play to the complementary advantages of direct financing and indirect financing. Strengthening the integrated development with venture capital, 90% of the companies listed on the Beijing Stock Exchange have received investment from venture capital institutions, helping innovative capital to create a virtuous cycle of "raising, investing, managing and exiting". Securities companies have been guided to increase their service efforts. More than 80 securities companies have carried out listing sponsorship, investment research, market making and other businesses on the Beijing Stock Exchange, promoting the formation of a group of specialty securities firms that focus on serving small and medium-sized enterprises. Wang Li said that in the next step, the China Securities Regulatory Commission will follow the deployment of the "Outline" of the "15th Five-Year Plan", base on the overall pattern of multi-level capital market construction, promote the integrated high-quality development of the Beijing Stock Exchange and the New OTC Market, explore systems and practices that are more suitable for innovative small and medium-sized enterprises, deepen reform and innovation, enrich product systems, strengthen functions, and better support the construction of a financial power and high-quality economic development.