[Song Yu, Chief China Economist of UBS Securities: Economic growth is recovering, and policy focus shifts to stabilizing expectations and growth] October 20th, China Securities Regulatory Commission Chairman Wu Qing delivered a keynote speech at the opening ceremony of the 2026 Financial Street Forum Annual Meeting on October 19th. Song Yu, chief China economist at UBS Securities, believes that GDP growth in the third quarter exceeded expectations, and the pressure to achieve annual growth of about 4.5% has been significantly reduced. Wu Qing’s recent speech also released a policy signal of continued support for the development of the capital market. The speech focused on the entry of long-term funds into the market, which is crucial to the development of China's economy and capital market. Financing scientific and technological innovation requires patient capital to achieve long-term development, and reforming the investor assessment mechanism is one of the keys to achieving this goal. In addition, many potential long-term capitals are subject to investment restrictions. Relaxing these restrictions can improve market stability on the one hand, and can also increase the returns on these funds on the other. (Securities Times)