[Wu Qing: Capital market reform must coordinate the dialectical relationship between stability and progress, development and security] November 14th, China Securities Regulatory Commission Chairman Wu Qing said at the 2026 China Capital Market Academic Annual Conference on the 14th that to promote the reform, development and stability of the capital market under the new situation, there are many major theoretical and practical issues that require in-depth study. There are more than 200 million stock investors and more than 800 million fund holders in the A-share market. This requires that in market construction, we must not only study and learn from the general laws of mature market development, but also conduct in-depth research on China's market characteristics and structural problems faced. While adhering to the direction of market-oriented, legal and international reforms, we must coordinate the dialectical relationships between stability and progress, efficiency and fairness, development and security, and firmly follow the path of financial development with Chinese characteristics.