China aims to establish a new framework for high-quality capital-market development by 2030, when the market reaches its 40th anniversary, under a reform agenda covering the next five years. Li Chao, Vice Chairman of the CSRC (China's securities regulator), presented the framework at a State Council Information Office press conference on September 10, marking the first time the regulator has outlined such a comprehensive plan for the 15th Five-Year Plan period. The agenda centers on building a safe, standardized, transparent, open, dynamic and resilient capital market through investment and financing reform, more adaptable institutions and stricter rule-of-law regulation. Its eight priority areas cover institutional development, market stability, regulatory enforcement, market architecture, listed companies, institutional growth, infrastructure and high-level opening-up. The plan includes broader IPO and merger-and-acquisition eligibility, efforts to make the A-share market a preferred listing venue for high-quality domestic companies, stronger support for long-term capital, intensified delisting and financial-fraud enforcement, improved investor protection, world-class exchanges and greater use of artificial intelligence in supervision. Medium- to long-term investors have made more than 600 billion yuan in net A-share purchases this year, while their holdings of A-share free-float market value rose 12.5% from the end of 2025. The CSRC also reported 644 securities and futures cases investigated in the first eight months, 9.84 billion yuan in penalties and 5.15 billion yuan recovered for investors.