(Yicai) June 19 -- China will further optimize the capital market system to better serve technological innovation and the development of the "new quality productive forces," according to the chairman of the country's securities regulator.

Developing new quality productive forces involves nurturing and expanding emerging industries, strategically planning and building future ones, and transforming and upgrading traditional sectors, Wu Qing said at Lujiazui Forum in Shanghai today. The immediate priority is to thoroughly study relevant firms' characteristics, development patterns, and investment and financing needs and to enrich the capital market's tools, products, and services in a targeted manner, he added.

The China Securities Regulatory Commission will actively create conditions to attract more medium and long-term funds into the capital market, Wu noted. It will optimize supportive policies around the entire chain of private equity funds, including fundraising, investment, management, and exit, to promote a virtuous cycle among technology, industry, and the financial system, he pointed out.

With the fifth anniversary of Shanghai's Nasdaq-style Star Market, the CSRC will release eight reforms to enhance the board's service capabilities for technological innovation, Wu announced. These measures include improving the issuance and underwriting, mergers and acquisitions, equity incentives, and trading mechanisms, he said.

Since stepping in as chairman of the CSRC in February, Wu has repeatedly emphasized that the capital market should support the development of tech enterprises. In April, the regulator released 16 measures to serve tech firms in the capital market, intensifying support for initial public offering financing, refinancing, bond issuance, and M&A of tech companies.

In addition, the CSRC will continue to guide listed companies to protect investors' legitimate rights and interests, including strengthening communication, enhancing information transparency and governance standards, and more frequently rewarding investors with cash dividends and share buybacks, according to Wu.

Intermediary institutions, including investment banks and auditing firms, should fulfill their duties, acting as "gatekeepers" and better serving as "matchmakers" to facilitate M&A and expansions of listed companies, Wu noted.

Editors: Dou Shicong, Martin Kadiev