Wu Qing: Moderately expanding the capital space and leverage limit of securities firms, shifting from price competition to value competition.

At the eighth member conference of the China Securities Industry Association, Wu Qing, Chairman of the China Securities Regulatory Commission, mentioned in his speech that industry institutions need to base themselves on their own resource endowment and shift from price competition to value competition. Top institutions should enhance their ability to integrate resources and strive to form a number of benchmark institutions with international influence; small and medium-sized institutions should focus on segmented areas, distinctive businesses, and key regions, cultivating a "small but beautiful" boutique service provider. At the regulatory level, there will be a strengthening of differentiated regulation, optimizing evaluation indicators for high-quality institutions, moderately expanding capital space and leverage limits, and improving capital utilization efficiency; differentiated regulatory policies will be explored for small and medium-sized institutions and foreign institutions to promote specialized development; and problem institutions will be strictly regulated in accordance with the law. Securities firms and investment institutions must conform to the development of the times in areas such as equity investment, price discovery, and risk management. In response to different risk preferences, scales, and needs, securities firms should provide rich and accurate wealth management services, work together with investors for mutual benefit, and participate and share in the economy together.