Wu Qing: We should be cautious in dealing with new forms of assets like cryptocurrency. If we cannot see clearly or control it, we should firmly not engage in it.

On December 6, at the eighth member meeting of the China Securities Association, Chairman of the China Securities Regulatory Commission, Wu Qing, delivered a speech on the high-quality development of the securities industry. Wu Qing pointed out that securities companies should firmly grasp the key to improving governance effectiveness, truly implement the rigid requirements of corporate governance and equity management, improve mechanisms to prevent conflicts of interests such as related party transactions, resolutely prevent shareholders from illegally interfering with operations, and resolutely remove shareholders who are not suitable. Wu Qing stated that it is necessary to further strengthen transaction management, enhance the ability and pertinence of penetrating management, improve the fairness of trading services for different types of investors, protect the legitimate rights and interests of small and medium investors, and strictly guard against illegal arbitrage and disruption of trading order. It is important to strengthen risk prevention in key areas, focusing on businesses such as margin trading, over-the-counter derivatives, private equity management that require special attention, institutions such as regional headquarters and subsidiary companies that require special attention, and key risks such as credit, liquidity, and compliance, one must keep a close eye and prevent risks in advance; for new formats such as encrypted assets, one must conduct in-depth analysis, handle them with caution, and decisively refrain from engaging in activities that are unclear or uncontrollable, and resolutely avoid illegal activities.