Wu Qing: resolutely curb speculation on concepts, complex entanglements, excessive speculation, empty circulation of channels, and other pseudo-innovations and disorderly innovations.

The China Securities Regulatory Commission released Wu Qing's speech at the fourth session of the China Securities Investment Fund Industry Association. Wu Qing pointed out the need to continuously enhance the industry's internal driving force for high-quality development. With the vigorous development of frontier technologies such as artificial intelligence, the operating models and development ecology of the fund industry are undergoing profound changes. Industry institutions need to continuously enhance the breadth and depth of innovation in products, services, operations, and organizations, and more comprehensively and effectively meet market demand. They should strengthen technological empowerment, prudently and orderly explore the use of new technologies such as artificial intelligence and big data, effectively empower key scenarios such as investment research, customer service, and internal control management, and accelerate digital and intelligent transformation. They should highlight differentiated development, with leading institutions comprehensively enhancing their overall competitiveness and small and medium-sized institutions focusing on characteristics rather than scale, based on their own resource endowment and core strengths, focusing on key business areas for in-depth cultivation and development along the path of specialization and refinement. They should coordinate development and security, strengthen risk prevention and control throughout the innovation process, adhere to a pace of innovation, intensity, and management capabilities that are appropriate, and decisively curb speculative concepts, complex nested structures, excessive speculation, and channel idling, etc., which are false innovations and chaotic innovations.