Respected President Gao Xiaoli, Procurator-General Miao Shengming, Director Fu Wanjun,

　　Distinguished Guests, Colleagues,

　　Good morning! Today, we gather to witness and launch the 2025 Seventh "5·15 National Investor Protection Publicity Day." On behalf of the China Securities Regulatory Commission (CSRC), I extend sincere gratitude to all relevant institutions, news media, and friends from all sectors of society for your long-standing concern and support for capital market reform and development and the protection of investor rights. I also convey cordial greetings to all investors!

　　Protecting investors, especially the legitimate rights and interests of retail investors, is the CSRC's most important mission and core task. It embodies the political and people-oriented nature of our capital market work. Over the past year, implementing the spirit of the Third Plenary Session of the 20th CPC Central Committee, the Central Financial Work Conference, the Central Economic Work Conference, the September 26, 2024 Politburo meeting, and the new "nine-point guideline", the CSRC has integrated investor protection throughout the entire securities regulatory chain – planning, deploying, and implementing it holistically. Working jointly with relevant departments, we have rolled out a package of policies to stabilize the market and expectations, more effectively safeguarding investors' legitimate rights. Moving forward, the CSRC will further build consensus with all stakeholders to advance investor protection, continuously improve long-term mechanisms, and earnestly enhance investor trust and confidence in the capital market.

　　First, further promote high-quality development of the capital market to fundamentally strengthen the foundation for protecting investor rights. Effective investor protection must be built on the solid foundation of a high-quality capital market. The CSRC consistently adheres to the principle of "finance for the people." We are fully implementing a new round of capital market reforms to drive high-quality development. We are expediting the rollout of policy measures to deepen reforms on the STAR Market and ChiNext, enhancing the inclusiveness and adaptability of our systems, and bolstering support for technological innovation and the development of new quality productive forces. We will coordinate efforts to deliver a "policy toolkit" to stabilize the market, significantly increase the scale and proportion of medium- and long-term funds entering the market, and unleash new developmental vitality on a stable foundation to boost investor confidence. Recently, the disclosure of listed companies' annual reports concluded. Among over 5,400 companies disclosing 2024 reports, nearly 70 percent announced dividend distributions, totaling a record high of 2.39 trillion yuan. We will continue to enhance policy support, guiding listed companies to proactively reward investors through cash dividends and share buybacks, tangibly improving investors' sense of gain.

　　Second, optimize and improve investor protection mechanisms to fortify the institutional foundation. The rule of law is the bedrock of the capital market, playing a fundamental role in stabilizing expectations and fostering long-term growth, serving as a vital pillar for protecting investor rights. Under the leadership of the Central Financial Commission, the CSRC is actively participating in drafting financial laws, vigorously promoting revisions to the Securities Investment Fund Law, and advancing the formulation and revision of regulations governing listed companies and securities firms. We are closely collaborating with judicial authorities to research and draft judicial interpretations on civil compensation for insider trading and market manipulation, criminal interpretations for insider trading, and interpretations for the crime of "breach of trust harming listed company interests", continuously improving the capital market legal framework and building a "safety net" for investor protection. Today, the Supreme People's Court and the CSRC will jointly release the Guiding Opinions on Strict and Impartial Law Enforcement and Judicial Services to Ensure the High-Quality Development of the Capital Market, further strengthening judicial-administrative coordination, enhancing investor rights protection, and boosting high-quality market development. Furthermore, to improve the scientific and democratic nature of securities and futures legislation, the CSRC has established a retail investor protection review mechanism for major policy and rulemaking. This ensures broad investor input, particularly from retail investors, enhancing the transparency and fairness of regulations. We also plan to establish grassroots legislative liaison points in the capital market to routinely solicit investor feedback.

　　Third, promote high-quality development of securities and fund institutions to elevate investor services. Recently, the CSRC issued the Action Plan for Promoting High-Quality Development of Public Funds, which has been well received. The next step is effective implementation: strengthening alignment of interests between fund companies and investors, addressing issues like "guaranteed fees regardless of performance," enriching products suitable for retail investors' risk tolerance, and serving the needs of residents' wealth management with high quality. We will also urge securities firms and distributors to fulfill their responsibilities, enhance governance standards and compliance/risk control capabilities, continuously optimize investor services, strictly implement the investor appropriateness system, ensure investors fully understand product risks and make prudent investment decisions, and advocate for rational and long-term investing.

　　Fourth, crack down severely on illegal securities and futures activities according to law to create a safe investment environment. The CSRC remains committed to "regulatory teeth and spines" – sharp, resolute, and principled supervision. We are continuously improving the standardization of enforcement and the precision in punishing violations. In line with the State Council's requirements on comprehensively preventing and punishing accounting fraud, we are accelerating the construction of a comprehensive fraud prevention and punishment system, severely cracking down on egregious fraud like fabricated businesses and abuse of accounting policies. We insist on "targeting the ringleaders", intensifying investigations into major shareholders, actual controllers, and other directly responsible persons of fraudulent companies. We will swiftly and severely punish illegal share reductions, especially disguised reductions that disrupt market order. Concentrated efforts will combat insider trading and market manipulation that severely harm retail investors, and clamp down on illegal stock recommendations and illegal proxy rights protection, safeguarding a healthy market ecosystem. We will also leverage exemplary cases to interpret the law through enforcement, achieving the effect of "handling one case, deterring a group, and governing a sector."

　　Fifth, support aggrieved investors in lawful rights protection and advance diversified dispute resolution mechanisms. Last year, with strong support from the Supreme People's Court, special representative litigation was initiated for cases involving Jintongling and Meishang Ecology, with new progress achieved. We will deepen collaboration with judicial authorities to promote the establishment of a regularized special representative litigation mechanism, ensuring its lawful, prudent, and efficient operation to maximize its role in collectively resolving group disputes. We will actively implement the "Fengqiao model" for social governance in the new era, fully leveraging the fundamental role of mediation in dispute resolution. Within the legal framework, we will guide and support willing and capable entities to provide advance compensation to eligible investors in securities misrepresentation cases. We will further harness the settlement commitment system in administrative enforcement to provide timely and effective relief to investors. We will also maximize the role of securities and futures lawyers in providing public-interest legal aid to retail investors, resolving conflicts at the source and maintaining market harmony and stability.

　　Colleagues, investor protection is a long-term task and a systematic project. Moving forward, the CSRC will further unite all parties, persistently advance all aspects of investor protection, continuously strengthen the construction of protection mechanisms, achieve breakthroughs through exemplary cases, and tangibly enhance the quality and effectiveness of investor protection.Thank you!