A 29-year-old woman surnamed He was detained by police for posting inflammatory as well as defamatory comments about athletes and coaches on Sina Weibo, following the table tennis women's singles final at the Paris Olympics, according to Beijing police on Monday.
The arrest came after Beijing police received reports from the public about the posts, which were found to be harmful due to their malicious and false nature. He has been placed under criminal detention while the investigation continues.
The arrest of the woman for defamatory comments about athletes at the Paris Games underscores the authorities' efforts to curb the negative impact of toxic fan culture and maintain the integrity of sports.
The arrest was preceded by an official crackdown on over 800 accounts of Chinese social media platforms that had been spreading negativity and fomenting conflict during the table tennis events at the Olympics, with more than 50,000 inappropriate fan posts being removed.
Chinese paddler Chen Meng defeated her teammate Sun Yingsha 4-2, winning the women's singles gold medal at the Paris Games, but the tantalizing all-Chinese final that deserved celebration turned into a shame when many fans on the stand showed favoritism toward Sun while booing Chen when Chen scored points and triumphed over Sun.
Both Chen and Sun are the victims of a distorted fan culture that centered on the idolization of a certain public figure, leading to selfish displays and toxic behavior that can harm the sports community and overshadow broader values such as patriotism and sportsmanship.
After China's easing past Egypt 3-0 to reach the quarterfinals of table tennis women's team event on Monday, Chen looked confident and shared her thoughts on the excellent teamwork of her fellow athletes.
"Our mutual trust is so deep that a simple glance can convey our feelings and intentions to each other," Chen said.
Deng Yaping, China's table tennis legend, advocates for maintaining the integrity and respect inherent in sportsmanship, emphasizing that while it's normal for fans to have their favorites, this shouldn't lead to hostility.
"Everyone has the right to like someone. You just need to show your affection; there is no need to attack other players," Deng said.
Deng said that the evolving nature of fan support in sports is a normal phenomenon.
"Traditionally, fans were drawn to table tennis because they loved the sport, and then they developed admiration for the players. However, nowadays, some fans are first attracted to specific athletes and then become interested in the sport itself."
Critics argue that such behavior should not be considered culture but rather a harmful "tumor" that needs to be rooted out.
Toxic fandom culture has even led to conflicts among fans, disrupting the harmonious atmosphere traditionally associated with sports. Instead of coming to appreciate the game, spectators often engage in aggressive cheering for their favored athletes while attacking competitor players, turning the sports arena into a battlefield, which represents a significant departure from the true spirit of sportsmanship.
The case highlighted the Chinese authorities' ongoing crackdown on inappropriate online behavior, and their efforts to preserve the spirit of sportsmanship and preventing the negative aspects of toxic fan culture from tarnishing the values that sports stand for.
Chinese badminton player He Bingjiao has retired from international badminton, the Badminton World Federation(BWF) announced on Tuesday. The 27-year-old won her career-best Olympic silver in women's singles at Paris2024 on August 5.
BWF has already removed He from women's singles world rankings.
This has garnered worldwide attention as netizens were impressed by the sportsmanship He demostrated by holding up a Spanish flag pin when she was awarded the medal on the podium. He had qualified for the final after Spain's Carolina Martin was forced to retire midway due to injury. Her gesture and her heartfelt wishes for Marin's speedy recovery resonated deeply with viewers.
Netizens left posts wishing her well and expressing gratitude for her efforts. "Thank you, He Bingjiao, for showing true sportsmanship and grace. Wishing you all the best in your future endeavors!" wrote an admirer.
He was born in 1997 and started playing badminton at the age of five. In 2014, He defeated Akane Yamaguchi winning the gold medal in women's singles badminton at the Nanjing Youth Olympic Games.
After joining the national team, He's achievements skyrocketed. In 2015, she won titles at the China Masters, Asian Junior Championships, BWF World Junior Championships, and the Indonesia Masters. In 2016, He claimed a total of five championship titles in both team and individual events.
Her performance continued to improve steadily, and she once reached fifth place in the world rankings. However, during the era dominated by the "Big Four" of women's singles, Tai Tzu Ying, An Se-young, Akane Yamaguchi and Chen Yufei, He found it difficult to break through further. At the 2024 Paris Olympics, He advanced all the way to the finals, ultimately losing to An Se-young and winning the silver medal.
Throughout her career, He has won four World Championship titles. In 2021 and 2023, she helped her team win the Sudirman Cup World Badminton Mixed Team Championship twice. In 2020 and 2024, she also helped her team win the Uber Cup women's team championship twice. In the Olympic singles competition, He finished fourth at the Tokyo Olympics and won the silver medal at the Paris Olympics.
China's General Administration of Customs (GAC) has issued a notice that it will tighten surveillance at ports of entry to prevent the spread of mpox in China, after the World Health Organization (WHO) declared on Wednesday that the mpox outbreak constitutes a public health emergency of international concern.
People coming from countries and regions affected by mpox outbreak, who have been exposed to mpox or have symptoms such as fever, headache, back pain, muscle pain, swollen lymph nodes and rashes, should declare their conditions to customs upon entry. Customs officials will take medical measures and conduct sampling tests according to prescribed procedures, the GAC said.
Transport vehicles, containers, goods, and items from countries or regions affected by the outbreak and potentially contaminated should undergo sanitary treatment according to prescribed procedures, the GAC noted.
The measures took effect immediately upon announcement on Thursday, and will be valid for six months, according to the GAC.
According to the Africa centers for disease control and prevention data on August 9, 13 countries in Africa have reported 17,541 cases of mpox, with 517 deaths.
China has effective capabilities to respond to the potential risks of the spread of mpox, Lu Hongzhou, head of the Third People's Hospital of Shenzhen, told the Global Times on Friday.
To prevent the spread of mpox, Lu suggested that people should avoid sexual contact with individuals of unknown health status, and stay informed about mpox outbreaks in destination countries and regions when traveling. Lu added that people should avoid coming in contact with animals such as rodents and primates that may carry the virus.
The recent report of 25 tons of radioactive water leaking from Tokyo Electric Power Company (TEPCO)'s troubled Fukushima Daiichi Nuclear Power Plant once again exposes TEPCO's internal management chaos. It also highlights the unreliability and risks associated with Japan's moves to dump nuclear-contaminated wastewater into the sea, analysts said.
Approximately 25 tons of water containing radioactive materials leaked into the spent fuel cooling pool of Reactor Unit 2 in the Fukushima plant. TEPCO has stopped water injection into the pool and is investigating the cause of the leak. To ascertain the precise location of the leak and its underlying cause, TEPCO plans to deploy robotic equipment for an inspection scheduled for this week, Japanese media NHK reported on Tuesday.
Although TEPCO claims that there has been no discharge into the outside environment, the report raises concerns about Japan's current practice of dumping nuclear-contaminated wastewater into the sea given TEPCO's notorious history of cover-ups related to the Fukushima disaster, analysts said.
This incident exposes TEPCO's internal management chaos and disorganization. Lü Chao, a research fellow at the Liaoning Academy of Social Sciences said that both TEPCO and the Japanese government bear major responsibility for handling the Fukushima nuclear-contaminated wastewater and should be transparent about any incident that has occurred in Fukushima.
Despite using the International Atomic Energy Agency (IAEA)'s report as a shield, Japan continues to dump nuclear-contaminated wastewater into the ocean, disregarding objections from neighboring countries and calls for international oversight. If this attitude continues, it could lead to further catastrophic incidents, causing severe and irreversible damage to the ocean and the environment, Lü told the Global Times on Wednesday.
As of press time on Wednesday, IAEA has not responded to Global Times' inquiries on the incident.
This is not the first time this has happened in the Fukushima plant. In February, approximately 5.5 tons of wastewater, which may contain 22 billion becquerels of radioactive materials such as cesium and strontium have leaked from equipment at the nuclear power plant. Also, in October, 2023, five workers were accidentally splashed with liquid containing radioactive materials while cleaning at the Fukushima No. 1 nuclear power plant, according to Japanese media.
On August 7, despite persistent opposition at home and abroad, Japan started its eighth round of dumping of nuclear-contaminated wastewater into the Pacific Ocean. In response, the spokesperson for the Chinese Embassy in Japan said in a statement that Japan is irresponsibly shifting potential pollution risks onto the entire world. It is continuously discharging nuclear-contaminated wastewater into the ocean without addressing international concerns about the safety of the discharge, the long-term reliability of the purification equipment and the effectiveness of monitoring arrangements.
The spokesperson urged Japan to fully cooperate in establishing a comprehensive, independent and effective long-term international monitoring arrangement involving relevant stakeholders, including neighboring countries.
Friendly exchanges between China and Africa have enjoyed a long history and have deepened in recent years, covering various fields such as politics, the economy, and culture. The Global Times is launching a China-Africa Rhapsody series, aiming to showcase the profound human connections and development visions between the two peoples by sharing the true stories of Chinese people in Africa and African people in China. From touching stories of China-Africa cooperation and exciting collisions of youthful ideas, to debunking fallacies concocted by some Western sources about the China-Africa collaboration, this series hopes to promote closer cooperation and deeper understanding between the peoples of China and Africa.
In this installment, we turn our attention to the world of sporting arenas. The Paris 2024 Olympics successfully concluded on Sunday night, local time, with athletes from China and Africa showcasing their remarkable talents. Sports cooperation between China and Africa began in the 1950s, and in recent years, significant achievements have been made in this field, making sports exchanges an important bridge for cultural exchange and mutual understanding between the Chinese and African peoples.
We spoke with coaches, experts, and enterprises directly involved in China-Africa sports exchanges to hear about their rich and diverse experiences and insights from working in Africa. Sports have become a new link in China-Africa cooperation, bringing joy and numerous benefits to numerous people.
Sports exchanges between China and Africa began in the 1950s. In 1957, less than a year after China and Egypt established diplomatic relations, the Chinese table tennis team visited Egypt, marking the first Chinese sports delegation to set foot in Africa.
Since then, sports have played a vital role in bridging the two regions. The Chinese basketball and soccer teams have visited multiple African countries, while African teams like the Guinean and Moroccan national soccer teams have visited China.
These exchanges have deepened mutual understanding and trust, significantly contributing to the development of China-Africa relations.
In recent years, China has sent coaches for sports like badminton and table tennis to countries like Uruguay and has built or upgraded sports facilities in nations such as Guinea-Bissau. Additionally, China has provided technical training for large cultural and sporting events.
The 2021 White Paper "China and Africa in the New Era: A Partnership of Equals" released by the State Council highlighted that China has built 45 stadiums and 170 schools across Africa since 2000, training over 160,000 professionals, demonstrating the tangible benefits of the China-Africa partnership.
This growing "sports diplomacy" underscores the importance of cultural exchange and cooperation, enhancing the friendship between China and Africa.
The new home stadium
Wang Neng's initial impressions of Africa, aside from the scorching weather in West Africa, included the people's passion for soccer.
"Adults and children alike show off their soccer skills wherever they go," said Wang, 34, a project manager with the China Civil Engineering Construction Corporation (CCECC) based in Cote d'Ivoire.
Wang first arrived in Africa in 2015. He told the Global Times that most of the fields here were simply patches of wild grass, slightly modified for use as main venues for Cote d'Ivoire's soccer league. Ordinary people and children played casually on hard, unpaved fields.
Wang has made friends with locals by playing soccer, but he and his colleagues have done much more than that.
In January 2024, the 34th Africa Cup of Nations kicked off in Cote d'Ivoire, with the Laurent Pokou Stadium in San-Pedro, built by the CCECC, drawing significant attention.
The Laurent Pokou Stadium, with a seating capacity of over 20,000 and more than 2,000 parking spaces, saw local cultural elements incorporated into its construction. The venue boasts a world-class field, athletic track, and lighting. The CCECC also installed solar photovoltaic technology to support the country's sustainability efforts.
Now, with the CCECC having completed the construction of the main stadium and four training grounds in San Pedro, the local demand for sports facilities has been greatly met. The stadium's construction has also spurred the development of surrounding infrastructure, including hospitals, hotels, universities, airports, and municipal roads, significantly enhancing the city's image, the Global Times has learned from the CCECC.
Moreover, at least three stadiums built by Chinese companies were used in the Africa Cup of Nations held in Cote d'Ivoire earlier this year.
Despite some biased criticisms and attempts by Western media to sow discord in China-Africa relations, China's aid to Africa has consistently demonstrated a genuine understanding of the continent's needs and has withstood various tests.
Even The New York Times acknowledged in a February article that "no country has invested more effort in integrating into Africa's sports scene than China."
Perhaps they do not need not worry on behalf of Africans.
Team Cote d'Ivoire chose Laurent Pokou Stadium for their first two warm-up matches as the host country. Their star player, Sébastien Haller, praised the stadium, "For me, [it is] the best turf is at San-Pedro."
On February 13, 2024, Haller scored the winning goal in the final, helping Cote d'Ivoire defeat Nigeria to claim the championship of the 34th Africa Cup of Nations.
Coach for better
In the China-dominated table tennis field, there are also more African players who, with China's assistance and support, travel tens of thousands of miles to receive training in China along with their Chinese peers.
In late July, Nasri Malissa from Algeria made a speech at the 7th China-Africa People's Forum, sharing her story of receiving table tennis training in China. In 2016, Malissa attended the International Table Tennis Federation (ITTF) World Youth Championships held by the China Table Tennis College (CTTC) at the Shanghai University of Sport.
Malissa got the precious opportunity of being coached by renowned world champions including Zhang Yining during the championships. After that, Malissa said she made many excellent achievements in international competitions.
Malissa's experience has planted a seed in the hearts of more table tennis players in her home country, who dream of a similar journey to China. At an opening ceremony of the CTTC's summer school on July 1, 20-year-old Amdjed Oustani shared his excitement.
Oustani first heard of the CTTC from Malissa, who told him about the college's high-level coaches, first-class equipment, and an opportunity to meet the stars of the Chinese national table tennis team. "So, I was very happy and excited when I received the invitation from the CTTC," he said at the opening ceremony. "I'm super looking forward to learning more in the following month, and to become stronger in the world's number one table tennis country." The month-long summer school program in Shanghai was not easy for most international participants. Oustani, who finished the program and returned to Algeria last week, recalled that he had a few difficult times in the beginning, as he "was not used to training like this before."
"But the days became very good after that," Oustani told the Global Times. "I learned a lot in table tennis with this program, and also I learned from the serious discipline of the Chinese [table tennis teams], which is very important."
Oustani spent a wonderful month in Shanghai at the CTTC. He was coached by former members of the Chinese national team Feng Zhe and Zhang Qin. The latter used to coach Sun Yingsha, currently the world's top-ranked female table tennis player. Apart from training, Oustani visited tourist attractions across the city, from the most iconic The Bund and Yuyuan Garden, to the ITTF Museum and China Table Tennis Museum.
Oustani joked that he was born with a racket in his hands. His father was also a table tennis player, and he has been practicing the sport for 14 years. His favorite table tennis players are Ma Long, Wang Chuqin, and Xu Xin, all of whom are household names in China. "My goals in table tennis are to be an African champion and, why not [try to] beat some good and known players?" he told the Global Times.
Oustani participated in the CTTC's summer school program with the help of the college, the Chinese Embassy in Algeria, and the Algerian Chinese enterprises association.
Similar to what Malissa did at the China-Africa People's Forum, Oustani expressed his gratitude to China, which made this opportunity possible with joint efforts.
With the development of table tennis in Africa and the deepening of the China-Africa friendship, more African players are expected to receive training and learn advanced playing skills in China.
Sports for everyone
Of course, sports are not just for professional athletes - they're for everyone.
Today, in various locations across Africa, fitness parks built by Chinese companies have become popular destinations. These facilities, which are common in Chinese communities - simple yet durable and reusable fitness equipment - blend in seamlessly with the African landscape.
From 2016 to 2017, for example, under the organization of the Economic and Commercial Office of the Chinese Embassy in Senegal and the Association of Chinese Enterprises in Senegal, the China International Water and Electric Corporation (CWE) AIBD-Mbour-Thies Expressway in Senegal, in collaboration with over 20 Chinese companies, contributed to the construction of the Dakar Seaside Fitness Park and Kaolack Fitness Park.
These two fitness parks, spanning over 40,000 square meters, remain popular spots for daily exercise among local residents.
Since their completion, the Dakar Seaside Fitness Park and Kaolack Fitness Park have been widely appreciated and praised by the Senegalese government and citizens alike, greatly enriching the daily leisure activities of locals.
The Dakar Seaside Fitness Park, in particular, has become a beautiful evening attraction along the coast and is affectionately called the "China-Senegal Friendship Park" by locals, further strengthening the bond between the people of China and Senegal and establishing a positive corporate image. In recent years, Chinese civil organizations have also actively engaged in sports exchanges under frameworks like the BRI, BRICS, and the Shanghai Cooperation Organization.
Since 2014, the private Chinese company StarTimes has been expanding its sports content in Africa, consistently investing in the acquisition of broadcasting rights for world-renowned sporting events.
They have built eight high-definition sports channels to broadcast various sports, including soccer, boxing, basketball, tennis, e-sports, and racing, to audiences in sub-Saharan Africa.
Just as Wang expressed, "I hope to use the company's platform to build more beneficial projects for the African people and contribute to China-Africa friendship in a modest way." This sentiment echo the feelings of many who are engaged in China-Africa exchanges.
Japan is attempting to boost its presence in Central Asia, driving a wedge between Central Asian countries and China, Russia with the latest plan of its Prime Minister Fumio Kishida to attend a summit with regional leaders during a tour of Uzbekistan, Kazakhstan and Mongolia from Friday through August 12.
However, analysts believe that Japan may find it difficult to substantially disrupt relations between Central Asian countries and Russia, China. They point out that Central Asian countries, while potentially expanding cooperation with Japan, will maintain traditional geopolitical relations with Russia and maintain good economic and trade cooperation with China, including under the Belt and Road Initiative.
According to Japanese media outlets, leaders from Japan and the five Central Asian countries are expected to emphasize the importance of rule of law in a joint statement to be released after a summit meeting in Kazakhstan later this month.
The Japan Times said that Kishida "aims to drive a wedge between these Central Asian countries and China and Russia by reiterating Tokyo's opposition to unilateral attempts to change the status quo by force."
The purpose of Kishida's visit to Central Asia is to expand Japan's diplomatic influence and geopolitical impact, said Da Zhigang, director of the Institute of Northeast Asian Studies at the Heilongjiang Provincial Academy of Social Sciences.
Citing media reports claiming that at the summit, Kishida plans to announce an economic aid package which is expected to focus on establishing a trade route through the Caspian Sea, connecting Central Asia and Europe, Da said that Japan is trying to reduce Russia's influence and compete with China in high-quality cooperation.
"Whether it is at the upcoming summit or in future actions, Japan may find it difficult to substantially disrupt relationships between the five Central Asian countries, Russia, and China," Da said, who cited the fruitful achievements on China-Central Asia economic and trade cooperation.
China’s Ministry of State Security (MSS) on Friday disclosed a case of a study abroad service agency illegally tampering with a large amount of anti-China content in application materials of Chinese students to increase their chances of successful admission.
The ministry said the operation is not only highly irresponsible toward young students, but also damages the image of the country and poses a threat to national security.
According to the MSS, a student surnamed Zhang purchased an “elite VIP” service from a study abroad service agency, which has a professional team to assist in the plan of studying abroad.
The agency’s leader Xiao Rui told Zhang that a certain country’s universities have opened a “green channel” for Chinese students wanting to study there, and that the success rate could be greatly increased if they added anti-China content in the application materials.
As a result, Zhang’s application documents were “implanted” with a large number of false contents catering to anti-China bias, which makes Zhang a victim of the agency’s illegal act, according to the MSS.
The abnormal behavior of the agency caught the attention of the national security authorities. After a thorough investigation, the study abroad service agency and its responsible individuals were dealt with according to the law in May 2024, said the MSS.
In recent years, some countries have continued to tighten international education policies, while trying to lure young students to carry out anti-China activities with the promise of helping them study abroad, the MSS noted.
Individual study abroad service agencies prioritize economic interests over national security, catering to anti-China rhetoric and potentially endangering national security by encouraging students to fabricate false resumes and images for profit, said the MSS.
Some institutions have loosened oversight of their foreign education teams, leading to the hiring of unqualified foreign teachers.
Detailed implementation rules of China’s Counter-Espionage Law stipulate that fabricating, distorting facts, publishing, disseminating information that endangers national security, or producing, disseminating, publishing audiovisual products or other publications that endanger national security, constitutes conduct other than acts of espionage that endangers national security.
Chinese Foreign Minister Wang Yi on Tuesday had phone conversations with Egyptian and Jordan’s foreign ministers, exchanging views on the situation in the Middle East, according to Chinese Foreign Ministry.
While talking with Badr Abdelatty, Egypt's Minister of Foreign Affairs, Emigration and Egyptian Expatriates, Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said that the assassination of Hamas Politburo Chief Ismail Haniyeh in Tehran has pushed the regional situation into a more dangerous area.
China resolutely opposes and strongly condemns such assassination acts that violate the basic principles of the UN Charter, infringe on Iran's sovereignty and dignity, severely undermine efforts to promote peace, and make a ceasefire in Gaza increasingly unattainable, Wang said.
Wang pointed out that retaliatory action leads to a vicious cycle, and violence begets more violence, exacerbating conflict. There should be no double standards when it comes to the Gaza conflict.
China's position on the Palestinian issue is consistent and clear. In response to the Gaza conflict, China has proposed a three-step initiative - achieving a comprehensive ceasefire; advancing Gaza's post-war governance under the principle of Palestinians governing Palestine; and effectively implementing a two-state solution, according to Wang.
Wang noted that China will strengthen solidarity with Arab countries, and work with all parties to avoid further escalation and deterioration of the situation.
Abdelatty expressed Egypt's deep concern over the escalating situation in Gaza and said that the assassination of Haniyeh has made reaching a ceasefire agreement more difficult and could potentially lead to a full-scale regional war.
The region cannot endure more conflict and turmoil. The international community should work together to prevent the situation from escalating, said Abdelatty.
Abdelatty also noted that Egypt highly appreciates China's important role in promoting peace in the Middle East, and is grateful for China's efforts in promoting internal reconciliation in Palestine. The Egyptian side hopes to maintain close cooperation with China to prevent further escalation of the situation.
Also on Tuesday, Wang held a phone call with Jordan's Deputy Prime Minister and Minister of Foreign Affairs and Expatriates Ayman Safadi at the latter’s request.
Safadi said that the assassination of Hamas leader Ismail Haniyeh has further escalated tensions in the Middle East and the situation is very dangerous. Jordan believes that the escalation of the conflict will not benefit any side, but only result in widespread suffering and loss.
Safadi said that the international community should take immediate action to avoid the escalation of the conflict, stop violations of international law, achieve a ceasefire in Gaza as soon as possible, and ultimately achieve the independence of Palestine as a sovereign state through the two-state solution.
China has always maintained an objective and fair position on the Palestinian-Israeli conflict issue. Jordan is willing to maintain communication with China and expects and believes that China will play a more important role in promoting a ceasefire and stopping the war, Safadi said.
Wang said that China firmly opposes and strongly condemns the assassination, which has violated the basic norms of international relations, infringed on Iran's sovereignty, undermined the ceasefire negotiation process in Gaza, and led to further escalation of the regional situation.
Wang said that the key to avoiding the deterioration and escalation of the situation is to achieve a full and permanent ceasefire in Gaza as soon as possible and the international community should make a more consistent voice on this issue and form a joint force.
Wang spoke highly of Jordan's important role in resolving the Palestinian-Israeli conflict and achieving peace in the Middle East, and said that China is willing to maintain communication and coordination with Jordan to jointly bring relevant parties together to proceed from the overall peace situation, refrain from taking actions that escalate the situation, and resume ceasefire negotiations as soon as possible.
China will continue to stand firm with Arab countries, support all efforts that are conducive to achieving a permanent and full ceasefire in Gaza, avoid further escalation of conflicts and confrontations, and promote the easing of the situation in the Middle East as soon as possible, Wang said.
Chinese regulatory authorities have recently introduced a series of policy documents and reform measures to improve the capital market regulatory system, comprehensively deepen capital market reform, and promote high-quality market development. These measures, when implemented together, are expected to increase the investment value of the market and boost confidence among investors.
The recently released Resolution of the Central Committee of the Communist Party of China (CPC) on Further Deepening Reform Comprehensively to Advance Chinese Modernization, which was adopted at the third plenary session of the 20th CPC Central Committee, has committed to improve the efficiency of financial services to serve the real economy. On April 12, the State Council released sweeping guidelines to strengthen regulation, forestall risks and promote the high-quality development of the stock market. Widely known as the State Council Nine-Point Guideline, the document, only the third of its kind, mapped out plans to boost capital markets through 2035.
In order to thoroughly implement the guiding principles of the Central Financial Work Conference and the new State Council Nine-Point Guideline, promote the formation and implementation of the "1+N" policy system in the capital market, effectively protect the legitimate rights and interests of investors, the China Securities Regulatory Commission (CSRC) and relevant departments have formulated and successively issued relevant supporting policy documents and institutional rules. In March 2024, the CSRC released several new policy documents which emphasized the importance of strict control over IPOs. The goal is to uphold the principles of openness and fairness in the capital market and safeguard the legitimate rights and interests of investors. These regulatory requirements aim to enhance the level of standardized operation among listed companies, with a particular emphasis on tightening controls over the IPO admission process.
China introduced new regulatory measures in March and May to regulate the continuous supervision of listed companies. These measures cover aspects such as information disclosure, reduction of holdings, dividends, and market value management. In April, China's securities regulator also released a guideline on strict implementation of delisting regulation.
To promote the high-quality development of securities fund institutions, in the first half of 2024, the CSRC issued management regulations, reduced the commission rate for fund stock trading, further optimized the fund securities trading commission system, and reduced trading costs for fund investors.
Aiming to better serve technological innovation and promote the development of new quality productive forces, the CSRC has continuously introduced measures this year to support all aspects of the market, including listing financing, mergers and acquisitions, bond issuance, and private equity investment.
Requirements for research and development investment, number of invention patents, and compound growth rate of operating income for companies planning to list on the science and technology innovation board have all been moderately increased, while the positioning of the board as focusing on core technology has been strengthened. Further reforms have been deepened to enhance inclusiveness toward new industries, new formats, and new technologies.
The new State Council Nine-Point Guideline governing capital markets and supporting institutional rules, starting from the perspective of improving the capital market ecosystem, is conducive to the construction of a long-term healthy development of the capital market, thereby boosting the long-term performance of the capital market.
The stock market will ultimately benefit from the reform and unleash new vitality. Additionally, the market will better balance investment functions and financing functions, and better protect the interests of investors.
