# China Securities Regulatory Commission

The **China Securities Regulatory Commission** (CSRC, 中国证券监督管理委员会) is the ministry-level [State Council](https://www.edgepedia.org/state-council) agency responsible for unified supervision of China's nationwide securities and futures markets, established in October 1992.<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup> It writes and enforces the rules for stock issuance, listing, trading, and disclosure, and since 2023 has administered China's transition from an approval-based to a registration-based IPO system.<sup>[2](https://www.csrc.gov.cn/csrc/c100028/c7047626/content.shtml)</sup>

| Key fact | Detail |
|---|---|
| Legal mandate | The Securities Law vests centralized, unified supervision of the nationwide securities market in the securities regulatory authority under the State Council<sup>[3](http://www.npc.gov.cn/englishnpc/c2759/c23934/202109/t20210914_384349.html)</sup> |
| Market size | End-2024: 5,130 listed companies on the Shanghai and Shenzhen exchanges; total market capitalization RMB 85.47 trillion, 63.36% of 2024 GDP<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup> |
| Registration reform | Full rollout of the registration-based IPO system announced February 2023; regulators no longer judge the investment value of issuers<sup>[2](https://www.csrc.gov.cn/csrc/c100028/c7047626/content.shtml)</sup> |
| Enforcement 2024 | 377 new cases opened, 178 criminal referrals to public security organs (up 51% year-on-year), 54 delistings<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup> |
| Leadership | Chairman Wu Qing (appointed February 7, 2024, replacing Yi Huiman), with four vice chairmen<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup><sup> • </sup><sup>[4](https://www.reuters.com/world/china/china-replaces-head-securities-regulator-amid-market-turmoil-2024-02-07/)</sup> |
| Status | Reclassified in November 2023 as a directly subordinate body of the State Council<sup>[5](https://www.tandfonline.com/doi/pdf/10.1080/17521440.2025.2533816)</sup> |

## What the CSRC is and how it is organized

The CSRC was established in October 1992 as a ministry-level agency directly under the State Council, responsible for unified supervision of the nationwide securities and futures markets.<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup> A November 2023 State Council staffing regulation set its headquarters at 572 administrative staff, led by one Chairman and four Vice Chairmen with 77 bureau-level leadership posts including a Chief Lawyer, Chief Risk Officer, and Chief Inspector.<sup>[6](https://www.gov.cn/zhengce/202311/content_6914749.htm)</sup> The same regulation created the Inspection Corps (稽查总队), a directly subordinate bureau-level body with 170 staff responsible for case investigation and evidence gathering.<sup>[6](https://www.gov.cn/zhengce/202311/content_6914749.htm)</sup>

In 2024 the leadership consisted of Chairman Wu Qing and Vice Chairmen Li Chao, Fan Dazhi, Chen Huaping, and Li Ming.<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup> Wu Qing, a former leader of the [Shanghai Stock Exchange](https://www.edgepedia.org/shanghai-stock-exchange) and deputy in Shanghai's municipal government, replaced Yi Huiman on February 7, 2024, amid stock market turmoil.<sup>[4](https://www.reuters.com/world/china/china-replaces-head-securities-regulator-amid-market-turmoil-2024-02-07/)</sup>

## Legal powers and the shift to registration-based IPOs

The Securities Law provides that the securities regulatory authority under the State Council "shall carry out centralized and unified supervision and administration of the securities market nationwide according to law."<sup>[3](http://www.npc.gov.cn/englishnpc/c2759/c23934/202109/t20210914_384349.html)</sup> An IMF/IOSCO assessment found the CSRC's responsibilities clearly set out in three primary laws: the Securities Law, the Fund Law, and the Regulations on the Administration of Futures Trading.<sup>[7](https://www.imf.org/external/pubs/ft/scr/2012/cr1280.pdf)</sup>

**The registration reform.** On July 22, 2019, the Shanghai Stock Exchange's Science and Technology Innovation Board (STAR Market) launched as the pilot for the registration-based system; ChiNext implemented it on August 24, 2020.<sup>[8](https://www.sciencedirect.com/science/article/abs/pii/S1815566924000262)</sup> On February 17, 2023, the CSRC announced the full implementation of the reform,<sup>[9](https://www.sciencedirect.com/science/article/abs/pii/S0313592624001978)</sup> and in February 2023 it published the main implementing rules for public comment, describing the reform's essence as handing the choice to the market and replacing the approval system's substantive judgment with a disclosure-centered review.<sup>[2](https://www.csrc.gov.cn/csrc/c100028/c7047626/content.shtml)</sup> One journal account dates full implementation to March 2023,<sup>[8](https://www.sciencedirect.com/science/article/abs/pii/S1815566924000262)</sup> so the February announcement and the March effective date both appear in the literature.

Under the registration system, regulators no longer judge the investment value of issuers; review proceeds mainly through questioning, backed by multi-factor verification, on-site supervision, on-site checks, and complaint investigations.<sup>[2](https://www.csrc.gov.cn/csrc/c100028/c7047626/content.shtml)</sup> The CSRC mainly reviews disclosed information on a desktop basis but retains the power to conduct on-site inspections when it has concerns about the quality of disclosure.<sup>[10](https://blogs.law.ox.ac.uk/oblb/blog-post/2023/12/implementing-registration-based-ipo-system-china-unfinished-journey-improved)</sup> Review standards, procedures, content, process, and results are fully public, and a "liability upon filing" principle holds issuers and their actual controllers responsible.<sup>[2](https://www.csrc.gov.cn/csrc/c100028/c7047626/content.shtml)</sup> In 2023 the CSRC issued Order No. 206, the Administrative Measures for the Registration of Securities Issuance by Listed Companies, enacted under the revised Securities Law.<sup>[11](https://www.gov.cn/gongbao/content/2023/content_5752304.htm)</sup> The November 2023 staffing rules assign registration of IPOs and depositary receipts, and supervision of exchange listing reviews including on-site inspections, to the CSRC's Issuance Regulation Department.<sup>[6](https://www.gov.cn/zhengce/202311/content_6914749.htm)</sup>

The reform measurably sped up listings. From July 22, 2019 to November 30, 2020, the average time from IPO application to floating on the STAR Board was 228 days, against 550 days for Main Board listings under the prior merit-based system.<sup>[10](https://blogs.law.ox.ac.uk/oblb/blog-post/2023/12/implementing-registration-based-ipo-system-china-unfinished-journey-improved)</sup> On the growth enterprise market, average time from IPO pre-disclosure to IPO meeting fell from 568 days in 2019 to 308 days in 2022, by which year registration-system listings accounted for 83.41% of new listings.<sup>[9](https://www.sciencedirect.com/science/article/abs/pii/S0313592624001978)</sup>

## Enforcement in practice

The CSRC's tools include investigations, administrative penalties, market-access bans, delisting, and referral of suspected crimes to public security organs. In 2024 it opened 377 new enforcement cases, concluded 368, and handled 739 cases of securities and futures violations; it referred 178 suspected crime cases to public security organs, up 51% year-on-year, involving more than 600 violators.<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup> Since 2019 it has initiated investigations into 176 cases of illegal disclosure such as financial fraud and fraudulent issuance, made 99 administrative penalty decisions, issued 15 market-access prohibition decisions, and transferred 33 cases involving suspected criminal offenses.<sup>[8](https://www.sciencedirect.com/science/article/abs/pii/S1815566924000262)</sup>

Penalties now reach the largest issuers. In 2024 the CSRC fined Evergrande Real Estate RMB 4.175 billion for fraudulent bond issuance and disclosure violations, fined its then chairman and actual controller RMB 47 million, and imposed a lifetime securities-market ban.<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup> The CSRC's Administrative Penalty Discretion Rules, defining six discretion tiers, took effect March 1, 2025.<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup>

## By the numbers

At end-2024 the Shanghai and Shenzhen exchanges had 5,130 listed companies, only 23 of them newly listed that year: 3,184 on the main boards, 1,365 on ChiNext, and 581 on the STAR Market.<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup> Total market capitalization was RMB 85.47 trillion and free-float capitalization RMB 77.39 trillion, up 10.55% and 14.77% year-on-year, equal to 63.36% of 2024 GDP.<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup> In 2024, 54 listed companies were forcibly or voluntarily delisted, and the delisting board held 237 companies at year-end.<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup> On the corporate side, 981 listed companies announced buyback plans in 2024 totaling over RMB 200 billion, with cancellation-type buybacks accounting for nearly 30%.<sup>[12](https://sp.capco.org.cn:82/file/202606/gwfile/2024fazhantongjibaogao.pdf)</sup>

## How it compares with the SEC and other regulators

China's registration-based system differs from the US system, which relies on a more robust legal system, stricter penalties, and social forces such as self-regulatory organizations; China currently relies mainly on administration for regulation.<sup>[9](https://www.sciencedirect.com/science/article/abs/pii/S0313592624001978)</sup> A law-review analysis of the pre-reform system argued that, even after the exchanges formally obtained the right to list and delist securities in the 2005 Securities Law revision, the CSRC retained decisive control over whether a company could list.<sup>[13](https://journals.library.wustl.edu/globalstudies/article/id/143/download/pdf/)</sup> The IMF/IOSCO assessment also notes that China applies a sectoral regulatory approach, with banking, insurance, and securities regulated separately, creating potential gaps for products straddling sectors.<sup>[7](https://www.imf.org/external/pubs/ft/scr/2012/cr1280.pdf)</sup>

## Coordination within China's financial regulatory system and Party oversight

The 2023 restructuring redefined the CSRC as a directly subordinate body (直属机构) of the State Council and directed it to guide and supervise local financial regulation related to securities and futures, coordinating local governments' territorial risk-disposal responsibilities.<sup>[6](https://www.gov.cn/zhengce/202311/content_6914749.htm)</sup> Scholarly analysis of the reform argues that placing the CSRC under the direct leadership of the State Council, requiring regular updates and alignment with national strategic objectives, may constrain its regulatory autonomy, and that the reform emphasizes dual roles of regulation and administration, signifying the CSRC's authority to receive, transmit downwards, and supervise implementation of party-state directives rather than increased independence.<sup>[5](https://www.tandfonline.com/doi/pdf/10.1080/17521440.2025.2533816)</sup>

## Recent developments

**Leadership change and market defense.** Under Yi Huiman in early 2024, the CSRC suspended brokerages from borrowing shares for lending, curbed margin lending and other derivatives, and had exchanges halt selling by some hedge funds to defend the falling market; on February 7, 2024, the cabinet replaced him with Wu Qing.<sup>[4](https://www.reuters.com/world/china/china-replaces-head-securities-regulator-amid-market-turmoil-2024-02-07/)</sup>

**The new 'Guojiutiao'.** In April 2024 the State Council issued the new "Guojiutiao" (新"国九条"), the first capital-market guiding document since those of 2004 and 2014, and the CSRC built a "1+N" policy system around it with over 50 supporting rules.<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup> In 2024 the CSRC also raised on-site inspection of new IPO applicants to no less than one-third and issued new share-reduction rules.<sup>[1](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)</sup>

**The 2025 tariff shock.** After US tariff policy caused volatility in global markets and pressure on China's capital market from early April 2025, the CSRC and other agencies implemented a stabilization package in which Central Huijin Investment acts as a quasi-stabilization fund, with its market operations backed by policies issued by the [People's Bank of China](https://www.edgepedia.org/peoples-bank-of-china).<sup>[14](http://english.scio.gov.cn/m/pressroom/2025-05/14/content_117874537_3.html)</sup> The April 2025 [Politburo](https://www.edgepedia.org/politburo) meeting emphasized continuously stabilizing the capital market, and the CSRC continues implementing four documents issued in March 2024 on the regulation of listed companies, securities firms, and public offering funds.<sup>[14](http://english.scio.gov.cn/m/pressroom/2025-05/14/content_117874537_3.html)</sup>

## References

1. [中国证券监督管理委员会年报（2024年）, CSRC Annual Report 2024](https://www.csrc.gov.cn/csrc/c100024/c7624098/7624098/files/%E4%B8%AD%E5%9B%BD%E8%AF%81%E5%88%B8%E7%9B%91%E7%9D%A3%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%B9%B4%E6%8A%A5%EF%BC%882024%E5%B9%B4%EF%BC%89.pdf)
2. [中国证监会就全面实行股票发行注册制主要制度规则向社会公开征求意见, CSRC (February 2023)](https://www.csrc.gov.cn/csrc/c100028/c7047626/content.shtml)
3. [Securities Law of the People's Republic of China, NPC](http://www.npc.gov.cn/englishnpc/c2759/c23934/202109/t20210914_384349.html)
4. [China jettisons securities watchdog head as Beijing battles turmoil, Reuters (February 7, 2024)](https://www.reuters.com/world/china/china-replaces-head-securities-regulator-amid-market-turmoil-2024-02-07/)
5. [The 2023 reforms of China's financial regulatory system and their likely effects, Taylor & Francis](https://www.tandfonline.com/doi/pdf/10.1080/17521440.2025.2533816)
6. [中国证券监督管理委员会职能配置、内设机构和人员编制规定, State Council (November 2023)](https://www.gov.cn/zhengce/202311/content_6914749.htm)
7. [People's Republic of China: Detailed Assessment Report: IOSCO Objectives and Principles of Securities Regulation, IMF Country Report 12/80](https://www.imf.org/external/pubs/ft/scr/2012/cr1280.pdf)
8. [Can the registration system reform improve the disclosure quality? Evidence from the ChiNext board, ScienceDirect](https://www.sciencedirect.com/science/article/abs/pii/S1815566924000262)
9. [Can we rest easy under the registration-based IPO reform? Evidence from the Chinese growth enterprise market, ScienceDirect](https://www.sciencedirect.com/science/article/abs/pii/S0313592624001978)
10. [Implementing the registration-based IPO system in China, Oxford Law Faculty blog (December 2023)](https://blogs.law.ox.ac.uk/oblb/blog-post/2023/12/implementing-registration-based-ipo-system-china-unfinished-journey-improved)
11. [中国证券监督管理委员会令（第206号）上市公司证券发行注册管理办法, State Council Gazette](https://www.gov.cn/gongbao/content/2023/content_5752304.htm)
12. [2024 Annual Statistical Report On the Development of Chinese Listed Companies, CAPCO](https://sp.capco.org.cn:82/file/202606/gwfile/2024fazhantongjibaogao.pdf)
13. [The Dragon and the Eagle: Reforming China's Securities IPO Laws in the U.S. Model, Washington University Global Studies Law Review](https://journals.library.wustl.edu/globalstudies/article/id/143/download/pdf/)
14. [SCIO briefing on financial policy package to stabilize the market and expectations, State Council Information Office (May 2025)](http://english.scio.gov.cn/m/pressroom/2025-05/14/content_117874537_3.html)

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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Financial regulation, law, and bankruptcy › Financial regulatory agencies*

*Initially written Oct 10, 2026 · Edited: Oct 11, 2026; Oct 15, 2026; Oct 21, 2026*

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License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license