Dear President Gao Xiaoli, Procurator-General Miao Shengming, Director Fu Wanjun, distinguished guests, and colleagues:
　　Hello everyone! Today, we gather to witness and launch the 7th '5·15 National Investor Protection Publicity Day' event in 2025. On behalf of the China Securities Regulatory Commission (CSRC), I would like to express my heartfelt gratitude to all relevant units, news media, and friends from all walks of life who have long cared for and supported the reform and development of the capital market and the protection of investors' rights and interests! I extend sincere greetings to the vast number of investors!
　　Protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is the CSRC's most important and core task, and a concentrated manifestation of the political and public nature of capital market work. For over a year, the CSRC has implemented the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, the Central Financial Work Conference, the Central Economic Work Conference, the Politburo meeting on September 26 last year, and the important deployments of the new 'Nine National Guidelines'. Investor protection has been planned, deployed, and implemented throughout the entire chain of securities regulation. Working with various relevant departments, a package of policies has been introduced to stabilize the market and expectations, more effectively protecting investors' legitimate rights and interests. In the next step, the CSRC will further build consensus with relevant parties and all sectors of society, collaboratively advance investor protection work, continuously improve the long-term mechanism for investor protection, and genuinely enhance investors' trust and confidence in the capital market affecting their trust and confidence in the capital market.
　　First, further promote the high-quality development of the capital market, fundamentally strengthening the foundation for investor rights protection. Effective protection of investor rights must be built on the solid foundation of high-quality development of the capital market. The CSRC has always upheld the philosophy of finance for the people, fully launched a new round of capital market reforms, promoted high-quality development of the capital market, promptly introduced a package of policy measures to deepen reforms in the STAR Market and ChiNext, further enhanced the inclusiveness and adaptability of the system, vigorously supported scientific and technological innovation and the development of new quality productive forces, and worked with all parties to implement a 'combination of punches' of market-stabilizing policies, effectively promoting an an increase in the scale and proportion of long-term funds entering the market. On the basis of stability, we will continuously unleash new development vitality and boost investor confidence. Recently, the disclosure of listed companies' annual reports concluded. Among over 5,400 listed companies that disclosed their 2024 annual reports, nearly 70% announced dividends, with the total dividend amount reaching 2.39 trillion yuan, setting a new historical high. We will continue to increase policy support, guide listed companies to actively use cash dividends, share repurchases, and other methods to reward investors, and genuinely enhance investors' sense of gain and satisfaction in their investments in listed companies.
　　Second, optimize and improve investor protection systems and mechanisms, strengthening the institutional foundation for investor protection. Rule of law is the cornerstone of the capital market, playing a fundamental role in consolidating foundations, stabilizing expectations, and benefiting the long term, and is crucial support for protecting investors' legitimate rights and interests. Under the leadership of the Central Financial Commission, the CSRC actively participates in the drafting of financial laws, vigorously promotes the revision of the Securities Investment Fund Law, advances the formulation and revision of regulations for listed companies and securities companies, and actively cooperates with judicial organs in researching and formulating judicial interpretations on civil compensation for insider trading and market manipulation, criminal judicial interpretations for insider trading, and judicial interpretations for the crime of harming the interests of listed companies through breach of trust, continuously improving the capital market's legal system and building a 'safety net' for protecting investors' legitimate rights and interests. Today, the Supreme People's Court and the CSRC will jointly issue the 'Guiding Opinions on Strictly and Impartially Enforcing Justice and Serving and Safeguarding the High-Quality Development of the Capital Market', further strengthening judicial and administrative coordination, enhancing investor rights protection, and promoting the high-quality development of the capital market. At the same time, to further enhance the scientific and democratic nature of securities and futures legislation, the CSRC has established a review mechanism for protecting small and medium-sized investors in the formulation and revision of major policies and regulations, explicitly ensuring that opinions from the vast number of investors, especially small and medium-sized investors, are fully heard during rule-making and revision, thereby improving the transparency and fairness of institutional rules. It also plans to establish grassroots legislative contact points for the capital market to regularly solicit investor opinions and suggestions through various channels and methods, thereby enhancing the democratic nature of legislation and policy-making processes.
　　Third, promote the high-quality development of securities and fund institutions and improve investor service levels. Recently, the CSRC released the 'Action Plan for Promoting High-Quality Development of Public Funds', which has received excellent market response. The next step is to focus on implementation, strengthen the alignment of fund companies' interests with investors', address issues such as funds being 'guaranteed profit regardless of market conditions', enrich products suitable for the risk tolerance of small and medium-sized investors, and provide high-quality services for residents' wealth management needs. At the same time, it is crucial to consolidate the responsibilities of securities companies and sales institutions, urge them to improve governance levels and compliance risk control capabilities, continuously optimize investor services, strictly implement the investor suitability system, enable investors to fully understand product risks and make prudent investment decisions, and advocate for rational and long-term investment practices among investors.
　　Fourth, strictly crack down on illegal securities and futures activities in accordance with the law to create a safe investment environment for investors. The CSRC has always adhered to 'sharp-toothed and sharp-edged' regulation, continuously improving the standardization of regulatory enforcement and the precision of combating and punishing illegal acts. In accordance with the State Council's requirements for comprehensive prevention and punishment of financial fraud in the capital market, we will accelerate the construction of a comprehensive system for punishing and preventing financial fraud, and severely crack down on malicious fraudulent acts such as fabricating businesses and abusing accounting policies. We will insist on pursuing the 'chief culprits' and intensify investigations and punishments against major shareholders, actual controllers, and other direct responsible persons of fraudulent companies. We will strictly and swiftly punish illegal share reductions, especially behaviors that disrupt capital market order, such as indirect reductions and disguised reductions. We will concentrate efforts to combat illegal acts that seriously infringe upon the interests of small and medium-sized investors, such as insider trading and market manipulation, and vigorously address illegal stock recommendations, illegal rights protection agencies, and other unlawful activities to maintain a healthy market ecosystem. At the same time, we must leverage the exemplary role of typical cases, use cases to explain the law, and achieve the goal of 'handling one case, deterring one party, and governing one area' to maximize the impact of law enforcement and promote good governance.
　　Fifth, support aggrieved investors in protecting their rights according to law and promote the diversified resolution of securities and futures disputes. Last year, with the strong support of the Supreme People's Court, two special representative lawsuits, involving Jintongling and Meishang Ecological, were initiated and have made new progress. We will continue to deepen communication and cooperation with judicial organs, promote the establishment of a normalized working mechanism for special representative lawsuits, push for the lawful, prudent, and efficient conduct of securities representative lawsuits, and further leverage the institutional role of special representative lawsuits in intensively resolving group disputes; deeply practice the 'Fengqiao Experience' in the new era, fully utilizing mediation's foundational role in dispute resolution; actively guide and support willing and capable operating entities to make advance compensation to eligible investors in securities false statement cases within the legal framework; further leverage the effectiveness of the administrative enforcement party commitment system in timely and effective investor relief; and fully utilize the role of securities and futures lawyers to provide pro bono legal aid to small and medium-sized investors, resolving conflicts and disputes at the source and maintaining market harmony and stability for investors.
　　Comrades!
　　Investor protection is a long-term task and a systematic project. In the next step, the China Securities Regulatory Commission will further consolidate the joint efforts of all parties, persevere in all aspects of investor protection, continuously focus on the construction of investor protection systems and mechanisms and the breakthrough of typical cases, and effectively enhance the quality and effectiveness of investor protection efforts, benefiting investors with concrete results and improvements.
　　Thank you all!