On April 10, following approval from the State Council, the China Securities Regulatory Commission (CSRC) published the Opinions on Accelerating the Reform of the Growth Enterprise Market to Foster New Quality Productive Forces. This initiative is designed to align with the guiding principles of the 20th CPC National Congress and subsequent plenary sessions of the 20th CPC Central Committee. It also seeks to operationalize the directives from the Central Economic Work Conference and the State Council’s Several Opinions on Enhancing Supervision, Mitigating Risks, and Promoting High-Quality Development of the Capital Market. The overarching goals are to bolster the inclusivity and adaptability of the capital market framework, refine investment and financing mechanisms, and drive forward the comprehensive reform of the capital market.

Since its inception 16 years ago on the Shenzhen Stock Exchange, the Growth Enterprise Market (GEM) has successfully established a market mechanism tailored to support growth-oriented, innovative, and entrepreneurial enterprises. This has led to a notable concentration of strategic emerging industries within the market. The newly issued Opinions on GEM outline a suite of reform measures. These include clarifying the board's functional role, refining listing criteria, harnessing the support of local governments, tightening listing admission standards, enhancing financing and merger and acquisition frameworks, intensifying full-process regulatory oversight, deepening investment-side reforms, and fostering collaborative efforts. Collectively, these measures aim to further elevate the GEM's capacity to serve as a catalyst for new quality productive forces.