CSRC Chair Wu Qing: Capital Market Reform Must Balance Stability and Progress

The scale Wu cites is the subtext: with investor ranks that large, reform sequencing becomes a political and social question, not just a technical one. The emphasis on studying China's market characteristics and structural problems signals that imported playbooks are not the frame, and that the stability side of the balance is likely to constrain how far market-oriented and internationalized reforms move. What is worth watching is whether the reform agenda produces concrete measures or remains at the level of principles, and which of the three balances — stability, efficiency, security — dominates when they conflict.