Thirty-four tasks for 2026 show China's market regulators moving from general assurances to a checklist to reassure private firms. The State Administration for Market Regulation published a 34-item work programme targeting fair competition, lower market‑access barriers and stronger legal protections. The China Securities Regulatory Commission on March 13, 2026 set capital-market directives intended to speed fundraising and exits for private companies. Those moves build on the Private Sector Promotion Law, effective May 20, 2025, and signals from the National Development and Reform Commission; the practical test will be timing, rollout detail and enforcement.

The immediate read is straightforward. The State Administration for Market Regulation has shifted from general assurances to a checklist. Its 2026 work programme lists 34 items that direct enforcement and policy priorities toward reducing market access barriers, expanding services for small and individual operators, and strengthening antitrust compliance guidance.

What regulators have put on the table

The programme from the State Administration for Market Regulation instructs officials to improve administrative enforcement fairness and regulatory efficiency. It promises to expand services for small and individual operators and to provide clearer guidance on antitrust compliance. The statement also notes that in recent years the agency has taken action against major platform companies and imposed penalties on firms such as Alibaba and Meituan, a reminder that tougher oversight can sit alongside support measures.

Complementing that agenda, the China Securities Regulatory Commission set out a parallel, operationally focused plan on March 13, 2026. The CSRC, led by Party Secretary and chairman Wu Qing, convened an expanded party‑group meeting to put in place the outcomes of the 2026 Two‑Sessions and to align capital‑market policy with the new Five‑Year cycle.

The CSRC’s agenda is dual‑track. It aims to accelerate reforms that channel capital to priority areas, while simultaneously hardening oversight to reduce destabilising risk. Planned market measures include implementation of the STAR Market "1+6" package, a deeper ChiNext reform package, optimisation of refinancing rules, and expanded exit routes for private equity and venture capital investors.

At the same time the commission has ordered closer tracking of international markets and linked surveillance across domestic and overseas venues and between spot and futures trading.

Mastheads

Enforcement priorities spelled out by the CSRC include tougher action on financial fraud, market manipulation, insider trading and false disclosures. The commission also signalled a refinement of the regulatory framework for private funds under a "1+N+X" structure. Those items are framed as complementary to the SAMR’s 34 tasks rather than as competing objectives.

Legal backdrop and the data that matters

These regulatory directives don't appear in a vacuum. The Private Sector Promotion Law, passed by the National People’s Congress and effective May 20, 2025, codified several of the same assurances. The law contains nine chapters and 78 articles that guarantee equal access to factors of production, establish a nationwide negative list for market entry, and offer protections against discriminatory bidding and arbitrary fees. At a May 8, 2025 press briefing the State Council Information Office said the law is intended to stabilise expectations and boost confidence.

The National Development and Reform Commission has supplemented legal reform with practical measures. In February 2025 the NDRC said it would revise and publish a new negative list for market access as early as possible, enforce stricter penalties for dishonest business practices and tackle overdue payments to private firms. The NDRC reported that private enterprises secured over 80 percent of contracts for projects valued under 100 million yuan, and that private firms’ bid‑winning rate rose by 5 percentage points in January‑April year‑on‑year. The commission also noted that private capital holds about 20 percent stakes in certain nuclear power projects and that private players are being steered into major national projects.

Those figures help explain the urgency. Lawmakers and official materials note that private enterprises account for over 92 percent of registered businesses, contribute more than 60 percent of GDP and supply roughly 80 percent of urban employment. By the end of September 2024 there were about 55 million registered private enterprises nationwide. In other words, supporting private firms isn't a side project for policy makers; it's core economic policy.

The regulatory tone is therefore a mix of carrots and sticks. The SAMR’s emphasis on reducing barriers and expanding services sits next to the CSRC’s sharper surveillance and enforcement posture. That combination is designed to achieve two things at once: reassure private investors that rules of the game will be fair, and deter behaviour that could create market instability.

How the balance plays out will depend on implementation. The SAMR has a year‑long agenda of 34 tasks to execute.

The CSRC has instructed implementation of specific capital‑market reforms, from STAR Market "1+6" to ChiNext changes, while warning of tighter cross‑market surveillance. For private managers and corporate boards the question is whether faster fundraising and wider exit options will arrive with predictable rules and clearer enforcement standards.

That is the point the agencies themselves have made: regulatory certainty plus enforceable rules. Whether the private sector reads it that way will hinge on specific rollouts and the penalties that follow for breaches. The references to Alibaba and Meituan in the SAMR statement serve as a reminder that support for private enterprise doesn't imply a retreat from enforcement.

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Regulators have folded these priorities into 2026 work plans. The concrete milestones to watch are the CSRC’s rollout of the STAR Market "1+6" and ChiNext reform packages, and the State Administration for Market Regulation’s execution of its 34‑item agenda through the year.

This article was created with AI assistance.