BEIJING -- China will further refine regulatory mechanisms for program trading and step up efforts to build first-class investment institutions, said Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), on Saturday.

With a greater emphasis on fairness and standardization, efforts will be made to effectively prevent the abuse of technological advantages and resolutely crack down on illegal activities such as market manipulation and the disruption of market order, Wu said at a meeting of the Asset Management Association of China.

To foster first-class investment institutions, Wu stressed the importance of prioritizing compliance, investor interests, functional roles, and innovation.

He noted that the CSRC is formulating a three-year action plan to implement relevant guidelines and is working to establish an institutional framework covering market access, ongoing supervision, risk mitigation, and service development.

Emphasizing investor interests, Wu urged both public and private funds to strictly uphold their fiduciary duties and accelerate the shift from a focus on scale to a focus on returns.

Highlighting the role of private equity and venture capital funds in cultivating new quality productive forces, Wu called on these institutions to uphold long-term professionalism and strengthen their investment research capabilities.

He also encouraged industry institutions to continuously deepen innovation across products, services, business models, and organizational structures to better meet market demand.