Chairman of the CSRC: resolutely curb pseudo-innovation and chaotic innovation such as concept hype, complex nesting, excessive speculation, and channel hollowing out.

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Golden Finance reports that on June 6th, the China Securities Regulatory Commission issued Wu Qing's speech at the Fourth Member Congress of the China Securities Investment Fund Industry Association. Wu Qing pointed out the need to continuously enhance the endogenous motivation for high-quality industry development. As cutting-edge technologies such as artificial intelligence flourish, the operating models and development ecosystems of the fund industry are undergoing profound changes. Industry organizations should continuously improve the breadth and depth of innovation in products, services, business, and organization, and better and more effectively connect with market demands. They should strengthen technological empowerment, cautiously and orderly explore the application of new technologies such as artificial intelligence and big data, effectively empower key scenarios like investment research, customer service, and internal control management, and accelerate digital and intelligent transformation. Emphasizing differentiated development, leading institutions should comprehensively enhance their overall competitive strength, while small and medium-sized institutions should focus on distinctive and boutique development rather than scale. They should base themselves on their resource endowments and core advantages, focus on key business areas for in-depth cultivation, and follow a path of distinctive and boutique development. They should coordinate development and security, strengthen risk prevention throughout the innovation process, and ensure that the pace, intensity, and management capabilities of innovation are aligned. They must resolutely curb false innovation and disorderly innovation such as concept hype, complex nesting, excessive speculation, and channel idle transfer.
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