China Securities Association has launched industry-wide quality assessments of
securities firms' investment-banking, bond and major-asset-restructuring
financial advisory businesses, covering the 2025 calendar year (Jan. 1–Dec. 31,
2025). The association will report results to the CSRC for reference in routine
supervision. Regulators will use the bond-business assessment to implement
differentiated, classified supervisory measures aimed at better incentivizing
and constraining securities firms and improving regulatory precision and
effectiveness.effectiveness.