The China Securities Regulatory Commission’s new policies of “Two Powers and Two Stricts” have been released. In the next step, the regulatory authorities will further implement relevant opinions from five aspects and strengthen the supervision of investment banking business.

It is expected to achieve full coverage of on-site inspections of all companies in the next one or two years, and promote the rectification of problematic securities firms through strict accountability. Market participants said that the further consolidation of the "gatekeeper" responsibilities of investment banks requires that the practice philosophy of securities firms is no longer simply to compete for quantity, scale.