China's CSRC Urges Fund Managers to Back Tech Innovation, Warns Against Speculative Hype

China Securities Regulatory Commission Chairman Wu Qing on June 6, 2026, directed the nation's $13 trillion fund industry to prioritize investments in strategic emerging sectors, warning against excessive speculation and concept hype as Sino-U.S. technology rivalry deepens. Speaking at a conference, Wu said China's emerging industries urgently need capital support, while external uncertainties are rising and global assets undergo a major rebalancing. The remarks came a day after the CSRC tightened oversight of the $3.4 trillion private fund industry and weeks after Beijing clamped down on illegal cross-border investment. Wu urged private equity firms to increase long-term investment in early-stage hard-tech startups and said regulators will strengthen supervision of program trading to prevent unfair technology use. The call follows a Friday sell-off in U.S. chipmakers that wiped out $1.3 trillion in market value.