The new chairman of China’s top securities regulator, Yi Huiman, said in his first press conference after taking the helm at at the China Securities Regulatory Commission, they will focus on promoting the launch of the Science and Technology Innovation trading board, which aims to increase support to the real economy and deepen capital market reform, The Paper reported.

Yi also mentioned four principles to guide his future work.

First, the capital market plays an important role in resources allocation, asset pricing and mitigating risks.

Second, regulators must respect the rule of law and effectively protect the legitimate rights and interests of investors.

Third, regulators must be professional and innovative in deepening the reform and opening up of the capital market. It includes lowering the entry barrier for more medium- and long-term funds such as social security funds, insurance and annuities.

Fourth, regulators must respect risks and focus on preventing and resolving major financial risks with scientific methods, especially risks in key areas such as the pledging of shares and bond defaults.