On June 5, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters' questions regarding the 'Guiding Opinions on Strengthening Regulation to Prevent Risks and Promote High-quality Development of Private Investment Funds' issued by the General Office of the State Council. The focus is on improving the institutional framework, particularly addressing shortcomings in areas such as information disclosure, fundraising, and custody, to build a comprehensive regulatory system for private funds. The implementation of classified and tiered regulation will be reinforced, enhancing the ability for penetrating supervision and clue discovery, while strictly cracking down on illegal activities. There will be a strengthened normative management of state-owned capital funds to ensure they adhere to their functional positioning and prevent mismanagement, loss of control, and the erosion of state assets.