The China Securities Regulatory Commission (CSRC) said that it will maintain a regular pace of approving initial public offerings (IPOs) to help companies raise funds and allow the capital market to better serve the economy. President Xi Jinping has called for the financial markets to better serve the economy and for the expansion of direct financing channels for companies, including stock and bond issuance. China’s two largest stock exchanges in Shanghai and Shenzhen have seen a surge of new listings in the first half of the year at 246, raising CNY125.5 billion, up by 336% year-on-year.