SHENZHEN -- Foreign capital has continued to flow into China's stock market this year, with a net influx of 170 billion yuan ($24 billion) through stock connect programs recorded in the first five months, Fang Xinghai, vice-chairman of the China Securities Regulatory Commission, said on Thursday.

Fang made the remarks at the 2023 Global Investor Conference in Shenzhen. Foreign investor holdings on the ChiNext board, China's Nasdaq-style board of growth enterprises, surged more than 11 times over the past five years, he said.

Thanks to an expanding, higher-quality economy, China's capital market has become the second-largest in the world, with the largest and most active investor group, Fang said.

With its registration-based initial public offering system, China's A-share companies have increased to over 5,000 in number and total capitalization is now more than 85 trillion yuan, he said. Steadily growing markets of bonds, futures and derivatives also provide global investors with diversified investment options.

Fang also highlighted the stellar performance of tech firms last year, when high-tech manufacturing enterprises registered a combined revenue increase of 14.6 percent and an R&D intensity of 6.71 percent.