BEIJING, June 3 (Xinhua) -- Trade frictions between China and the United States pose challenges as well as opportunities to Chinese listed firms, according to Yi Huiman, head of the China Securities Regulatory Commission (CSRC).

The frictions will force listed companies to strengthen innovation, improve independent research and development capabilities, raise product competitiveness and achieve sustainable development, Yi said.

According to Yi, listed companies in China operated stably in 2018, with their operating revenue up 11.48 percent year on year to 45.45 trillion yuan (about 6.6 trillion U.S. dollars), though their net profits dipped slightly by 1.82 percent.

Yi also stressed the importance of improving the quality of listed companies, saying that the CSRC will adhere to market principles, rule of law and internationalization, and deepen supply-side structural reform of the capital market.

The CSRC will focus on the quality of information disclosure, improve corporate governance and strengthen the supervision of major shareholders and senior executives, he said.

It will optimize regulatory arrangements for merging and acquisitions, and expand exit channels through restructuring, bankrupting and delisting, he noted.

The CSRC is working on a plan that seeks to greatly improve the quality of listed companies in three to five years, Yi said.