北京商报讯（记者 李秀梅）10月27日，中国人民银行行长潘功胜在2025金融街论坛年会上表示，适时 发布系统重要性保险公司名单，推动附加监管工作落地。 ...

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the importance of long-term funds as a "ballast" and "stabilizer" in the financial market, advocating for reforms in public funds and the implementation of long-term assessments for corporate annuities and insurance funds [1] Group 1 - The focus is on enhancing the role of medium to long-term funds in stabilizing the financial market [1] - There is a commitment to advancing public fund reforms to better support long-term investments [1] - The initiative aims to enrich products and risk management tools that are suitable for long-term investments [1]

北京商报讯（记者 李海媛）10月27日，中国证监会主席吴清在2025金融街论坛年会开幕式上表示，统筹两个市场、两种资源，稳步扩大高水平制度型对外 开放。中国投资境外市场的两只ETF互挂产品也将于近日公告募集。中国证监会还将优化互联互通机制，提升境外上市备案质效，深化内地与香港市场务实 合作，努力推动形成在岸与离岸协同发展、开放与安全良性互动的发展新格局。 ...

同时，吴清表示，将坚持打造服务创新型中小企业主阵地的定位，持续推动北交所高质量发展，健全新 三板市场差异化的挂牌、信披、交易制度，畅通三、四板对接机制，筑牢多层次资本市场的塔基和底 座。 北京商报讯（记者 马换换 李佳雪）10月27日，中国证监会主席吴清在2025金融街论坛年会开幕式上表 示，将启动实施深化创业板改革，设置更加契合新兴领域和未来产业创新创业企业特征的上市标准，为 新产业、新业态、新技术企业提供更加精准、包容的金融服务。 ...

北京商报讯（记者 马换换 李佳雪）10月27日，中国证监会主席吴清在2025金融街论坛年会开幕式上表 示，今天，将发布加强资本市场中小投资者保护的若干意见，围绕强化发行上市、退市等过程中的投资 者保护，营造更加公平的交易环境，提升行业机构的客户服务水平，推进证券期货纠纷多元化解机制建 设等中小投资者重点关切，推出23项务实举措，不断扎牢织密投资者保护"安全网"。 ...

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the importance of high-quality listed companies as the cornerstone for the stable operation of the capital market and announced plans to introduce a refinancing framework to support mergers and acquisitions [1] Group 1 - The introduction of a refinancing framework aims to broaden the channels for mergers and acquisitions, promoting industrial integration among listed companies [1] - Wu Qing urged listed companies to enhance governance and increase dividend repurchases to solidify their value foundation and reward shareholders with tangible returns [1] Group 2 - The focus will also be on leveraging long-term funds as a stabilizing force, advancing public fund reforms, and ensuring that pension and insurance funds implement long-term assessments [1] - Efforts will be made to enrich products and risk management tools suitable for long-term investments, aiming to improve the market ecosystem for long-term capital [1]

Core Viewpoint - The speech emphasizes the importance of comprehensive reform in investment and financing to promote high-quality development of the capital market during the 14th Five-Year Plan period and beyond, highlighting the need for adaptability and inclusiveness in the market to meet new challenges and opportunities [1][2][3]. Group 1: Capital Market Development - The past five years have seen significant improvements in China's capital market, with enhanced resilience and risk management capabilities, supporting the broader economic development [2]. - The external environment for capital market development is becoming increasingly complex, with new challenges arising from global economic shifts and technological revolutions [2][3]. - There is a growing consensus among international investors on the importance of diversified asset allocation, as evidenced by over $150 billion flowing into emerging markets in the first nine months of this year [2]. Group 2: Reform Initiatives - The introduction of the "1+6" policy for the Sci-Tech Innovation Board aims to enhance the inclusiveness and coverage of the multi-tiered market system, with the first batch of new registered companies set to list soon [4]. - The reform of the Growth Enterprise Market will focus on creating listing standards that better align with the characteristics of emerging industries and technologies [4]. - The establishment of a refinancing framework and support for mergers and acquisitions will strengthen the foundation of high-quality listed companies [5]. Group 3: Risk Management and Investor Protection - A robust risk management framework is being developed to enhance the ability to prevent and address risks, with a focus on cross-market and cross-border monitoring [6]. - New measures to protect the rights of small and medium investors will be implemented, including enhancing the fairness of trading environments and improving service levels of industry institutions [6]. - The introduction of the "Qualified Foreign Investor System Optimization Plan" aims to create a more transparent and efficient environment for foreign investors [6]. Group 4: Financial Center Development - The development of Beijing as a national financial management center is seen as a key responsibility for the China Securities Regulatory Commission, aiming to attract quality institutions and long-term capital [7]. - The capital market in Beijing will serve as a testing ground for innovative policies, enhancing the interaction between the capital market and the local economy [7].

Core Viewpoint - The National Financial Regulatory Administration emphasizes the need to accelerate the establishment of a modern financial enterprise system with Chinese characteristics, focusing on correct operational, performance, and risk perspectives [1] Group 1: Financial Institution Management - Financial institutions are encouraged to strengthen internal capabilities and improve cost efficiency [1] - There is a commitment to rectify disorderly competition and maintain a healthy and fair financial order [1] Group 2: Financial Sector Opening - The administration aims to promote a new level of high-level opening in the financial sector [1] - Efforts will be made to advance institutional opening in broader and deeper areas, implementing a national treatment before entry and a negative list management system [1] Group 3: International Engagement - There is a focus on enhancing the cross-border management capabilities of Chinese financial institutions to support high-quality Belt and Road Initiative construction [1] - The administration seeks to actively participate in international financial governance reform, contributing Chinese wisdom to improve international financial regulatory rules and industry standards [1]

Core Viewpoint - The global economic and financial stability faces numerous challenges, and there is a strong commitment to prevent systemic financial risks while enhancing regulatory effectiveness [1] Group 1: Risk Management and Financial Stability - The emphasis is on building a robust risk prevention framework to consolidate risk disposal achievements and facilitate the merger and restructuring of small and medium financial institutions [1] - There is a focus on increasing the disposal of non-performing assets and capital replenishment, ensuring the stability of the financial system [1] - A new financing system aligned with the evolving real estate development model is being accelerated to help mitigate local government debt risks [1] Group 2: Regulatory Enhancements - Continuous improvement of financial regulatory effectiveness is highlighted, with a push for the reform and optimization of financial laws and regulations [1] - The establishment of a clear, precise, and effective tiered regulatory framework is being prioritized [1] - Strengthening technological empowerment and resource optimization to support the "five major regulations" is a key focus area [1] Group 3: International Cooperation - There is a call for enhanced multilateral and bilateral coordination to strengthen the global financial safety net [1] - The development of cross-border risk monitoring, early warning, and response mechanisms is essential for improving international regulatory cooperation and crisis management efficiency [1] - The aim is to collectively address significant risks and challenges to maintain global financial stability [1]

Core Viewpoint - The National Financial Regulatory Administration aims to establish a new financial service model that balances direct and indirect financing, focusing on both investment in goods and people, while aligning financing terms with industrial development and enhancing domestic and international market integration [1] Group 1: Financial Service Model - The new model will emphasize collaboration between direct and indirect financing [1] - It will prioritize investment in both physical goods and human capital [1] - The model aims to match financing terms with the needs of industrial development [1] Group 2: Support for Strategic Areas - The administration will strengthen support for major strategies, key sectors, and weak links in the economy [1] - There will be a focus on enhancing the modern industrial system and developing new productive forces [1] - Financial resources will be directed towards optimizing traditional industries and nurturing emerging and future industries [1] Group 3: Technological and Industrial Innovation - The emphasis will be on high-level technological self-reliance and strengthening policies for long-term capital investment in hard technology [1] - Comprehensive financial support will be enhanced throughout the entire investment cycle [1] - The integration of technological and industrial innovation will be promoted [1] Group 4: Domestic Demand and Trade - The strategy will focus on expanding domestic demand as a key basis for economic growth [1] - There will be an emphasis on strengthening funding supply for major projects to boost consumption [1] - Trade financing and export credit insurance will be optimized to facilitate the integration of domestic and international trade [1]