吴晓求、李稻葵：为什么中国制造业全球比肩，资本市场却跟不上？

Core Viewpoint - The development of China's capital market is significantly lagging behind the real economy, particularly in high-tech and modern manufacturing sectors, with a disparity of two to three orders of magnitude compared to China's global influence in economy, trade, and technology [1][4]. Group 1: Reasons for Capital Market Underdevelopment - Cultural factors contribute to a deep-rooted discrimination against the capital market in China, where stock market profits are often viewed as illegitimate, affecting policy and regulatory frameworks [5][6]. - Institutional design poses challenges, as the legal framework in China is weak in punishing market violations, with penalties for fraudulent activities being disproportionately light compared to other financial crimes [6][12]. - There is a misperception regarding the market's primary function, which is overly focused on financing rather than investment, leading to a lack of emphasis on investor returns [6][12]. Group 2: Perspectives on Future Development - There is optimism regarding the changing attitudes of younger generations towards capital markets, as evidenced by successful examples of individuals and firms that have profited from secondary markets [7][8]. - The need for a stronger regulatory framework is emphasized, with calls for the securities regulatory body to have more authority and capability to enforce laws effectively [8][9]. - The importance of establishing a robust investor protection mechanism and a matching compensation system for market violations is highlighted as crucial for the development of a healthy capital market [12].