★持续守住稳的底线 激发资本市场更大活力

Core Viewpoint - The central government emphasizes the importance of a stable and active capital market for the economic vitality and the well-being of millions of families, directing efforts towards maintaining market stability and encouraging long-term investments [1][2]. Group 1: Market Stability - The stability of the capital market is deemed essential for healthy development, promoting social expectations, and enhancing the effectiveness of monetary and fiscal policies [1][2]. - A series of policy measures have been implemented to counteract market volatility, including strong signals from multiple government departments and active participation from state-owned enterprises and financial institutions [2][3]. - The People's Bank of China will support the Central Huijin Investment Ltd. in increasing its holdings in stock market index funds when necessary, ensuring the smooth operation of the capital market [2][3]. Group 2: Market Vitality - A vibrant capital market is crucial for resource allocation, guiding funds towards high-quality listed companies and supporting the real economy [3][4]. - Recent reforms aim to stimulate investment and financing, focusing on nurturing new productive forces and encouraging long-term capital inflow, particularly from public funds [3][4]. - The revised management measures for major asset restructuring of listed companies aim to enhance market activity and facilitate resource integration and transformation [4]. Group 3: Regulatory Efficiency - Continuous improvement in regulatory efficiency is necessary to achieve both stability and vitality in the capital market, with a focus on investor protection throughout the regulatory process [5][6]. - The introduction of a judicial guideline aims to strengthen the protection of investor rights and enhance collaboration between judicial and administrative bodies [5][6]. - Regulatory authorities are intensifying efforts to combat securities and futures violations, with a significant increase in the number of cases handled and penalties imposed [6].