中国人民大学国家金融研究院院长吴晓求：“改革三翼”驱动中国资本市场迈入新发展阶段｜2025华夏ESG管理体系大会

Core Viewpoint - The Chinese capital market has undergone significant transformation over the past year, moving away from short-term trading mindsets towards a long-term development logic driven by systematic reforms in asset, funding, and institutional aspects [2][3]. Group 1: Market Positioning and Reform Focus - The fundamental shift in understanding the capital market's role as a hub for the economy and modern finance emphasizes its function in wealth management rather than merely financing [3]. - The past year's reforms have concentrated on three main areas: structural transformation of listed companies, improvement of market liquidity, and institutional platform reforms [3][4]. Group 2: Structural Transformation of Listed Companies - The reforms aim to enhance the competitiveness of enterprises by promoting high-tech and innovative companies to become the market's main players, thereby supporting China's industrial upgrade [3][4]. Group 3: Market Liquidity Improvement - There has been a historical focus on supply-side reforms, neglecting the importance of demand-side liquidity; sufficient liquidity is essential for accurate asset pricing and effective value discovery [4]. - The expansion of insurance capital, characterized as "patient capital" and "long-term capital," is crucial for market growth, and regulatory adjustments are being made to facilitate its entry into the market [4]. Group 4: Institutional Platform Reforms - The reforms led by the China Securities Regulatory Commission (CSRC) focus on enhancing market transparency, ensuring fair rules, and strengthening deterrents against illegal activities [4][5]. - A dual penalty mechanism combining criminal and civil penalties is being established to replace the previous administrative penalty model, with systematic adjustments to various market operation rules [5].