证监会：推动资本市场稳定发展态势持续形成并不断巩固

Core Viewpoint - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the significant reforms and developments in the capital market, which have laid a solid foundation for future growth [1]. Group 1: Legal and Regulatory Framework - The establishment of a comprehensive legal system for the capital market has been achieved, with the implementation of the new Securities Law and the introduction of over 60 supporting regulations following the "National Nine Articles" [2]. - The regulatory framework has been significantly restructured, enhancing the stability and development of the capital market [2]. Group 2: Market Structure and Functionality - The multi-tiered market system has been further improved, with successful reforms in the Sci-Tech Innovation Board and the establishment of the Beijing Stock Exchange, contributing to a more robust equity market [2]. - The total market capitalization of A-shares has surpassed 100 trillion yuan, indicating a rich variety of products in the bond market and the rapid development of innovative financial products [2]. Group 3: Investment and Financing - Over the past five years, the total financing through stock and bond markets reached 57.5 trillion yuan, with a steady increase in the proportion of direct financing, up by 2.8 percentage points compared to the end of the "13th Five-Year Plan" [2]. Group 4: Market Stability and Risk Management - A collaborative mechanism for market stability has been gradually established, effectively preventing significant market fluctuations and systemic risks during unexpected challenges [3]. - The annualized volatility of the Shanghai Composite Index has decreased to 15.9% during the "14th Five-Year Plan," down by 2.8 percentage points from the previous period [3]. Group 5: Market Integrity and Fairness - The regulatory authority has intensified efforts to combat illegal activities, with 2,214 administrative penalties issued for financial fraud and market manipulation, resulting in fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the "13th Five-Year Plan" [4]. - The overall market environment has improved, with enhanced transparency and a more purified market ecosystem [4].