吴清讲话，全文来了

Core Insights - The China Securities Regulatory Commission (CSRC) has reported significant achievements in the capital market over the past five years, emphasizing a focus on risk prevention, strong regulation, and high-quality development [3][4][8] Regulatory Framework - A comprehensive regulatory framework has been established, with the implementation of the new Securities Law and the introduction of various regulations, enhancing the legal system of China's capital market [3][4] - The market system has become more complete, with reforms in the Science and Technology Innovation Board and the establishment of the Beijing Stock Exchange [3][4] Market Performance - The total market capitalization of A-shares surpassed 100 trillion yuan in August 2023, indicating robust market growth [3] - The combined financing through stock and bond markets reached 57.5 trillion yuan over the past five years, with direct financing's proportion increasing to 31.6% [4] Investor Engagement - Companies have shown a significant increase in returning value to investors, with total dividends and buybacks reaching 10.6 trillion yuan, an increase of over 80% compared to the previous five-year period [4] - The proportion of technology companies among the top 50 by market capitalization has risen from 18 to 24 [4] Market Integrity - The CSRC has intensified enforcement against financial fraud and market manipulation, issuing 2,214 administrative penalties and imposing fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively [5][9] Reform Initiatives - Major reforms have been implemented to enhance the investment side, including the establishment of a high-quality development action plan for public funds and measures to facilitate long-term capital inflow [6][10] - The financing side has also seen continuous improvement, with new policies supporting the development of innovative enterprises [6][10] Risk Management - The CSRC has maintained a focus on risk management, with a low bond default rate of around 1% and the successful clearing of approximately 7,000 zombie institutions in the private equity sector [8][9] Future Directions - The CSRC plans to enhance the adaptability and inclusiveness of the capital market, focusing on multi-level market systems and improving the quality of listed companies [10][11]