证监会吴清：“十四五”时期共207家公司平稳退市

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of reform and opening-up in the capital market, highlighting significant reforms and measures taken over the past five years to enhance market quality and attract long-term investments [3][4]. Investment Side Reforms - Major breakthroughs have been achieved in investment-side reforms, focusing on investor interests, implementing high-quality public fund development plans, and establishing a comprehensive evaluation system centered on investment returns. By the end of August, various long-term funds held approximately 21.4 trillion yuan in A-share market value, a 32% increase from the end of the 13th Five-Year Plan [3][4]. Financing Side Reforms - The stock issuance registration system has transitioned from pilot to full implementation, with initiatives like "16 Articles for Sci-Tech Innovation" and "6 Articles for Mergers and Acquisitions" introduced to optimize the issuance and listing processes. The introduction of the Sci-Tech Growth Layer has allowed three unprofitable Sci-Tech companies to complete registration under the new standards [4]. High-Quality Development of Listed Companies - The regulatory framework for promoting high-quality development of listed companies has been continuously improved, focusing on information disclosure and corporate governance. Since the release of the "6 Articles for Mergers and Acquisitions," 230 major asset restructuring cases have been disclosed, supporting industry consolidation [4]. Capital Market Opening-Up - The capital market has seen a steady expansion of high-level institutional opening-up, with the removal of foreign ownership limits in various sectors and improvements to the Qualified Foreign Institutional Investor (QFII) system. During the 14th Five-Year Plan period, 13 foreign-controlled securities and fund institutions were approved to operate in China, with foreign holdings in A-shares reaching 3.4 trillion yuan [5][6].