证监会：塑造既“放得活”又“管得住”的资本市场秩序

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to enhance the adaptability and inclusiveness of the capital market to promote efficient resource allocation and support high-quality enterprises in achieving growth and value realization [1][2]. Group 1: Market System Adaptability - The CSRC plans to enhance the multi-tiered market system's adaptability by reforming the Sci-Tech Innovation Board and the Growth Enterprise Market, focusing on issuance, listing, and mergers and acquisitions to better support innovative enterprises across various industries and stages [1]. - There is a need to further improve institutional inclusiveness to facilitate the growth of quality enterprises through the capital market [1]. Group 2: Long-term Capital Stability - The CSRC emphasizes the role of long-term capital as a stabilizer, aiming to strengthen long-cycle assessments and improve cross-border investment convenience to attract more global capital to invest in China [1]. - The goal is to enable more global capital to share in China's growth [1]. Group 3: Quality and Value of Listed Companies - Continuous improvement of the quality and investment value of listed companies is a priority, with support for companies to focus on their core businesses and enhance their professionalism [1]. - The CSRC aims to strengthen the responsibilities of key stakeholders, including directors, executives, and controlling shareholders, while improving information disclosure quality [1]. - There is a focus on cultivating a culture that respects and rewards investors, which is essential for stabilizing and invigorating the market [1]. Group 4: Regulatory Precision and Effectiveness - The CSRC intends to enhance the precision and effectiveness of regulation by strictly enforcing laws and focusing on significant issues, ensuring that the market is both dynamic and well-regulated [2]. - The goal is to create a capital market order that promotes high-quality development while maintaining effective oversight [2].