如何让资本市场真正成为创新的助推器？——吴清系统回应“十四五”改革之问

Core Viewpoint - The Chinese capital market has undergone significant transformation during the "14th Five-Year Plan" period, focusing on legal construction, market system improvement, and risk prevention to enhance its role in supporting the real economy and national strategy [1] Institutional Reconstruction and Market System Improvement - Breakthroughs in legal construction have been achieved, with the implementation of the new Securities Law and the introduction of over 60 supporting rules following the release of the new "National Nine Articles" [4] - The market system has become more multi-layered and comprehensive, with the establishment of the Beijing Stock Exchange and ongoing reforms in the Sci-Tech Innovation Board and Growth Enterprise Market [4] - As of August this year, the total market capitalization of A-shares has surpassed 100 trillion yuan, marking a significant increase compared to the end of the "13th Five-Year Plan" [4] Market Function Optimization - Over the past five years, the financing scale of the exchange market reached 57.5 trillion yuan, with the proportion of direct financing rising to 31.6%, an increase of 2.8 percentage points compared to the end of the "13th Five-Year Plan" [5] - The ability of the capital market to support technological innovation has significantly improved, with over 90% of newly listed companies being technology firms [5] Risk Prevention and Regulatory Enforcement - The annualized volatility of the Shanghai Composite Index has decreased to 15.9%, down 2.8 percentage points from the "13th Five-Year Plan" period, indicating enhanced market resilience [6][7] - The bond default rate has remained low at around 1%, and significant progress has been made in cleaning up the private equity fund sector [7] - Regulatory enforcement has intensified, with 2,214 administrative penalties issued over five years, resulting in a total fine of 41.4 billion yuan, reflecting a 58% increase in the number of penalties [7] Investor Protection System Improvement - The China Securities Regulatory Commission has improved rules related to share reduction, quantitative trading, and margin trading, enhancing investor protection mechanisms [8] - Notable cases have resulted in over 3.8 billion yuan in compensation to investors, significantly improving the quality of investor rights protection [8] Balancing Reform and Opening - Achievements during the "14th Five-Year Plan" are characterized by profound institutional and structural changes, transitioning from scale expansion to quality enhancement in the capital market [9] - Future challenges include enhancing institutional inclusiveness, attracting long-term capital, and improving the quality of listed companies [9] - The path for market development in the "15th Five-Year Plan" includes comprehensive reforms in investment and financing, increasing the entry of long-term capital, and enhancing regulatory precision [9]