证监会主席吴清：资本市场“十四五”量质双升，将不断提升适应性包容性

Core Viewpoint - The Chinese capital market has achieved steady quantitative growth and effective qualitative improvement during the "14th Five-Year Plan" period, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1]. Group 1: Market Development and Regulation - The China Securities Regulatory Commission (CSRC) has promoted risk prevention, strengthened regulation, and encouraged high-quality development, resulting in a sustained and solid market development trend [2]. - A comprehensive regulatory framework has been established, with the implementation of new laws such as the Securities Law and the Futures and Derivatives Law, enhancing the legal system of the capital market [2]. - The multi-tiered market system has been improved, with significant reforms in the Science and Technology Innovation Board and the establishment of the Beijing Stock Exchange, leading to a total A-share market capitalization exceeding 100 trillion yuan [3]. Group 2: Financing and Investment - Over the past five years, the total financing through stock and bond markets reached 57.5 trillion yuan, with the direct financing ratio increasing by 2.8 percentage points to 31.6% [3]. - The proportion of technology companies among newly listed firms has increased, with over 90% being tech-related, and the market capitalization of the technology sector now exceeds 25% of the total A-share market [3]. - Listed companies have significantly increased their return to investors, distributing a total of 10.6 trillion yuan through dividends and buybacks, an increase of over 80% compared to the previous five years [4]. Group 3: Risk Management and Enforcement - The CSRC has enhanced market resilience and risk management, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [4]. - A total of 2,214 administrative penalties were issued for violations such as financial fraud and insider trading, with fines totaling 41.4 billion yuan, marking a 58% increase in cases and a 30% increase in fines compared to the previous five years [4]. - The CSRC has implemented measures to protect investors, including improvements in regulations related to share reductions and quantitative trading, and has established a comprehensive investor protection system [10]. Group 4: Future Directions - The CSRC aims to enhance the adaptability and inclusiveness of the capital market, focusing on reforms that support innovation and the growth of high-quality enterprises [12]. - The commission plans to improve the quality and investment value of listed companies, emphasizing corporate governance and information disclosure [13]. - Continuous efforts will be made to ensure effective regulation and risk prevention, promoting a stable and vibrant capital market environment [13].