Zhong Guo Jing Ying Bao·2025-09-22 14:40Core Insights - During the "14th Five-Year Plan" period, China's capital market has achieved steady growth in both "quantity" and "quality," laying a solid foundation for high-quality development in the "15th Five-Year Plan" [1] Regulatory Framework - A comprehensive regulatory framework has been established, with the implementation of the new Securities Law and the introduction of significant regulations such as the Futures and Derivatives Law and Private Fund Supervision Regulations, enhancing the legal system of China's capital market [1] Market Structure - The multi-layered and widely covered market system has been improved, with the A-share market's total market value surpassing 100 trillion yuan in August, and the introduction of various innovative financial products in the bond market [2] Investment and Financing - Over the past five years, the total financing through stock and bond markets reached 57.5 trillion yuan, with the direct financing ratio increasing to 31.6%, and over 90% of newly listed companies being technology-related [3] Market Stability Mechanisms - A collaborative market stability mechanism has been gradually improved, enhancing the resilience and risk resistance of the A-share market, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points [4] Market Environment - A fair and just market environment has been further established, with significant increases in administrative penalties for financial misconduct, enhancing market transparency and ecological integrity [4]