Xin Hua Cai Jing·2025-09-22 15:25Core Viewpoint - The Chinese capital market has achieved steady growth in both quantity and quality during the "14th Five-Year Plan" period, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1][5]. Group 1: Achievements in the Capital Market - The regulatory framework has been significantly improved, with the implementation of the new Securities Law and the introduction of over 60 supporting rules, enhancing the legal system of the capital market [2][4]. - The multi-layered market system has been further developed, with the A-share market's total market value surpassing 100 trillion yuan for the first time in August [3][4]. - The market's investment and financing functions have been strengthened, with total financing through stock and bond markets reaching 57.5 trillion yuan over the past five years, and the direct financing ratio increasing to 31.6% [4][5]. Group 2: Market Stability and Fairness - A collaborative mechanism for market stability has been established, enhancing the resilience and risk resistance of the A-share market, with the Shanghai Composite Index's annualized volatility decreasing by 2.8 percentage points [5]. - A fair and just market environment has been fostered, with significant increases in penalties for financial misconduct, including 2,214 administrative penalties and 41.4 billion yuan in fines during the "14th Five-Year Plan" period [5]. Group 3: Expansion of the Capital Market - The capital market has expanded its international reach, with significant reforms aimed at enhancing market openness and attracting foreign investment, including the removal of foreign ownership limits in various sectors [6][8]. - The total market value held by foreign investors in A-shares reached 3.4 trillion yuan, reflecting the growing international presence in the Chinese capital market [8]. Group 4: Future Directions - The regulatory body aims to enhance the adaptability and inclusiveness of the capital market, supporting high-quality enterprises and various types of capital to thrive [10][13]. - There is a focus on improving the quality and investment value of listed companies, ensuring a stable and vibrant market environment [12][13].