证监会：增强多层次市场体系适配性

Core Insights - The China Securities Regulatory Commission (CSRC) has reported steady growth in the capital market during the 14th Five-Year Plan, laying a solid foundation for high-quality development in the 15th Five-Year Plan [1][2] - The CSRC aims to enhance the adaptability and inclusiveness of the market system, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to improve resource allocation and support quality enterprises [1][2] Investment and Financing Reforms - Over the past five years, the regulatory framework has been established, leading to a more comprehensive market system with improved coordination between investment and financing functions [2][5] - As of August 2023, the total market capitalization of A-shares has surpassed 100 trillion yuan, with total financing through stock and bond markets reaching 57.5 trillion yuan, reflecting a 2.8 percentage point increase in direct financing ratio to 31.6% compared to the end of the 13th Five-Year Plan [1][2] - Listed companies have distributed a total of 10.6 trillion yuan in dividends and buybacks over the past five years, representing an increase of over 80% compared to the 13th Five-Year Plan [1][2] Quality and Value of Listed Companies - The CSRC has introduced significant reforms to enhance the quality and investment value of listed companies, with a focus on supporting innovation and the growth of quality enterprises across various sectors [2][3] - By the end of August 2023, various long-term funds held approximately 21.4 trillion yuan of A-share market capitalization, marking a 32% increase from the end of the 13th Five-Year Plan [2][3] Market Stability and Risk Management - The CSRC emphasizes maintaining market stability and has implemented comprehensive monitoring and risk prevention mechanisms to address external shocks and improve investor confidence [4][5] - The bond default rate in the exchange market remains low at around 1%, and significant progress has been made in cleaning up zombie institutions and addressing risks associated with private equity funds [5] Investor Protection - The CSRC has strengthened investor protection measures, with notable cases resulting in substantial compensation for investors, enhancing the effectiveness of legal protections for investor rights [5]