怎么看？吴清总结资本市场“十四五”成就；怎么干？专家建言“十五五”发力方向

Core Insights - During the "14th Five-Year Plan" period, China's capital market has achieved steady quantitative growth and effective qualitative improvement, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1][2] Group 1: Achievements in the Past Five Years - The China Securities Regulatory Commission (CSRC) has made significant progress in risk prevention, strong regulation, and promoting high-quality development, contributing to a stable market environment [2][3] - Key achievements include notable improvements in institutional construction and regulatory reforms, a more comprehensive multi-level market system, enhanced service capabilities for technological innovation, and increased market resilience and risk resistance [2][3] - The implementation of the new Securities Law and the introduction of over 60 supporting rules have established a robust legal framework for the capital market, addressing long-standing institutional shortcomings [2][3] Group 2: Regulatory Environment - The CSRC has maintained a high-pressure regulatory stance, with a total of 2,214 administrative penalties issued during the "14th Five-Year Plan," amounting to 41.4 billion yuan, reflecting a 58% increase in the number of penalties and a 30% increase in the amount compared to the "13th Five-Year Plan" [6][7] - The regulatory framework has been enhanced to include a comprehensive system for tackling financial fraud, market manipulation, and insider trading, thereby improving market transparency and ecological health [6][7] Group 3: Future Directions - In the "15th Five-Year Plan" period, the CSRC aims to deepen comprehensive reforms in investment and financing, enhancing the adaptability and inclusiveness of foundational systems, market functions, and regulatory enforcement [8][9] - Recommendations for the future include solidifying the institutional foundation for investment and financing coordination, enhancing the attractiveness and competitiveness of the capital market, and promoting a multi-level capital market system [8][9] - There is a focus on improving the regulatory framework to address new challenges and optimizing the market's foundational systems and regulatory logic to better serve technological self-reliance and the construction of a modern industrial system [9][10]