一图读懂｜资本市场成绩单与未来规划路线图来了，吴清最新明确

Core Viewpoint - The China Securities Regulatory Commission (CSRC) highlighted significant achievements in the capital market during the "14th Five-Year Plan" period, emphasizing the market's resilience and its role in supporting the real economy [2][8]. Group 1: Achievements of the Capital Market - The total scale of the capital market has surpassed 100 trillion yuan, with continuous optimization of its structure and enhanced legal foundations [2]. - The securities industry has made five notable achievements, including a more complete multi-layered market system and improved coordination between investment and financing functions [6][5]. - 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% [6]. Group 2: Market Resilience and Risk Management - The A-share market's resilience and risk resistance have significantly improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [7]. - The CSRC has implemented robust risk prevention and regulatory measures, maintaining a low default rate of around 1% [10][9]. - Over 700 cases of financial fraud and market manipulation have been referred to law enforcement, with significant penalties imposed on major offenders [11][12]. Group 3: Regulatory and Institutional Reforms - The regulatory framework has been systematically improved, with over 60 supporting rules introduced following the "New National Nine Articles" [3]. - The stock issuance registration system has transitioned from pilot to full implementation, enhancing the market's operational efficiency [17]. - The CSRC has made strides in opening up the capital market, including the removal of foreign ownership limits and the establishment of a more comprehensive overseas listing system [21][22]. Group 4: Future Directions - The CSRC plans to enhance the adaptability of the multi-layered market system, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [25]. - There will be a continued emphasis on improving the quality and investment value of listed companies, alongside stricter regulatory measures [27]. - The capital market aims to attract global capital to share in China's development opportunities, supporting the modernization agenda [29].