吴清：让优质企业和各类资金更好迸发活力、实现价值

Core Viewpoint - The Chinese capital market has achieved steady growth in quantity and quality during the "14th Five-Year Plan" period, laying a solid foundation for high-quality development in the future [6]. Group 1: Achievements in Capital Market Development - A comprehensive regulatory framework has been established, with significant reforms including the implementation of the new Securities Law and the introduction of over 60 supporting rules, enhancing the legal system for the capital market [3]. - The multi-tiered market system has been improved, with the A-share market's total market value surpassing 100 trillion yuan, and a diverse range of financial products being developed [3]. - The coordination between investment and financing has been strengthened, with direct financing's proportion increasing to 31.6%, and over 90% of newly listed companies being technology-oriented [4]. - A robust market stabilization mechanism has been developed, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [5]. - A fair and transparent market environment has been fostered, with a significant increase in administrative penalties for financial misconduct, enhancing market integrity [5]. Group 2: Key Reforms and Initiatives - Major breakthroughs in investment reforms have been achieved, including the establishment of a high-quality development action plan for public funds and the promotion of long-term capital market participation [7]. - Continuous deepening of financing reforms has been noted, with the stock issuance registration system fully implemented and various measures introduced to support innovative enterprises [8]. - Mechanisms for promoting high-quality development of listed companies have been improved, with a focus on information disclosure and corporate governance [8]. - The capital market has seen a steady expansion of institutional openness, with the removal of foreign ownership limits and the establishment of a more comprehensive overseas listing system [9]. Group 3: Investor Protection and Risk Management - The capital market has faced complex challenges, leading to a focus on maintaining market stability and enhancing regulatory measures to prevent systemic risks [11]. - Efforts to mitigate risks in key areas have been effective, with a low bond default rate of around 1% and the closure of numerous fraudulent institutions [12]. - Regulatory enforcement has been strengthened, with significant penalties imposed for financial fraud, enhancing the deterrent effect against misconduct [13]. - A comprehensive investor protection framework has been established, addressing concerns related to share reductions and fraudulent activities, thereby improving the quality of investor rights protection [14]. Group 4: Future Directions - The focus will be on enhancing the adaptability of the multi-tiered market system and supporting innovative enterprises through reforms [15]. - Efforts will be made to attract more long-term capital and improve the quality and value of listed companies [15]. - Regulatory precision and effectiveness will be prioritized, ensuring a balance between market vitality and regulatory oversight [16].