吴清最新发声，与“十五五”资本市场规划有关！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focusing on high-quality planning for the "14th Five-Year" capital market strategy, emphasizing the need for comprehensive reforms and improvements in the capital market to enhance its attractiveness and inclusivity [1][2]. Group 1: Capital Market Achievements - During the "14th Five-Year" period, China's capital market has seen significant improvements in both quantity and quality, particularly following the implementation of the new "National Nine Articles" and the "1+N" policy framework [1]. - The foundational systems and regulatory logic of the capital market have been comprehensively restructured, resulting in a more complete multi-level market system and enhanced market resilience [1]. Group 2: Recommendations for the "15th Five-Year" Plan - Suggestions include deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, while improving policy execution mechanisms to boost the capital market's attractiveness and inclusivity [2]. - There is a call for greater support for listed companies to enhance their quality and investment value, including encouraging higher dividend payouts and share buybacks [2]. - The development of high-quality securities and fund companies is encouraged to create top-tier investment banks and institutions, alongside improving the capabilities of intermediary institutions like accounting and law firms [2]. - Enhancing the product service system of the A-share market, including indices, ETFs, and derivatives, is recommended to better serve the wealth preservation and growth needs of residents [2]. - Increasing the convenience of cross-border investment and financing, as well as improving the level of institutional openness in the capital market, is also highlighted [2]. Group 3: Emphasis on Governance and Market Culture - The CSRC emphasizes the importance of adhering to the principles of comprehensive leadership, prioritizing the people, and pursuing high-quality development in the planning and implementation of the "15th Five-Year" capital market strategy [3]. - The focus is on leveraging the reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market to further deepen comprehensive reforms in investment and financing [3]. - Listed companies, industry institutions, and intermediaries are encouraged to concentrate on their core businesses, enhance governance, and improve their professional capabilities and market reputation [3].