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吴清发声!谈了这些!
Guo Ji Jin Rong Bao·2025-09-30 13:50

Core Viewpoint - The meeting emphasized the need for high-quality planning for the "15th Five-Year" capital market strategy, building on the achievements of the "14th Five-Year" period, and focusing on comprehensive reforms in the capital market [1][2]. Group 1: Achievements and Developments - During the "14th Five-Year" period, China's capital market experienced significant growth in both quantity and quality, particularly after 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, leading to a more complete multi-level market system and enhanced market resilience [1]. Group 2: Proposed Reforms and Strategies - Suggestions for the "15th Five-Year" capital market planning include deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, while enhancing policy execution mechanisms to increase market attractiveness and inclusivity [2]. - There is a call for greater support for listed companies to improve their performance, encouraging them to increase dividend payouts and share buybacks, and enhancing the role of institutional investors in corporate governance [2]. - The development of high-quality securities and fund companies is encouraged to create top-tier investment banks and institutions, alongside promoting the high-quality development of intermediary institutions like accounting and law firms [2]. - The proposal includes enriching the A-share market product service system with more indices, ETFs, and derivatives to better serve the preservation and appreciation of residents' wealth [2]. - Enhancing cross-border investment and financing convenience and increasing the institutional openness of the capital market are also highlighted as key areas for reform [2]. Group 3: Leadership and Governance - The importance of adhering to the Party's comprehensive leadership and prioritizing high-quality development and effective market governance is emphasized [2]. - Listed companies, industry institutions, and intermediaries are urged to focus on their core businesses, enhance their functions, and improve governance to elevate their professional capabilities and market reputation [3].