不断提升市场吸引力、包容性和竞争力

Core Insights - 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 market structure and functionality [1][2][3] Group 1: Capital Market Development - During the "14th Five-Year" period, China's capital market has achieved both quantitative and qualitative growth, 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, leading to a more complete multi-level market system and enhanced market resilience [1] Group 2: Reform Suggestions - Specific 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] Group 3: Institutional Development - The need to support high-quality securities and fund companies in building top-tier investment banks and institutions is emphasized, alongside promoting the high-quality development 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 crucial for better serving the wealth preservation and appreciation needs of residents [2] Group 4: Policy and Governance - The CSRC stresses the importance of adhering to the principles of comprehensive leadership, prioritizing people, and promoting high-quality development while implementing the capital market planning [3] - The focus is on leveraging the reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market to deepen comprehensive financing reforms and enhance market competitiveness [3]