证监会密集问计市场各方 “十五五”资本市场改革路线渐明

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is actively engaging with market participants to gather insights for the "14th Five-Year Plan" capital market reform, indicating a commitment to scientific decision-making and respect for market opinions [1][2]. Group 1: Market Engagement and Feedback - The CSRC, under Chairman Wu Qing, has been holding regular meetings to discuss capital market reforms, emphasizing the importance of listening to market concerns and suggestions [2][3]. - Recent meetings have included participants from various sectors, including listed companies, industry institutions, and academic experts, reflecting a comprehensive approach to gathering diverse opinions [2][3]. - Market participants have noted significant improvements in the capital market's foundational systems and regulatory logic since the implementation of the new "National Nine Articles" and the "1+N" policy framework [2][3]. Group 2: Recommendations for Capital Market Reform - Participants at the meetings suggested stronger support for listed companies, the development of high-quality investment banks, and the cultivation of long-term capital to enhance market stability [3][4]. - There is a consensus on the need for a more robust multi-tiered capital market system and improved cross-border investment facilitation [3][4]. - The importance of maintaining a problem-oriented approach in reform discussions was highlighted, with a focus on addressing high-impact market issues [3][4]. Group 3: Enhancing Market Quality and Attractiveness - The "14th Five-Year Plan" period is seen as crucial for achieving high-quality development in the capital market, requiring collaborative efforts from all market participants [4][5]. - The CSRC aims to enhance market attractiveness and inclusivity through institutional innovation and market openness, with a focus on the Sci-Tech Innovation Board and the Growth Enterprise Market [6][7]. - Recommendations include optimizing financing structures, lowering barriers for technology companies to go public, and increasing investment in innovative enterprises [7].