全球资本市场格局裂变，中国如何出牌？

Group 1: Forum Overview - The "Tongzhou Global Development Forum (2025)" focused on the new patterns of global capital market development, addressing opportunities, challenges, and innovative paths [1] - The forum emphasized the importance of building a resilient, fair, and inclusive capital market for global economic recovery and sustainable growth [1] Group 2: Keynote Speeches - Wu Xiaoqiu highlighted the need for a strategic shift in China's capital market from traditional financing to mechanisms that encourage social innovation and wealth management [2] - He proposed reforms in the asset side, funding side, and regulatory side to enhance market transparency and increase the cost of violations [2] - Wu Weixing discussed the stagnation of global financial globalization post-2008 financial crisis, emphasizing the need for a balance between openness and security in China's financial strategy [3] - Liu Xiaolei noted the differentiated responses of international capital in the A-share market due to the US-China trade war, with American funds showing less aversion compared to non-American funds [4] - Zhang Xuejun pointed out the characteristics of high valuations and hard technology in the fourth technological revolution, advocating for a multi-tiered financial service system for hard tech companies [4] - Zhu Xiaoneng discussed the emergence of digital assets and their role in shaping a new ecosystem in capital markets, highlighting the differences between digital and online investments [4] - Summer emphasized the impact of global tariff wars on capital flows, suggesting that capital is moving from developed to emerging markets, and noted the potential for the renminbi to appreciate long-term [5]