吴清：深化创业板改革 发挥中长期资金作用

Core Insights - The 2025 Financial Street Forum is being held, featuring key speeches from prominent financial leaders in China [1] Group 1: Asset Allocation and Market Reforms - The value of Chinese assets, including A-shares and Hong Kong stocks, is becoming more apparent amid risk re-pricing and asset rebalancing, with a focus on stability and balance in asset allocation [2] - The implementation of deeper reforms for the ChiNext board will begin, aiming to establish listing standards that better align with the characteristics of emerging industries and innovative enterprises [3] - A refinancing framework will be introduced to broaden support channels for mergers and acquisitions, encouraging listed companies to enhance governance and increase shareholder returns through dividends and buybacks [4] Group 2: Market Development and Investor Protection - Continuous efforts will be made to promote the high-quality development of the Beijing Stock Exchange, improving the mechanisms for connecting the third and fourth boards to strengthen the multi-tiered capital market [5] - A new optimization plan for the Qualified Foreign Institutional Investor (QFII) system will be launched, aiming to provide a more transparent and efficient environment for foreign investors [6] - New measures to enhance the protection of small and medium investors in the capital market will be released, focusing on investor protection during the issuance and delisting processes, and improving service levels of industry institutions [7] Group 3: Regulatory Enhancements and Market Stability - The interconnectivity mechanisms will be optimized to improve the efficiency of overseas listing filings, fostering practical cooperation between mainland and Hong Kong markets [8] - A long-term market stabilization mechanism will be established to prevent significant market fluctuations through enhanced risk monitoring across markets and industries [9] - A strict enforcement approach will be adopted against financial fraud and other illegal activities to bolster investor trust and confidence [10] Group 4: Policy Innovations and Long-term Investment - Beijing will continue to serve as a key window for capital market reform and opening up, facilitating the implementation of pioneering policies [11] - The effects of the Sci-Tech Innovation Board reforms are becoming evident, with the first batch of newly registered companies set to list, enhancing the inclusivity and coverage of the multi-tiered market system [12] - Efforts will be made to leverage long-term funds as stabilizers in the market, promoting reforms in public funds and ensuring that pension and insurance funds align with long-term investment strategies [12]