证监会明确资本市场改革路线图 吴清：纵深推进板块改革与中长期资金入市

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission emphasizes the need for deepening reforms in the capital market to enhance inclusivity and adaptability, particularly focusing on supporting innovative small and medium-sized enterprises and new industries [1][4][5]. Group 1: Market Reform and Development - The implementation of reforms in the ChiNext board will introduce listing standards that better align with the characteristics of emerging industries and innovative enterprises [1][5]. - The development of the Beijing Stock Exchange will be prioritized to support innovative small and medium-sized enterprises, alongside improving the New Third Board's differentiated listing, information disclosure, and trading systems [1][5]. Group 2: Market Stability and Quality - High-quality listed companies are deemed essential for the stable operation of the capital market, with plans to introduce a refinancing framework to support mergers and acquisitions [1][6]. - Companies will be encouraged to enhance governance and increase dividends and share buybacks to solidify their value foundations and reward shareholders [1][6]. Group 3: Opening Up and Investor Protection - The introduction of the optimized Qualified Foreign Institutional Investor (QFII) scheme aims to provide a more transparent and efficient environment for foreign investors, including streamlined approval processes [1][6]. - Measures to strengthen investor protection will be implemented, focusing on enhancing the fairness of trading environments and improving service levels for industry institutions [1][7].