吴清：发挥投融资综合改革牵引作用 推动“十五五”资本市场高质量发展

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for comprehensive reforms in the capital market to enhance its inclusiveness, adaptability, and competitiveness in response to global changes and technological innovations [1] Group 1: Market Reform Initiatives - The CSRC is advancing sector reforms to enhance the inclusiveness and coverage of the multi-tiered market system, including the introduction of the "1+6" policy for the Sci-Tech Innovation Board [2] - The first batch of new registered companies will be listed on the Sci-Tech Innovation Board, with reforms accelerating [2] - The CSRC plans to implement further reforms for the Growth Enterprise Market, establishing listing standards that cater to emerging industries and innovative enterprises [2] Group 2: Strengthening Market Stability - High-quality listed companies are identified as the cornerstone of stable market operations, with plans to introduce a refinancing framework to support mergers and acquisitions [3] - The CSRC encourages listed companies to improve governance and increase shareholder returns through dividends and buybacks [3] - Efforts will be made to enhance the role of long-term funds in stabilizing the market and promoting the development of public funds and pension products [3] Group 3: Opening Up and Investor Protection - The CSRC has launched the "Qualified Foreign Institutional Investor System Optimization Work Plan" to improve the investment environment for foreign investors [4] - Measures include optimizing access management and enhancing investment efficiency, aiming to create a transparent and efficient system for foreign investors [4] - The CSRC is committed to strengthening investor protection, with new guidelines to enhance the protection of small investors during the issuance and delisting processes [4]