证监会剧透四大关键政策动向

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, at the 2025 Financial Street Forum outlines a comprehensive plan for the high-quality development of the capital market during the "14th Five-Year Plan" and sets forth four key reform tasks to better serve economic and social development as well as the construction of a financial powerhouse [1] Group 1: Multi-layered Market System Reform - Wu Qing emphasized the need to deepen the reform of market segments to enhance the inclusiveness and coverage of the multi-layered market system, responding to market expectations for institutional inclusiveness and financing efficiency [2] - The construction of a multi-layered capital market system, including the main board, Sci-Tech Innovation Board, Growth Enterprise Market, Beijing Stock Exchange, and the National Equities Exchange and Quotations, has accelerated during the "14th Five-Year Plan" period, forming a mature system [2] - The CSRC announced the "1+6" policy measures for the Sci-Tech Innovation Board in June, with plans to deepen reforms in the Growth Enterprise Market and improve the differentiated listing, information disclosure, and trading systems of the New Third Board [2] Group 2: Financial Support for Innovation - The continuous improvement of the multi-layered capital market will promote high-quality development and better serve the real economy, providing a complete financial support chain for enterprises at different stages and in various industries [3] - The CSRC plans to introduce a refinancing framework to broaden support channels for mergers and acquisitions and encourage listed companies to enhance governance and increase dividends and buybacks [3] Group 3: Public Fund and Long-term Investment Reform - Wu Qing proposed solid progress in public fund reforms, promoting long-term investment products and risk management tools to create a "long money, long investment" market ecosystem [3][4] - Institutional investors should prioritize investor interests, optimize assessment mechanisms, and enhance professional management capabilities to build a healthy and orderly market ecosystem [4] Group 4: Opening Up Capital Markets - Wu Qing stated the intention to steadily expand high-level institutional opening-up, integrating capital and systems on a larger and deeper scale [5] - The introduction of the "Qualified Foreign Institutional Investor" (QFI) system optimization plan aims to provide a more transparent and efficient environment for foreign investors, enhancing the internationalization and marketization of China's financial market [6] Group 5: Investor Protection and Market Integrity - The CSRC aims to enhance the quality and effectiveness of investor rights protection and establish a long-term market stabilization mechanism while cracking down on various illegal activities such as financial fraud and insider trading [7] - The CSRC released opinions on strengthening the protection of small and medium investors, focusing on enhancing fairness in trading environments and promoting rational investment [7]