Core Points - The "15th Five-Year Plan" emphasizes the establishment of a well-functioning capital market, focusing on enhancing inclusivity and adaptability of market systems, and promoting direct financing through equity and bonds [1] - The China Securities Regulatory Commission (CSRC) outlined four key areas for implementing the capital market reforms during the 2025 Financial Street Forum [1][3] Group 1: Capital Market Development - The plan aims to deepen sector reforms and enhance the inclusivity and coverage of the multi-tiered market system, with specific initiatives for the Sci-Tech Innovation Board and the Growth Enterprise Market [1][2] - The CSRC will implement reforms in the Growth Enterprise Market to better align listing standards with the characteristics of emerging industries and innovative enterprises [2] Group 2: Market Stability - High-quality listed companies are identified as the cornerstone for stable market operations, with plans to introduce a refinancing framework and broaden support channels for mergers and acquisitions [3] - The CSRC will encourage listed companies to improve governance and increase shareholder returns through dividends and buybacks, thereby solidifying their value foundation [3] Group 3: Opening Up the Market - The introduction of the optimized Qualified Foreign Institutional Investor (QFII) scheme aims to enhance investment efficiency and expand investment scope, with measures already implemented for efficient approval and access [4] - The CSRC plans to improve the mutual market access mechanisms and deepen cooperation between mainland and Hong Kong markets [4] Group 4: Risk Management and Investor Protection - The CSRC has released guidelines to strengthen the protection of small and medium investors, focusing on enhancing fairness in trading and improving service levels of industry institutions [5] - The first batch of newly registered companies on the Sci-Tech Innovation Board was listed, marking a significant step in the implementation of the "15th Five-Year Plan" [5]
“十五五”规划建议全文发布 资本市场五年发展重点明确
Di Yi Cai Jing·2025-10-28 10:59