Zheng Quan Ri Bao Wang·2025-10-30 12:04Core Insights - The article discusses the opportunities and challenges facing China's capital market as outlined in the "15th Five-Year Plan" and emphasizes the need for a more inclusive and adaptive capital market system [1][4]. Group 1: Capital Market Development - The capital market in China is expected to play a crucial role in achieving high-quality economic development during the "15th Five-Year" period and by 2035 [4]. - The valuation advantage of Chinese assets is becoming more prominent, with foreign capital increasingly focusing on China's innovation-driven industries [2][3]. - The recent optimization of the Qualified Foreign Institutional Investor (QFII) system is seen as a significant step towards enhancing the openness of China's capital market, which is expected to attract more long-term foreign capital [3]. Group 2: Financial Support for Innovation - The article highlights the importance of long-term capital in supporting disruptive technologies and new industries, which require substantial investment and a flexible financing environment [6]. - Investment banks are positioned as a bridge between real enterprises and capital markets, providing stable long-term capital for quality companies and facilitating policy improvements for technological innovation [5][6]. - The capital market must provide precise and inclusive financial services to support new industries and technologies throughout their lifecycle [6]. Group 3: Policy Recommendations - The capital market should prioritize serving the real economy by directing financial resources towards key areas such as technological innovation, green economy, and digital economy [7]. - Recommendations include enhancing the quality of listed companies, improving dividend stability, and deepening delisting reforms to create a more efficient market [7]. - There is a call for the continuous improvement of risk management tools to provide diverse hedging options for various market participants [7].