政策联动市场，北交所改革迈向纵深 专家解读未来走向

Core Viewpoint - The Beijing Stock Exchange (BSE) is experiencing significant market activity and reform momentum, with the BSE 50 Index showing a year-to-date increase of nearly 50% as of October 30, 2023, indicating the effectiveness of recent market reforms [2][5]. Group 1: Market Performance - The BSE 50 Index opened with an upward trend, rising over 2% during the day, following a substantial increase of 8.41% the previous day, with a trading volume approaching 35 billion yuan [1]. - The index's year-to-date performance reflects a broader recovery in the A-share market, showcasing a strong rebound in investor sentiment [2]. Group 2: Policy Support - Recent policies from Beijing aim to enhance mergers and acquisitions and promote long-term capital inflow, contributing to a more dynamic financial ecosystem [1][7]. - The China Securities Regulatory Commission (CSRC) is committed to the high-quality development of the BSE, positioning Beijing as a key hub for capital market reform [1][6]. Group 3: Institutional Developments - The BSE has focused on serving innovative small and medium-sized enterprises (SMEs), with over 80% of its listed companies being SMEs and nearly 90% being private enterprises [5]. - The BSE is exploring new pathways for supporting the development of startup and growth-stage companies, establishing a framework for transitioning companies through various market levels [5]. Group 4: Future Outlook - The BSE plans to enhance market functions and financial services for critical sectors, with an emphasis on long-term funding mechanisms to improve liquidity and market attractiveness [6][8]. - Key areas of anticipated reform include optimizing listing standards, particularly for unprofitable enterprises, and improving inter-market connectivity to reduce transaction costs [8].