证监会主席吴清：提高资本市场制度包容性、适应性

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need to enhance the inclusiveness and adaptability of the capital market during the 14th Five-Year Plan period, focusing on direct financing, high-quality company cultivation, long-term investment environments, effective regulation, and market openness [1][2][3][4]. Group 1: Direct Financing Development - The CSRC aims to actively develop direct financing through equity and bond markets, enhancing the service capabilities for real enterprises throughout their lifecycle [2]. - Reforms in the Science and Technology Innovation Board and the Growth Enterprise Market will be leveraged to support high-quality enterprises in issuing and listing [2]. - The development of private equity and venture capital funds, as well as a multi-tiered bond market, is prioritized, including the promotion of technology innovation bonds and green bonds [2]. Group 2: High-Quality Company Cultivation - The focus is on optimizing the structure of listed companies and enhancing their investment value, with an emphasis on mergers and acquisitions reform [2]. - The CSRC encourages listed companies to improve their return to investors through cash dividends and share buybacks, while also reinforcing the delisting mechanism [2]. Group 3: Long-Term Investment Environment - The creation of a favorable environment for long-term capital is essential, with mechanisms to attract and retain long-term funds [3]. - The reform of public funds and the promotion of equity public funds are highlighted to align investor interests with fund performance [3]. Group 4: Regulatory Effectiveness - The CSRC aims to enhance the scientific and effective regulation of the capital market, adapting to rapid financial innovations and market changes [3]. - The use of modern technologies like big data and artificial intelligence will be employed to identify illegal activities and risks [3]. Group 5: Market Openness - The CSRC plans to gradually expand the high-level institutional openness of the capital market, promoting the coordinated development of onshore and offshore markets [4]. - Efforts will be made to improve the participation of foreign investors and institutions in the Chinese capital market [4]. Group 6: Market Ecology - The establishment of a fair and vibrant capital market ecosystem is crucial, with a focus on legal reforms and investor protection mechanisms [4]. - The CSRC emphasizes the importance of investor education and fostering a culture of innovation and tolerance for failure [4].