资本市场双向开放向纵深推进

Core Viewpoint - Cross-border investment and financing play a crucial role in the global allocation of resources, necessitating improvements in foreign-related legal systems, cross-border regulatory cooperation, and innovative dispute resolution mechanisms to enhance financial openness [3][4]. Group 1: Achievements in Capital Market Opening - The capital market has seen significant progress in dual-directional opening during the 14th Five-Year Plan period, with a comprehensive restructuring of foundational systems and regulatory logic [4]. - The number of stocks eligible for trading under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect has reached 2,922, accounting for over 90% of the total market capitalization of A-shares [4]. - As of September 30, 2023, the China Securities Regulatory Commission (CSRC) has completed the filing for 296 domestic companies to list overseas, including 109 technology firms [4]. Group 2: Challenges in Legal and Regulatory Framework - The increasing complexity of cross-border investment raises challenges in legal frameworks, with significant differences in regulatory systems across countries affecting accounting standards and information disclosure [6][7]. - The integration of technologies such as AI, blockchain, and big data into financial services has introduced new regulatory challenges, necessitating a balance between innovation and risk management [7][8]. Group 3: Recommendations for Legal System Improvement - The CSRC emphasizes the need for legislative initiatives to establish a transparent and comprehensive legal framework for capital markets, focusing on the timely development of new laws and amendments [9]. - Strengthening cross-border regulatory cooperation is essential, with a focus on enhancing communication and collaboration between domestic and foreign regulatory bodies to address issues like fraud and financial misconduct [9][10]. - Recommendations include creating a clear and accessible rule system for cross-border investments, enhancing the visibility of dispute resolution mechanisms, and establishing clear exit strategies to boost investor confidence [10].