证监会主席吴清发表署名文章：提高资本市场制度包容性、适应性

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of China's capital market during the 14th Five-Year Plan period, focusing on direct financing, high-quality listed companies, and a vibrant market ecosystem [1][2][3][4] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bond markets, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market as key drivers [1] - There is a call to improve the identification and pricing mechanisms for technology innovation enterprises to support quality companies in going public [1] - The development of private equity and venture capital funds is encouraged, alongside a multi-tiered bond market system, including the promotion of green bonds and real estate investment trusts [1] Group 2: High-Quality Listed Companies - The article stresses the importance of optimizing the structure of listed companies to enhance investment value and support their transformation and upgrading [2] - Continuous reform in the mergers and acquisitions market is highlighted to improve the flexibility and convenience of refinancing mechanisms [2] - There is an emphasis on encouraging listed companies to return value to investors through cash dividends and share buybacks, while also reinforcing a regular delisting mechanism [2] Group 3: Long-Term Investment Environment - The creation of a market environment that attracts long-term capital is prioritized, with mechanisms to assess long-term funds being established [2] - The article advocates for the reform of public funds and the development of equity public funds to bind investor interests [2] - The promotion of a smooth cycle of fundraising, investment, management, and exit for private equity and venture capital funds is also mentioned [2] Group 4: Regulatory Enhancements - The need for a comprehensive and multi-dimensional regulatory system for securities and futures is emphasized to adapt to rapid market changes [3] - The use of modern technologies like big data and AI for effective monitoring and risk management is highlighted [3] - Strict enforcement against financial fraud and market manipulation is necessary to maintain a fair market order [3] Group 5: Market Openness - The article discusses the gradual expansion of high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets [3] - Enhancements to the Qualified Foreign Institutional Investor system and the facilitation of foreign investment participation are also mentioned [3] - The construction of world-class exchanges and investment institutions is a key focus area [3] Group 6: Market Ecosystem - The article calls for strengthening the legal framework of the capital market and revising relevant laws and regulations to create a fair market environment [4] - Investor protection mechanisms, including representative litigation, are to be improved alongside investor education initiatives [4] - The establishment of a positive public opinion environment that encourages innovation and tolerates failure is also emphasized [4]