积极发展直接融资 更好服务实体经济

Group 1 - The core viewpoint emphasizes the importance of developing direct financing through equity and bonds to optimize financing structure and reduce costs, thereby stimulating market vitality and enabling high-quality economic development [1][2] - Experts suggest that during the "14th Five-Year Plan" period, efforts should be made to increase the proportion of direct financing in social financing, promoting a dual-driven approach of equity and bonds to provide more flexible and diverse financing channels for enterprises [1][2] - The Chinese equity financing market is experiencing a new phase with the development of multi-tiered capital markets like the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, which offer inclusive and efficient financing platforms for various types of enterprises [1][2] Group 2 - There is a call for enhancing the inclusiveness of the capital market by deepening reforms in the Sci-Tech Innovation Board and Growth Enterprise Market, focusing on supporting innovative and specialized enterprises through capital market financing [2][3] - The construction of a favorable ecosystem is essential, with an emphasis on improving the professional service capabilities of intermediary institutions and establishing differentiated listing standards and valuation systems for technology enterprises [2][3] - The development of private equity and venture capital funds is encouraged to broaden the sources of patient capital and enhance capital circulation efficiency, particularly focusing on hard technology sectors [2][3] Group 3 - The bond market is recognized as a crucial component of direct financing, with suggestions to improve the multi-tiered bond market system and promote the development of technology and green bonds to better serve the real economy [3][4] - There is a focus on developing a multi-layered bond market framework to enhance market efficiency and safety, as well as to diversify bond products to meet various financing needs [3][4] - The promotion of green bonds is highlighted, with recommendations to establish standards for identifying and certifying green technologies to guide bond funds towards supporting low-carbon technology innovations [4][5] Group 4 - The synergy between equity and bond markets is seen as a way to optimize risk-sharing and financing structures, enabling high-risk startups to secure funding while helping mature companies reduce financing costs [4][5] - The exploration of more technology-themed bonds is anticipated, with efforts to facilitate financing for eligible enterprises through technology bonds to lower the cost of capital for technology innovation [4][5] - The development of real estate investment trusts (REITs) is encouraged, particularly in new infrastructure and technology innovation sectors, to promote asset revitalization and support the digital transformation of traditional infrastructure [5]