提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精神）

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes enhancing the inclusiveness and adaptability of the capital market, aiming to improve the coordination between investment and financing functions, which is crucial for achieving the goals of socialism modernization during the 15th Five-Year Plan period [1][2]. Group 1: Significance of Enhancing Capital Market Inclusiveness and Adaptability - The importance of enhancing the capital market's inclusiveness and adaptability is underscored by various directives from the Chinese leadership, highlighting the need for a safe, transparent, and resilient capital market [2]. - The capital market's role in supporting high-quality development has been recognized, with a focus on addressing new tasks and requirements arising from complex domestic and international environments [2]. Group 2: Requirements for Supporting New Quality Productive Forces - The capital market is increasingly seen as a key driver for technological and industrial development, necessitating a supportive ecosystem for innovation [3]. - The capital market serves as a platform for the public to share in the economic development, with over 200 million stock investors and 700 million fund investors in China [3]. Group 3: High-Quality Development and Financial Power - Establishing a well-functioning capital market is essential for high-quality development and building a financial powerhouse, with a goal to create a highly adaptable and competitive capital market by 2035 [4]. - The capital market's stability is crucial for its functionality and for maintaining investor confidence [4]. Group 4: Principles for Enhancing Capital Market Functions - The capital market must adhere to political and public interests, ensuring that it aligns with the broader goals of socialism and protects the rights of investors, especially small and medium-sized ones [6]. - A coordinated approach between investment and financing is necessary to optimize the capital market ecosystem [6][7]. - Reform and opening-up are critical for enhancing the capital market's inclusiveness and adaptability, requiring the removal of systemic barriers [7]. Group 5: Key Tasks and Measures for the 15th Five-Year Plan - Direct financing through equity and bonds is a key measure to enhance the capital market's inclusiveness and adaptability, with a focus on supporting innovative enterprises [9]. - There is a need to cultivate more high-quality listed companies and optimize their structures to enhance investment value [9]. - Creating an attractive environment for long-term investments is essential, with mechanisms to support the growth of patient and strategic capital [10][11]. - Strengthening regulatory effectiveness and scientific oversight is necessary to adapt to rapid market changes and prevent risks [11]. - Expanding the capital market's openness is vital for enhancing its international competitiveness and facilitating efficient capital flow [12].