提高资本市场制度的包容性适应性

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes enhancing the inclusiveness and adaptability of the capital market system, aiming to improve the coordination between investment and financing functions, which is crucial for achieving the goals of the 15th Five-Year Plan [1][2]. Group 1: Significance of Enhancing Capital Market System - The importance of improving the inclusiveness and adaptability of the capital market is underscored by various directives from the leadership, highlighting the need for a safe, transparent, and vibrant capital market [2][3]. - The capital market is seen as a key driver for technological and industrial development, facilitating the optimization of innovation resources and improving overall productivity [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 2: Key Tasks and Measures for the 15th Five-Year Plan - The focus is on developing direct financing through equity and bonds, enhancing the service capabilities for real enterprises, and supporting the issuance of quality companies [9]. - There is a push to cultivate more high-quality listed companies, optimizing their structure and enhancing investment value [9]. - The establishment of a favorable environment for long-term investments is prioritized, aiming to attract and retain long-term capital [10][11]. Group 3: Regulatory and Open Market Enhancements - The need for a scientific and effective regulatory framework is emphasized, adapting to rapid market changes and enhancing risk monitoring capabilities [11]. - Expanding the capital market's openness is crucial for improving international competitiveness, with a focus on facilitating cross-border investment activities [12]. - Creating a fair and vibrant market ecosystem is essential, with efforts to strengthen legal frameworks and investor protection mechanisms [12].