吴晓求：资本市场改革的基础目标是消除市场“雷区”，杜绝欺诈行为

Core Viewpoint - The article discusses the three main goals of China's capital market reform as outlined by Wu Xiaoqiu at the "2025 Beijing PE Forum" [1] Group 1: Goals of Capital Market Reform - The foundational goal is to eliminate market "minefields" and prevent fraudulent activities through severe criminal penalties and improved civil compensation mechanisms [1] - The core goal aims to transform the market into a mechanism for social wealth management, adjusting the asset structure of residents, with an expected securities rate of 100% by the end of the 14th Five-Year Plan in 2030 [1] - The visionary goal is to establish a new international financial center, positioning China as a hub for RMB-denominated asset allocation, laying a solid foundation for the financial power goal by 2035 [1] Group 2: Reform Focus Areas - The asset-side reform focuses on adjusting the structure of listed companies, promoting high-tech and innovative enterprises as the main entities, and creating diversified exit mechanisms for private equity investments [1] - The demand-side reform emphasizes expanding liquidity and increasing the scale of funds, encouraging large funds such as insurance, social security, pension, and bank wealth management funds to enter the market and optimizing the investor structure [1] - The institutional reform is crucial for enhancing market transparency, requiring amendments to relevant laws and regulations, shifting the penalty mechanism from primarily administrative penalties to a focus on criminal penalties and civil compensation, and establishing a group litigation system [1]