吴晓求：投资端的改革核心是要扩大市场的流动性

Core Viewpoint - The restructuring of China's capital market ecosystem should shift from a financing-centered approach to one that prioritizes investor rights protection, indicating that existing rules are outdated and need to be reconsidered [1][4]. Group 1: Asset Side Reforms - The reform should begin with the asset side, focusing on enterprises in the financial market, highlighting the importance of the ChiNext and Sci-Tech Innovation Board, which, despite their flaws, are on the right track, including the reform of the registration system [3][6]. Group 2: Funding Side Reforms - Following changes on the asset side, the funding side must also be reformed, moving away from a market dominated by retail investors. A market primarily composed of individual investors lacks growth potential. The core of this reform is to enhance market liquidity, which is essential for effective price discovery and asset combination [3][6]. Group 3: Institutional Reforms - The third aspect of the ecosystem is institutional reform, which should focus on protecting investor interests and rights. This requires a comprehensive adjustment of existing rules, acknowledging that this is a lengthy process [3][6].