专家：资本市场将加快完善中长期发展制度框架 夯实稳定运行的内在基础

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focusing on five key areas to enhance the capital market's framework for long-term development, aiming to improve service efficiency for the real economy and ensure market stability [1][2]. Group 1: Capital Market Development - The meeting emphasized the need for a stable yet progressive approach, focusing on risk prevention, strong regulation, and promoting high-quality development [2][8]. - Experts believe that the capital market's reform direction is clear, aiming to enhance investor confidence and attract more long-term capital, thereby improving pricing efficiency and better serving the real economy [2][8]. - The capital market's "14th Five-Year Plan" will be developed to align with national strategies, focusing on key goals and measures for the next five years [2][3]. Group 2: Market Stability - The meeting highlighted the importance of strengthening the market's internal stability, which is crucial for achieving high-quality development [4][10]. - Enhancing internal stability relies on sound regulations and effective execution, including improving trading mechanisms and risk prevention systems [4][10]. - A comprehensive approach is proposed to improve market ecology from both supply and demand sides, ensuring a balanced regulatory environment to address external shocks [4][10]. Group 3: Reform Initiatives - The meeting called for ongoing reforms to increase the capital market's inclusivity and attractiveness, including the implementation of reforms for the ChiNext and STAR Market [5][11]. - These reforms are expected to enhance resource allocation efficiency towards strategic technology sectors and provide investors with diverse investment opportunities [6][11]. Group 4: REITs and New Financial Products - The meeting urged the swift launch of commercial real estate REITs pilot programs and the exploration of new key futures products [12]. - As of November 2025, the market has launched 77 REITs products, with a total market value exceeding 220 billion yuan, significantly boosting investment and providing new channels for ordinary investors [12].