吴晓求：中国资本市场改革和发展有三重目标

Core Viewpoint - The future reform of China's capital market aims to achieve three main goals: to become a driver of economic growth and industrial upgrading, to serve as an important platform for social wealth management, and to progress towards becoming a new international financial center and a hub for RMB-denominated asset allocation [2][4][5]. Group 1: Three Goals of Capital Market Reform - The foundational goal is to eliminate "danger zones" in the capital market, ensuring a market free from fraud and deception, with a zero-tolerance policy towards securities violations [4][5]. - The core goal is to accelerate the capital market's role as a driver of economic growth and a key platform for social wealth management, shifting the focus from real estate to capital markets for wealth allocation [4][5]. - The vision goal is to establish the capital market as a new international financial center, aiming to become the third-largest global financial hub after New York and London, with a target of increasing the proportion of foreign investors in the market to 10% by 2030 and 15% by 2035 [5][6]. Group 2: Key Areas for Reform - In the asset dimension, the focus is on improving the quality of listed companies and promoting high-growth tech firms as the main body of the market, enhancing the investment value of the capital market [6][7]. - In the funding dimension, the emphasis is on increasing market liquidity and attracting more long-term capital, with recent policies aimed at reducing investment risks for insurance funds and encouraging institutional investments [6][7]. - In the institutional dimension, the goal is to enhance market transparency and legal constraints, shifting from administrative penalties to a balanced approach of criminal and civil penalties, while also strengthening investor protection [7].