吴晓求：对于资本市场“埋雷”者，仅靠行政处罚力度不够，更需刑事处罚和民事处罚

Core Insights - The traditional financial system, primarily dominated by commercial banks, is gradually being complemented by the capital market, which is taking on more financial responsibilities that have not been fully recognized [1][8] - The current scale of the capital market, including bonds, has reached 250 trillion yuan, slightly lower than the banking sector's 300 trillion yuan, but the gap is rapidly narrowing [1][8] - In the coming years, the securitized financial market is expected to surpass the banking sector, becoming the main bearer of financial functions [1][8] Financial Reform Goals - To build a "financial powerhouse," it is essential to achieve the internationalization and liberalization of the renminbi, as well as complete the transformation of the capital market [3][10] - The ultimate goal of renminbi internationalization is not limited to cross-border trade settlements but should enable free convertibility in major global financial cities, allowing it to function as a payment and reserve currency [3][10] - The current functions of China's capital market fall short of the requirements for a modern financial powerhouse, necessitating a shift in perception from merely a "financing market" to a platform for sustainable returns for investors [3][10] Reform Strategies - Three areas of reform are identified: 1. Asset-side Reform: Focus on high-tech and innovative enterprises as the main constituents of the capital market to guide capital towards key sectors of the real economy [4][11] 2. Funding-side Reform: Adjustments are needed to guide funds into the capital market, correcting misconceptions about risk and asset allocation, particularly in the insurance sector [5][11] 3. Institutional Platform Reform: Establish a comprehensive legal framework to support the reforms, ensuring investor rights protection is at the core of market transformation [5][11] Risk Management and Market Development - The first goal of capital market reform is to "clear mines," addressing existing risks such as insufficient transparency and hidden risks from past corporate actions that undermine market stability [6][13] - A robust wealth management market must be built on a foundation of risk-free operations and enhanced transparency to gain investor trust [6][13] - The long-term vision is to develop China's capital market into an international financial center, integrating it into the global financial system through market-oriented, legal, and international approaches [6][13]