吴晓求：让资本市场没有“雷”，这个要求并不高，未来五年我们要努力做到这一条

Group 1 - The core argument emphasizes the need for the financial system to evolve from traditional to modern finance, driven by increasing wealth management demands and technological advancements [4][16] - Market disintermediation is identified as a key force transforming the financial structure, allowing both fund demanders and suppliers to bypass intermediaries like banks and engage directly in capital markets [4][16] - Technological progress is highlighted as the second transformative force in finance, extending and enhancing financial functions, particularly through innovations in payment systems [4][16] Group 2 - The capital market reform during the "14th Five-Year Plan" period aims to eliminate financial "landmines" such as fraudulent accounting practices that have plagued listed companies [6][18] - A significant concern is the collusion between listed companies and intermediary institutions, which has led to sustained financial misreporting [6][18] - The removal of these "landmines" is deemed essential for restoring investor confidence and ensuring a stable investment environment [7][19] Group 3 - Legal reforms are proposed to increase penalties for financial fraud, suggesting that the current penalties are insufficient to deter misconduct [8][20] - The establishment of a group litigation mechanism for small investors is recommended to enhance accountability and provide a means for redress [8][20] - The goal is to create a market free of "landmines" within the next five years, which is considered a fundamental objective [9][21] Group 4 - The mid-term goal of capital market reform is to position the market as a primary mechanism for wealth management, addressing the current asset structure where 60% of household assets are tied up in real estate [10][21] - Transitioning to financial assets, particularly securitized financial assets, is emphasized as a crucial direction for enhancing consumer spending and economic growth [10][21] - Reforms are needed on both the supply and demand sides of the capital market to facilitate its evolution into a wealth management market [11][22] Group 5 - The long-term objective of capital market reform is to open up and establish China as a new international financial center by 2035 [12][24] - Key conditions for achieving this include a robust legal framework, strong contractual integrity, and improved transparency [12][24] - Currently, foreign investor participation is low, at only 4.5%, necessitating efforts to increase this proportion to enhance market internationalization [12][24]