中国人民大学国家金融研究院院长吴晓求：资本市场应做好资产端、投资端、制度端三重改革

Core Viewpoint - Since September 24, 2024, China's capital market has undergone fundamental changes, with market confidence gradually recovering and expectations stabilizing. The next phase requires reforms in the asset side, funding side, and institutional side of the capital market [2][3]. Group 1: Asset Side Reform - The goal of asset side reform is to adjust the structure of listed companies in China, promoting high-tech and innovative enterprises as the mainstay. The capital market is a risk market, and sustainable development relies on risk-return profiles that meet investor demands [3]. Group 2: Funding Side Reform - The core objective of funding side reform is to expand market liquidity, ensuring it remains relatively abundant. The focus is on encouraging large funds to enter the market, as historically, the market has been dominated by individual investors, with long-term funds constrained by rules and risk considerations [3]. Group 3: Institutional Side Reform - Institutional reform is essential for the effectiveness of asset and funding side reforms. The primary goal is to ensure market confidence and expectations, with a focus on enhancing market transparency. Issuers must disclose statutory information truthfully to avoid hidden risks [3][4]. Group 4: Legal Framework and Market Integrity - The transition from administrative penalties to a legal system focused on criminal penalties and civil compensation is necessary to eliminate risks such as fraud, financial misrepresentation, and insider trading. Heavy penalties should be imposed on those who conceal risks or assist in such actions [4]. Group 5: Foundations for Capital Market Development - The three foundational pillars for capital market development are a sound legal system, a strong spirit of contract, and market transparency. The spirit of contract includes stability in the macro environment and predictability in policies, while transparency is vital for maintaining market order and requires accurate information disclosure from market participants [5].