吴晓求：资本市场应做好资产端、投资端、制度端三重改革

Group 1 - The core viewpoint is that since September 24, 2024, China's capital market has undergone fundamental changes, with a gradual recovery of market confidence and stabilization of expectations. The next phase requires reforms in the asset side, funding side, and institutional side of the capital market [1] Group 2 - On the asset side, the goal of reform is to adjust the structure of listed companies in China, promoting high-tech and innovative enterprises as the main entities. The capital market is a risk market, and sustainable development relies on risk-return profiles that meet investor demands [3] - 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, individual investors dominated, and long-term funds were constrained by rules and risk considerations [3] - 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 transparency and accurate disclosure of information by issuers [3] Group 3 - The three foundational pillars for developing the capital market 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 the legal system is fundamental to financial sustainability [4] - Transparency is described as the lifeline of the capital market, necessitating legal and policy measures to ensure that market participants, especially listed companies and intermediaries, provide truthful information and maintain market order [4]