吴晓求最新发声！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 market confidence gradually recovering and expectations stabilizing. The next phase requires reforms in the asset side, funding side, and institutional side [2][3] - The goal of asset-side reform is to adjust the structure of listed companies in China, promoting high-tech and innovative enterprises as the main players in the market. This is essential for meeting investors' risk-return demands [2] - 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 [2] Group 2 - Institutional reform is crucial 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] - The transition from administrative penalties to a legal system based on criminal penalties and civil compensation is emphasized to eliminate issues such as fraud, financial misconduct, and insider trading [3] - The three foundational pillars for developing the capital market are a sound legal system, a strong spirit of contract, and market transparency. These elements are essential for maintaining financial order and ensuring the market's integrity [3]