屠光绍：以“四度四性”把握资本市场投融资协调核心任务

Core Viewpoint - The importance of establishing a coordinated investment and financing function in the capital market is emphasized as a key task and strategic deployment by the central government [2][3]. Group 1: Importance of Coordination - Investment and financing are inseparable aspects of the capital market, and their coordinated development is essential for sustainable growth [3]. - The lack of coordination between investment and financing has been a major contradiction in the development of China's capital market over the past 30 years, leading to issues such as prioritizing quantity over quality in financing [3][4]. Group 2: Systematic Challenges - Historical challenges due to the lack of coordination include the "expansion dilemma," "bear market dilemma," "long money dilemma," and "betting dilemma," all of which are closely related to the disconnection between investment and financing [4]. - Addressing these challenges through coordinated investment and financing is seen as a fundamental solution to the core issues affecting capital market development [4]. Group 3: Institutional Depth - The central government has highlighted the need for inclusive and adaptive capital market systems, indicating a clear path for deepening comprehensive reforms to resolve the coordination issues [5]. - Effective coordination requires simultaneous efforts on both the investment and financing sides, focusing on improving the quality and structure of financing entities and enhancing investment capabilities [5][6]. Group 4: Long-term Commitment - The recent emphasis on "sustained deepening of comprehensive reforms" in the capital market underscores the long-term nature of addressing coordination issues [6]. - The central government's long-term goals include integrating the coordination of investment and financing into broader economic planning and ensuring continuous reform efforts [6][7]. Group 5: Systematic Approach - The term "comprehensive reform" highlights the systemic and multidimensional nature of the work needed to create a conducive ecosystem for coordinated investment and financing [7][8]. - Coordination efforts must align with national macroeconomic policies and financial management policies, including fiscal and monetary policies, to foster a supportive ecosystem [8]. Group 6: Progress and Future Outlook - The capital market has shown initial positive results in recent years regarding the coordination of investment and financing, with regulatory bodies implementing a series of comprehensive reform measures [8][9]. - As the functions of coordinated investment and financing improve, the capital market's role in supporting high-quality development and building a strong financial nation is expected to enhance [9].