上海新金融研究院理事长屠光绍：健全投资与融资相协调的资本市场功能 已成国家推动资本市场发展的核心任务

Core Viewpoint - The coordination of investment and financing in the capital market has become a core task and strategic deployment for the development of China's capital market, marking a new historical starting point after over 30 years of development [1] Group 1: Importance of Coordination - The importance of coordinated development between investment and financing is established from a functional perspective, highlighting that they are two sides of the same coin and essential for the capital market's basic functions [2] - Addressing the long-standing imbalance between investment and financing, particularly the tendency to prioritize quantity over quality in financing, is crucial for overcoming challenges faced by the capital market [2] - Coordinated development supports high-quality growth, financial strength, technological innovation, and meets public wealth management needs, thereby enhancing residents' income and supporting domestic demand [2] Group 2: Institutional Framework - The need for a systemic approach to resolve issues related to investment and financing, emphasizing reforms to enhance the inclusiveness and adaptability of capital market systems [3] - Solutions must address both ends of the spectrum: improving financing quality while also adapting investment mechanisms to support dynamic changes in financing needs [3] - The coordination of investment and financing is a dynamic process that requires both market and government roles, especially in the context of technological innovation and green development [3] Group 3: Long-term Commitment - The task of enhancing the coordination of investment and financing is recognized as a long-term commitment, integrated into national reform agendas and the 14th Five-Year Plan [3] - The emphasis on "sustained" reform indicates that achieving these goals is not a short-term endeavor but a continuous process [3] Group 4: Systematic Approach - The requirement for a comprehensive reform approach highlights that the coordination of investment and financing is a systemic project that necessitates creating an ecosystem conducive to such development [4] Group 5: Ecosystem Development - To establish a coordinated development ecosystem, it is essential to integrate investment and financing into the broader economic and financial development framework [5] - The development of a coordinated system involves aligning financing support for technological innovation with investment strategies, encouraging long-term capital participation, and optimizing investor structures [5] - Macro policies, including monetary, fiscal, and regulatory measures, play a vital role in promoting the coordinated development of investment and financing [5] Group 6: Current Progress and Future Outlook - Recent reforms in the capital market have shown initial success, with measures taken to support technological innovation and improve investment quality, leading to increased investor confidence and a better investment environment [6] - As the functions of coordinated investment and financing continue to improve, the capital market is expected to play a more significant role in supporting high-quality development and building a strong financial system [6]