中国人民大学国家金融研究院院长吴晓求：下一步资本市场改革着力点是“三端”

Core Viewpoint - The Chinese capital market has undergone fundamental changes since September 24, 2024, with gradually restored market confidence and stable expectations, necessitating reforms focused on the asset side, investment side, and institutional side to meet diverse financing needs of enterprises and wealth management needs of residents [1][2]. Asset Side Reform - The goal of asset side reform is to adjust the structure of listed companies in China, allowing technology-driven enterprises to become the mainstay, as they can provide risk-return rates that meet investor demands [1]. Investment Side Reform - Investment side reform aims to attract large funds by relaxing rules for their entry into the market, specifically targeting long-term funds such as insurance capital, social security funds, pensions, and annuities. This reform is crucial for expanding market liquidity and ensuring it remains relatively sufficient [1]. Institutional Side Reform - Institutional side reform focuses on ensuring market confidence, expectations, and bottom lines, with the core goal of enhancing market transparency. This includes measures to ensure issuers disclose information truthfully and to eliminate risks associated with fraudulent listings, financial fraud, false disclosures, and insider trading. Severe penalties will be imposed on those who create such risks, transitioning from administrative to criminal and civil penalties [2]. Foundations of Capital Market Development - The development of the capital market relies on three key foundations: a sound legal system, a strong spirit of contract, and transparency. A sound legal system stabilizes market expectations and promotes capital flow, while the spirit of contract maintains financial order through stability and predictability in the macro environment. Transparency is deemed the lifeline of the capital market, with regulatory functions centered on ensuring all participants, especially listed companies and intermediaries, disclose information truthfully [3].