中国证监会原副主席屠光绍：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][5]. Group 1: Importance of Coordination - Investment and financing are inseparable aspects of the capital market, and their coordinated development is essential for sustainable growth [2]. - The lack of coordination between investment and financing has been a major contradiction in the development of China's capital market over the past thirty years, with an emphasis on quantity over quality hindering market functionality [2]. Group 2: Institutional Development - The central government aims to enhance the inclusiveness and adaptability of capital market systems, indicating a clear direction for addressing the challenges of investment and financing coordination [3][4]. - It is necessary to address the root causes of institutional and systemic issues rather than treating symptoms superficially [3]. Group 3: Long-term Commitment - The term "sustained" in the central economic work meeting highlights the long-term nature of the task of deepening comprehensive reforms in the capital market [4]. - Continuous reform is required to address the deep-rooted and long-standing issues of investment and financing coordination, avoiding short-term solutions [4]. Group 4: Systematic Approach - The concept of "comprehensive reform" emphasizes the systemic and multidimensional nature of improving investment and financing coordination [4]. - Coordination efforts must be integrated into the broader context of national economic and financial development, requiring collaboration across various policies, including fiscal and monetary policies [4]. Group 5: Progress and Future Outlook - Recent years have shown initial positive results in the coordination of investment and financing, with increased support for high-tech enterprises and improved conditions for long-term capital [5]. - As the functions of coordinated investment and financing in the capital market improve, the market's role in supporting high-quality development and the construction of a financial powerhouse will continue to enhance [5].