资本市场改革“三端”发力构建生态链

Core Viewpoint - The 30th China Capital Market Forum emphasized the need for a collaborative approach to enhance the capital market ecosystem, focusing on financing, investment, and regulatory reforms to support high-quality development during the 14th Five-Year Plan period [1] Financing Side - Experts highlighted the importance of enhancing services for technology innovation enterprises, suggesting adjustments to the structure of listed companies to prioritize high-tech and innovative firms [1] - Recommendations include enriching the financial product supply system to better accommodate new industries and technologies, fostering a positive cycle among technology, industry, and finance [1] - The goal is to ensure that the capital market meets investors' risk-return expectations by gradually introducing high-growth tech companies [1] Investment Side - The investment side reform aims to create a stable environment for long-term capital, encouraging large funds to enter the market [2] - The focus is on improving the institutional framework for long-term investments, ensuring that various funds are attracted to the market and can thrive [2] - Historically, the market has been dominated by individual investors, but there is a push to bring in institutional investors like insurance funds and pension funds to enhance market liquidity [2] Regulatory Side - The regulatory environment is deemed crucial for the healthy operation of the capital market, with a focus on enhancing the effectiveness of regulatory enforcement through legal and market-oriented methods [3] - Experts advocate for a comprehensive regulatory system that adapts to rapid market changes, ensuring transparency and accountability among market participants [3] - The core of regulatory reform is to build investor confidence by ensuring market transparency and accurate disclosure of information by issuers [3] Additional Recommendations - Suggestions include establishing a robust securities and futures regulatory system to combat financial fraud and enhance investor protection [4] - There is a call for addressing barriers to long-term capital entering the market, including reforms in public funds and promoting a cycle of fundraising and investment in private equity and venture capital [3][4]