健全投资和融资相协调的资本市场功能的关键在哪里

Core Viewpoint - The "15th Five-Year Plan" emphasizes the need to enhance the inclusiveness and adaptability of the capital market, aiming to improve the coordination between investment and financing functions [1] Investment Function - Key aspects of enhancing the investment function include attracting long-term capital into the market, emphasizing investor returns, and protecting investor interests [3] - While measures to attract long-term capital and encourage cash dividends have been implemented, effective investor protection measures are still lacking [3] Financing Function - The A-share market has rich experience in financing, with suggestions to lower or relax IPO and refinancing thresholds, and to facilitate new stock issuance [3] - Supporting the listing of unprofitable technology companies is deemed necessary to enhance the competitiveness of the Chinese stock market [3] Coordination of Functions - Enhancing the inclusiveness of the system does not hinder the coordination of investment and financing functions; rather, a healthy financing function is crucial for achieving this coordination [4] - Promoting responsible financing through education and improving basic systems is essential to ensure that financing is rational and accountable [4] Quality Control of IPOs - It is important to maintain strict quality control for IPO companies, encouraging high-performing companies to list while being stringent with mediocre ones [5] - Companies without profitability should undergo rigorous assessments of their competitive capabilities and future prospects to prevent unviable firms from entering the market [5]