田轩：“十五五”资本市场“三支柱”：包容创投、稳健二级、完善法治

Core Viewpoint - The forum emphasized the need for a capital market that adapts to the current complex landscape of opportunities and risks, highlighting the importance of supporting the real economy and technological self-reliance, particularly in the context of artificial intelligence [3][7]. Group 1: Current Market Challenges - The past five years have seen geopolitical changes, trade tensions, and the ongoing impact of the pandemic on supply chains, leading to increased uncertainty [3][7]. - The policy direction has shifted from passive responses focused on maintaining strategic stability to a more proactive approach aimed at overcoming challenges and risks [3][7]. Group 2: Development Goals - The focus has transitioned from "six stabilities" and "six guarantees" to promoting effective qualitative economic growth and reasonable quantitative improvement, placing greater emphasis on quality and structure [3][7]. Group 3: Proposed Market Adjustments - A more inclusive venture capital market is needed to provide sufficient early-stage financing for high-risk, long-cycle technology projects, especially in AI and other frontier fields [5][8]. - The secondary market should avoid excessive short-term speculation and volatility, shifting towards a more stable state that emphasizes long-term value and serves the real economy [5][8]. - There is a necessity to improve the legal environment, enhance investor protection, and combat illegal activities to establish a fair, transparent, and predictable market order [5][9].