吴清：进一步完善发行上市、并购重组等制度安排

Core Viewpoint - The article emphasizes the achievements and future responsibilities of China's capital market development during the "14th Five-Year Plan" period, highlighting the need for continuous innovation and risk prevention in capital market construction [3]. Group 1: Achievements in Capital Market - Over the past five years, significant progress has been made in the capital market, with the A-share market's resilience and risk resistance notably enhanced, as evidenced by the Shanghai Composite Index's annualized volatility decreasing by 2.8 percentage points to 15.9% [3]. - The market capitalization of the technology sector now accounts for over 25% of the A-share market, with the number of technology companies in the top 50 by market capitalization increasing from 18 to 24 since the end of the "13th Five-Year Plan" [3]. Group 2: Regulatory Improvements - The transition from pilot to full implementation of the stock issuance registration system has been achieved, with various measures introduced to optimize the listing, merger, and investment processes, including the "Six Merger Rules" which have supported 230 major asset restructurings [4]. - The quality and investment value of listed companies have been enhanced, with a total of 10.6 trillion yuan distributed to investors through dividends and buybacks over the past five years, representing an increase of over 80% compared to the "13th Five-Year Plan" [5]. Group 3: Future Directions - The focus will be on improving the adaptability and inclusiveness of the capital market system, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market aimed at better supporting innovative enterprises [4]. - The next steps will involve deepening comprehensive reforms in investment and financing, enhancing the adaptability and inclusiveness of foundational systems, market functions, and regulatory enforcement to promote efficient resource allocation [6].