证监会召开“十五五”资本市场规划上市公司和行业机构座谈会

Core Viewpoint - The article emphasizes the importance of high-quality planning for the "15th Five-Year" capital market strategy, aligning with the directives from the central government and the recent political bureau meeting [2][4]. Group 1: Achievements and Developments - During the "14th Five-Year" period, China's capital market has experienced significant growth in both quantity and quality, particularly following the implementation of the new "National Nine Articles" and the "1+N" policy framework [3]. - The foundational systems and regulatory logic of the capital market have been comprehensively restructured, resulting in a more complete multi-level market system and enhanced market resilience [3]. Group 2: Recommendations for Future Planning - Suggestions for the "15th Five-Year" capital market planning include deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, while improving policy execution mechanisms to enhance market attractiveness and inclusivity [3]. - There is a call for greater support for listed companies to improve their performance, encouraging increased dividend payouts and share buybacks, and enhancing the role of institutional investors in corporate governance [3]. - The need to support high-quality securities and fund companies in building top-tier investment banks and institutions is highlighted, along with the importance of improving the quality and international competitiveness of intermediary institutions like accounting and law firms [3]. Group 3: Market Product and Service Enhancements - Recommendations also include enriching the A-share market product and service system, such as indices, ETFs, and derivatives, to better serve the preservation and appreciation of residents' wealth [3]. - There is an emphasis on improving cross-border investment and financing convenience, as well as enhancing the level of institutional openness in the capital market [3]. Group 4: Governance and Cultural Development - The article stresses the importance of companies, industry institutions, and intermediaries focusing on their core businesses, enhancing governance, and improving professional capabilities and market reputation [5]. - It advocates for fostering a market culture that respects and rewards investors, aiming for high-quality development within the capital market reform [5].