Core Viewpoint - The 2025 Financial Street Forum highlights the increasing value of Chinese assets such as A-shares and Hong Kong stocks amid risk re-pricing and asset rebalancing, emphasizing the need for a more robust and balanced asset allocation strategy [2]. Group 1: Reforms and Initiatives - The China Securities Regulatory Commission (CSRC) will initiate reforms to the ChiNext board, establishing listing standards that better align with the characteristics of emerging industries and innovative enterprises [3]. - A refinancing framework will be introduced to broaden support channels for mergers and acquisitions, encouraging listed companies to enhance governance and increase shareholder returns through dividends and buybacks [4]. - The CSRC aims to promote the high-quality development of the Beijing Stock Exchange and improve the mechanisms for connecting the third and fourth boards, solidifying the foundation of a multi-tiered capital market [5]. Group 2: Investor Protection and Market Stability - The CSRC will release a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to create a more transparent and efficient environment for foreign investors [6]. - New measures to strengthen the protection of small and medium investors in the capital market will be announced, focusing on enhancing investor protection during the issuance and delisting processes [7]. - The CSRC will implement a long-term market stabilization mechanism to prevent significant market fluctuations through enhanced risk monitoring across markets and industries [9]. Group 3: Regulatory Enforcement and Market Development - The CSRC will adopt a "zero tolerance" approach to illegal activities such as financial fraud and market manipulation, aiming to bolster investor confidence [10]. - The CSRC will continue to position Beijing as a key hub for capital market reform and innovation, facilitating the implementation of pioneering policies [11]. - The effects of the Sci-Tech Innovation Board reforms are beginning to manifest, with the first batch of newly registered companies set to list soon, indicating progress in enhancing the inclusivity and coverage of the multi-tiered market system [12]. Group 4: Long-term Investment Strategies - The CSRC emphasizes the role of long-term funds as stabilizers in the market, promoting reforms in public funds and encouraging pension and insurance funds to adopt long-term investment strategies [13]. - Further comprehensive reforms in investment and financing will be pursued to enhance the attractiveness and competitiveness of China's capital markets, better serving economic and financial development goals [14].
吴清：深化创业板改革 发挥中长期资金作用
证券时报·2025-10-27 10:22