时报观察丨集思广益 把市场智慧转化为改革实效

Group 1 - The China Securities Regulatory Commission (CSRC) held two symposiums to discuss the "14th Five-Year Plan" for the capital market, inviting experts, scholars, and representatives from listed companies to explore development strategies and reform paths [1] - The focus of the discussions was on deepening comprehensive reforms in capital market financing and investment, enhancing institutional inclusiveness and adaptability, which are key to supporting the modernization of the industrial system and the development of new productive forces [1] - A consensus emerged on the need for reforms to facilitate easier financing for quality enterprises and to provide stable, reasonable returns for investors, ensuring a vibrant market operating on a stable and healthy basis [1] Group 2 - On the financing side, the emphasis is on implementing the "1+6" reform of the Sci-Tech Innovation Board and accelerating the reform process of the ChiNext Board, improving listing standards to better fit emerging fields and future industries [2] - The reform aims to deepen refinancing processes and potentially introduce a shelf issuance system to enhance corporate financing efficiency, while promoting the integrated high-quality development of the Beijing Stock Exchange and the New Third Board [2] - Listed companies are seen as the foundation of the capital market and must focus on their core businesses, increase R&D investment, and effectively utilize tools like mergers and acquisitions and refinancing to strengthen governance and prevent actions that could harm company interests [2]