Core Viewpoint - The Chinese capital market is entering a new historical stage characterized by clear policy signals emphasizing stability and strength, with a focus on inclusivity, adaptability, and the coordination of financing and investment functions as key elements for high-quality development [1][5]. Group 1: Inclusivity - Market vitality is predicated on inclusivity, which manifests in both the financing and investment sides [1][7]. - The establishment of the Sci-Tech Innovation Board and the Beijing Stock Exchange, along with the promotion of the registration system reform, aims to enhance the inclusivity of the financing side, allowing more hard-tech and specialized enterprises to access capital [7]. - On the investment side, a diverse range of market participants, from venture capital to individual investors, is essential for maintaining market resilience, requiring a fair and transparent market environment [2][7]. Group 2: Adaptability - The adaptability of capital market systems is crucial in an era of rapid technological change and blurred industry boundaries, necessitating dynamic adjustments and iterative mechanisms [2][8]. - Traditional regulatory and valuation frameworks need updates to accommodate emerging fields such as data assets, artificial intelligence, and green energy [8]. - Recent enhancements in regulatory technology, information disclosure systems, and delisting regulations reflect efforts to improve adaptability [3][8]. Group 3: Coordination of Financing and Investment Functions - Effective operation of the capital market relies on a positive cycle between financing and investment functions, avoiding an overemphasis on either side [3][9]. - Sustainable market balance is achieved when investors trust that their investments can drive corporate growth and yield returns, ensuring continuous capital flow [9]. - The core of this coordination is investor protection, which serves as a lubricant and stabilizer for sustainable market functions [9]. Group 4: Investor Protection - The concept of investor protection is evolving from merely preventing risks to promoting value sharing, emphasizing the need for investors to participate in corporate growth and share in value creation [4][9]. - Measures to enhance investor protection include strengthening dividend constraints, improving governance transparency, and refining institutional investor behavior standards [4][9]. - The ongoing reform of the capital market is a long-term endeavor, with each optimization contributing to market maturity and supporting China's economic transition [5][10].

丨 来源： 人民日报 2025-12-05 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年 规划的建议》（以下简称《建议》）提出，提高资本市场制度包容性、适应性，健全投 资和融资相协调的资本市场功能。这是以习近平同志为核心的党中央科学研判、准确把 握"十五五"时期国际国内形势，紧紧围绕基本实现社会主义现代化目标，从全局高度作 出的重大战略部署，为做好资本市场改革发展稳定各项工作指明了前进方向、提供了根 本遵循。我们必须深入学习、认真领会，坚决抓好贯彻落实。 一、深刻认识提高资本市场制度包容性、适应性的重大意义 党的十八大以来，习近平总书记对资本市场高度重视，先后作出一系列重要指示批示。 2023年中央金融工作会议提出，加快建设安全、规范、透明、开放、有活力、有韧性的 资本市场。2024年中央经济工作会议指出，深化资本市场投融资综合改革，打通中长期 资金入市卡点堵点，增强资本市场制度的包容性、适应性。2025年7月30日中央政治局会 议强调，增强国内资本市场的吸引力和包容性，巩固资本市场回稳向好势头。《国务院 关于加强监管防范风险推动资本市场高质量发展的若干意见》（以下简称新"国九条" ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 来源：《人民日报》 12月5日，《人民日报》刊发中国证监会主席吴清的署名文章，题为《提高资本市场制度的包容性 适应性（学习贯彻党的二十届四中全会精神）》。全文如下： 党的十八大以来，习近平总书记对资本市场高度重视，先后作出一系列重要指示批示。2023年中 央金融工作会议提出，加快建设安全、规范、透明、开放、有活力、有韧性的资本市场。2024年 中央经济工作会议指出，深化资本市场投融资综合改革，打通中长期资金入市卡点堵点，增强资本 市场制度的包容性、适应性。2025年7月30日中央政治局会议强调，增强国内资本市场的吸引力和 包容性，巩固资本市场回稳向好势头。《国务院关于加强监管防范风险推动资本市场高质量发展的 若干意见》（以下简称新"国九条"）也对增强资本市场制度竞争力、提升对新产业新业态新技术的 包容性作出部署。"十四五"时期，资本市场规模稳步扩大，体系不断健全，功能持续发挥，服务高 质量发展迈出重要步伐。当前，全面建设社会主义现代化国家新征程实现良好开局，我国高质量发 展扎实推进。也要看到，世界百年未有之大变局加速演 ...

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market system as a strategic deployment for achieving high-quality development and modernizing the economy [2][3]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market system's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as a vibrant capital market is key to promoting technological and industrial advancements [4]. - It is essential for ensuring that the benefits of development reach the broader population, with the capital market serving as a platform for over 200 million stock investors and 700 million fund investors to share in economic growth [4]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it will improve market structure and quality, thereby increasing competitiveness and international influence [5]. Group 2: Principles for Enhancing Capital Market System - The work in the capital market must adhere to political and public interests, ensuring that the market maintains a correct development direction under the leadership of the Party [7]. - There should be better coordination between investment and financing, focusing on the overall balance and continuous quality improvement to facilitate the conversion of household savings into social investments [7]. - Reform and opening-up should be leveraged as key strategies to eliminate institutional barriers and stimulate market vitality, while ensuring a stable and predictable policy environment [7][8]. Group 3: Key Tasks and Measures - Actively develop direct financing through equity and bonds, enhancing the service capabilities for real enterprises and supporting the issuance of high-quality companies [10]. - Foster more high-quality listed companies by optimizing their structure and enhancing investment value, while encouraging cash dividends and buybacks [11]. - Create an attractive environment for long-term investments by establishing mechanisms that encourage the participation of long-term capital in the market [11]. - Improve the scientific and effective regulation of the capital market to adapt to rapid market changes and enhance stability [12]. - Gradually expand high-level institutional openness in the capital market to improve international competitiveness and facilitate efficient capital flow [13].

一、深刻认识提高资本市场制度包容性、适应性的重大意义 党的十八大以来，习近平总书记对资本市场高度重视，先后作出一系列重要指示批示。2023年中央 金融工作会议提出，加快建设安全、规范、透明、开放、有活力、有韧性的资本市场。2024年中央 经济工作会议指出，深化资本市场投融资综合改革，打通中长期资金入市卡点堵点，增强资本市场制 度的包容性、适应性。2025年7月30日中央政治局会议强调，增强国内资本市场的吸引力和包容 性，巩固资本市场回稳向好势头。《国务院关于加强监管防范风险推动资本市场高质量发展的若干意 见》（以下简称新"国九条"）也对增强资本市场制度竞争力、提升对新产业新业态新技术的包容性 作出部署。"十四五"时期，资本市场规模稳步扩大，体系不断健全，功能持续发挥，服务高质量发 展迈出重要步伐。当前，全面建设社会主义现代化国家新征程实现良好开局，我国高质量发展扎实推 进。也要看到，世界百年未有之大变局加速演进，内外部发展环境发生复杂深刻变化。这些都对资本 市场功能作用发挥提出了新任务、新要求，提高资本市场制度包容性、适应性，意义重大。 （一）这是更好服务新质生产力发展的迫切要求。习近平总书记强调，"十五五" ...

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market system in China, as outlined in the 20th Central Committee's Fourth Plenary Session, to support high-quality economic development and modernization goals [1][2]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as a vibrant capital market is key to promoting technological and industrial advancements [3]. - It is essential for ensuring that the benefits of development reach the broader population, with the capital market serving as a platform for over 2 billion stock and fund investors to share in economic growth [4]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it will improve market structure and quality, thereby increasing competitiveness and international influence [4]. Group 2: Understanding the Inner Workings and Principles - The capital market's development quality remains a challenge, with issues such as suboptimal company structures and insufficient long-term capital inflow, necessitating a focus on enhancing the system's inclusiveness and adaptability [5]. - Key principles include maintaining political and public focus in capital market work, better coordinating investment and financing, leveraging reform and opening-up, and ensuring market stability [6][7]. Group 3: Key Tasks and Measures for the 15th Five-Year Plan - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [9]. - Foster more high-quality listed companies by optimizing their structure and enhancing investment value, while also supporting mergers and acquisitions to promote corporate transformation [9]. - Create a more attractive environment for long-term investments by establishing mechanisms that encourage the inflow and retention of long-term capital [10]. - Improve the scientific and effective regulation of the capital market to adapt to rapid market changes and enhance risk monitoring and response capabilities [11]. - Gradually expand the high-level institutional openness of the capital market to enhance international competitiveness and facilitate efficient capital flow [12].

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market system in China, aiming to create a more attractive environment for long-term investments and to support high-quality development of listed companies [1][2][3]. Group 1: Importance of Enhancing Capital Market System - The enhancement of the capital market's inclusiveness and adaptability is crucial for better serving the development of new productive forces, promoting innovation, and optimizing resource allocation [4]. - It is essential for ensuring that the benefits of development reach the general public, as the capital market serves as a platform for over 2 billion stock and fund investors to share in economic growth [4]. - This enhancement is also a necessary requirement for the high-quality development of the capital market and the construction of a financial power, as it will improve market structure and quality [5]. Group 2: Key Tasks and Measures - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance support for quality enterprises [10]. - Foster more high-quality listed companies by optimizing their structure, enhancing investment value, and encouraging cash dividends and share buybacks [11]. - Create a more attractive environment for long-term capital by establishing mechanisms that ensure long-term funds are willing to invest and remain in the market [11]. - Improve the scientific and effective regulation of the capital market to adapt to rapid market changes and enhance risk monitoring and prevention [12]. - Gradually expand the high-level institutional opening of the capital market to enhance its international competitiveness and facilitate cross-border investment [12]. Group 3: Principles for Implementation - Uphold the political and people-oriented nature of capital market work, ensuring that reforms align with public needs and protect investors' rights [7]. - Better coordinate investment and financing to optimize the capital market ecosystem and promote balanced development [7]. - Utilize reform and opening-up as key strategies to stimulate market vitality and improve the institutional framework [7]. - Ensure market stability as a foundation for effective market function, prioritizing risk prevention and management [8].

12月5日，《人民日报》刊发中国证监会主席吴清的署名文章，题为《提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精 神）》。 以下为原文： 提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精神） 吴 清 《人民日报》（2025年12月05日 第 09 版） 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）提出，提高资本市 场制度包容性、适应性，健全投资和融资相协调的资本市场功能。这是以习近平同志为核心的党中央科学研判、准确把握"十五五"时期国 际国内形势，紧紧围绕基本实现社会主义现代化目标，从全局高度作出的重大战略部署，为做好资本市场改革发展稳定各项工作指明了前 进方向、提供了根本遵循。我们必须深入学习、认真领会，坚决抓好贯彻落实。 一、深刻认识提高资本市场制度包容性、适应性的重大意义 党的十八大以来，习近平总书记对资本市场高度重视，先后作出一系列重要指示批示。2023年中央金融工作会议提出，加快建设安全、规 范、透明、开放、有活力、有韧性的资本市场。2024年中央经济工作会议指出，深化资本市场投融资综合改革，打通中长期资金入市卡点 ...

来源：《人民日报》 12月5日，《人民日报》刊发中国证监会主席吴清的署名文章，题为《提高资本市场制度的包容性适应 性（学习贯彻党的二十届四中全会精神）》。全文如下： 吴 清 提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精神） 《人民日报》（2025年12月05日 第 09 版） 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下 简称《建议》）提出，提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能。这 是以习近平同志为核心的党中央科学研判、准确把握"十五五"时期国际国内形势，紧紧围绕基本实现社 会主义现代化目标，从全局高度作出的重大战略部署，为做好资本市场改革发展稳定各项工作指明了前 进方向、提供了根本遵循。我们必须深入学习、认真领会，坚决抓好贯彻落实。 一、深刻认识提高资本市场制度包容性、适应性的重大意义 党的十八大以来，习近平总书记对资本市场高度重视，先后作出一系列重要指示批示。2023年中央金融 工作会议提出，加快建设安全、规范、透明、开放、有活力、有韧性的资本市场。2024年中央经济工作 会议指出，深化资本市场投融资综合改革，打通 ...

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market system to support high-quality economic development and meet the evolving needs of the economy and society [1][2][3]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market system's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as it facilitates the optimization of innovation resources and promotes the integration of technological and industrial innovation [2]. - It is essential for ensuring that the benefits of development reach the broader population, as the capital market serves as a platform for over 2 billion stock and fund investors to share in the economic growth [2]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it improves market structure and quality, thereby increasing the core competitiveness and international influence of the capital market [3]. Group 2: Key Principles for Enhancing Capital Market System - The capital market must adhere to political and people-oriented principles, ensuring that it aligns with the needs of the market and protects the rights of investors, especially small and medium-sized investors [5]. - A better coordination between investment and financing is necessary, focusing on the overall balance and continuous quality improvement to optimize the financing structure [5]. - Reform and opening-up should be leveraged as key strategies to stimulate market vitality and enhance the capital market's functions [5]. Group 3: Key Tasks and Measures for the 14th Five-Year Plan - The development of direct financing through equity and bonds is a key measure to enhance the capital market's inclusiveness and adaptability, focusing on supporting innovative enterprises and improving service capabilities [7]. - There is a need to cultivate more high-quality listed companies by optimizing their structure and enhancing their investment value, which includes supporting mergers and acquisitions and improving the mechanisms for refinancing [8]. - Creating an attractive environment for long-term investments is essential, which involves establishing mechanisms that encourage the inflow and retention of long-term capital [8]. - The scientific and effective regulation of the capital market must be improved to adapt to rapid market changes and enhance stability [9]. - Expanding the high-level institutional opening of the capital market is crucial for enhancing international competitiveness and facilitating efficient capital flow [9]. - A standardized, inclusive, and vibrant capital market ecosystem should be fostered through legal reforms and investor education [10].