战略定位：金融强国建设的三重必然逻辑 杜帅谈到，文章深刻阐释的金融强国建设重大意义，本质上是对"全局与局部、发展与安全、金融与实体"三重关系的精准把握。从现代化建设全局来看，金 融强国是社会主义现代化强国的题中应有之义，作为国家核心竞争力的重要组成部分，强大的金融体系既能为大国博弈提供支撑，更能为各领域现代化提供 资金、渠道与风险保障，是局部服务整体的必然要求。从高质量发展主题来看，"十五五"时期的科技自立自强、共同富裕、区域协调等重点任务，均需金融 发挥资源配置作用——科技金融的全链条支持、普惠金融的广覆盖服务、乡村振兴的精准赋能，都是金融与实体经济共生共荣的具体体现，更是推动高质量 发展的核心动力。从统筹发展和安全来看，当前金融领域面临的内外部风险挑战复杂严峻，外部打压遏制可能升级，内部风险隐患仍需防范，建设金融强国 的过程，正是增强金融抗风险能力、筑牢系统性风险底线的过程，是实现发展与安全良性互动的必然选择。 2025年12月4日，知名经济学家杜帅在解读王江《加快建设金融强国》署名文章时指出，党的二十届四中全会对"十五五"时期金融强国建设的战略部署，立 足中国式现代化全局，既明确了金融从"大"到"强"的 ...

本报记者 吴晓璐 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）》。 吴清表示，经过30多年的改革发展，我国资本市场从无到有、从小到大，当前正处在向高质量发展快速转变的关键阶段。 提高资本市场制度包容性、适应性，是站在新的历史起点上，开启的一次全方位、深层次、系统性的变革。 吴清明确"十五五"时期提高资本市场制度包容性、适应性重点任务举措，主要六方面，积极发展股权、债券等直接融资； 推动培育更多体现高质量发展要求的上市公司；营造更具吸引力的"长钱长投"制度环境；着力提升资本市场监管的科学性、有 效性；稳步扩大资本市场高水平制度型开放；共同营造规范、包容、有活力的资本市场生态。 全文如下： 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） 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 ...

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 ...

12月5日，中国证监会主席吴清在《人民日报》发表署名文章《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)》。 文章提出，营造更具吸引力的"长钱长投"制度环境。要继续积极创造条件构建中长期资金"愿意来、留 得住、发展得好"的市场环境，推动建立健全对各类中长期资金的长周期考核机制，提高投资A股规模 和比例。扎实推进公募基金改革，推动与投资者利益绑定的考核评价和激励约束机制落实落地，大力发 展权益类公募基金，推动指数化投资高质量发展。促进私募股权和创投基金"募投管退"循环畅通，加力 培育壮大耐心资本、长期资本和战略资本。 文章还提出，推动培育更多体现高质量发展要求的上市公司。上市公司是资本市场之基，要更大力度推 动优化上市公司结构、提升投资价值。持续深化并购重组市场改革，提升再融资机制灵活性、便利度， 支持上市公司转型升级、做优做强，发展新质生产力，助力培育更多世界一流企业。研究完善上市公司 激励约束机制，激发企业家精神和人才创新创造活力。督促和引导上市公司强化回报投资者的意识，更 加积极开展现金分红、回购注销等。巩固深化常态化退市机制，畅通多元退出渠道，进一步健全进退有 序、优胜劣汰的市场生态 ...

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].

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].

● 本报记者 昝秀丽 证监会12月4日消息，证监会当日举行2025年以来新提拔晋升局处级干部宪法宣誓仪式。证监会主席吴 清监誓并讲话。证监会副主席陈华平主持宣誓仪式。 上午9时30分，宪法宣誓仪式开始，全体人员高唱中华人民共和国国歌。随后，领誓人手抚宪法、领诵 誓词，其他宣誓人列队站立、跟诵誓词。 宣誓后，吴清在讲话中表示，誓词字字千钧，是坚决落实依宪治国、依宪执政，自觉维护宪法权威的郑 重承诺。希望大家深入学习贯彻习近平法治思想和党的二十届四中全会精神，把铮铮誓言内化于心、外 化于行，自觉铸牢政治忠诚，主动融入发展大局，积极思考和谋划"十五五"时期资本市场改革发展稳定 工作举措，坚守公仆鲜明底色，精进专业能力，淬炼务实作风，恪守廉洁底线，忠实履行宪法和法律赋 予的职责使命，奋力开创资本市场高质量发展新局面，更好服务中国式现代化和金融强国建设。 ...