Core Viewpoint - During the "14th Five-Year Plan" period, China's capital market has achieved steady growth in quantity and effective improvement in quality, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1] Group 1: Market Growth and Development - The total market value of the A-share market surpassed 100 trillion yuan for the first time in August this year [2] - The number of futures and options products reached 157, covering major sectors of the national economy, with new products like public REITs and asset securitization accelerating development [2] - The market's function of coordinating investment and financing has been continuously improved, with the technology sector's market capitalization exceeding 25% of the A-share market [2] Group 2: Regulatory and Legal Framework - A comprehensive regulatory framework has been established, including the implementation of the Futures and Derivatives Law and the Private Fund Supervision Regulations [1][4] - The number of administrative penalties for financial fraud and market manipulation increased significantly, with 2,214 cases and fines totaling 41.4 billion yuan, reflecting enhanced enforcement and market transparency [3] Group 3: Reform and Opening-up Initiatives - Major breakthroughs in investment-side reforms have been achieved, with long-term funds holding approximately 21.4 trillion yuan of A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [4] - The stock issuance registration system has been fully implemented, and the mechanism for promoting high-quality development of listed companies has been continuously improved [4] Group 4: Risk Management and Investor Protection - The A-share market's resilience and risk resistance have significantly improved, with the annualized volatility of the Shanghai Composite Index at 15.9%, a decrease of 2.8 percentage points from the "13th Five-Year Plan" [3] - A comprehensive investor protection system has been established, enhancing regulations on share reduction, quantitative trading, and margin trading [6] Group 5: Future Directions - The China Securities Regulatory Commission (CSRC) aims to enhance the adaptability and inclusiveness of the capital market, supporting high-quality enterprises across various sectors [6] - There is a focus on increasing the role of long-term funds as stabilizers and ensuring that more global capital invests in China [6]

9月22日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期金 融业发展成就。中国人民银行行长潘功胜在会上表示，5年来，金融体制改革全面深化，顶层设计更加完善； 种类齐全、竞争充分的金融机构、市场、产品体系更加健全；重点领域金融风险有序化解，守住了不发生系 统性金融风险的底线…… 加力支持实体经济 金融是实体经济的血脉，为实体经济服务是金融的天职。潘功胜介绍，"十四五"时期，科技型中小企业 贷款、普惠小微、绿色贷款年均增速超过20%。特别是2024年9月中央政治局会议召开以来，人民银行出台了 一系列货币金融政策举措，有效稳定市场预期、提振信心，推动经济持续回升向好和高质量发展。 银行业融资主渠道作用有效发挥。金融监管总局局长李云泽表示，5年来，银行业保险业为实体经济提供 新增资金170万亿元。科研技术贷款、制造业中长期贷款、基础设施贷款年均增长27.2%、21.7%、10.1%。目 前普惠型小微企业贷款余额36万亿元，是"十三五"末的2.3倍，利率下降2个百分点。 在资本市场方面，中国证监会主席吴清表示，近5年，交易所市场股债融资合计达到57.5万亿元，直接融 资比重稳中 ...

Core Insights - The Chinese capital market has achieved steady quantitative growth and effective qualitative improvement during the "14th Five-Year Plan" period, laying a solid foundation for high-quality development in the "15th Five-Year Plan" [1] Market Development - The regulatory framework has been significantly enhanced, with the establishment of a comprehensive legal system for the capital market, including the implementation of the Futures and Derivatives Law and Private Fund Supervision Regulations [3] - The A-share market's total market value surpassed 100 trillion yuan for the first time in August, indicating a more complete multi-level and widely covered market system [3] - The market for public REITs, Sci-Tech bonds, and asset securitization has accelerated, with a total of 157 futures and options products covering major sectors of the national economy [3] Investment and Financing Coordination - The capital market has increasingly supported technological innovation, with the market capitalization of the A-share technology sector exceeding 25% [4] - Over the past five years, listed companies have returned a total of 10.6 trillion yuan to investors through dividends and buybacks, representing an increase of over 80% compared to the "13th Five-Year Plan" [4] Risk Management and Regulation - The A-share market's resilience and risk resistance have improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [5] - The regulatory environment has become more transparent, with a significant increase in administrative penalties for financial fraud and market manipulation, totaling 2,214 cases and 41.4 billion yuan in fines [5] Reform and Opening-up - The reform to attract long-term capital has shown significant results, with various types of long-term funds holding approximately 21.4 trillion yuan of A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [6] - The stock issuance registration system has been fully implemented, and the mechanisms for promoting high-quality development of listed companies have been continuously improved [7] Future Outlook - The China Securities Regulatory Commission (CSRC) aims to enhance the adaptability and inclusiveness of the capital market, supporting high-quality enterprises across various sectors [10] - There is a focus on increasing the role of long-term funds as stabilizers in the market, encouraging more global capital to invest in China [11] - Continuous efforts will be made to improve the quality and investment value of listed companies, ensuring a stable and vibrant market foundation [12]

他尤其提到"十四五"期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值 3.4万亿元，269家企业境外上市。"可以说，中国资本市场的'朋友圈'越来越大。"吴清说。 9月22日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，证监会主席吴清介绍"十四五"时 期资本市场改革开放情况。中青报·中青网记者 朱彩云/摄 在资本市场高水平制度型开放稳步扩大方面，吴清介绍，"十四五"期间全面取消行业机构外资持股比例 限制，完善合格境外投资者制度，优化沪深港通、沪伦通、基金互认等互联互通机制，建立完善境外上 市备案制度，出台"惠港五条"，大力支持香港巩固提升国际金融中心地位。 中国青年报客户端北京9月22日电（中青报·中青网记者 朱彩云）"十四五"规划提出要全面深化改革，构 建高水平社会主义市场经济体制。在国新办今天举行的"高质量完成'十四五'规划"系列主题新闻发布会 上，证监会主席吴清表示，我国资本市场是改革开放的产物，改革是资本市场的天然基因，开放是资本 市场的鲜明标识。 对于5年来资本市场标志性的改革开放举措，吴清列举了四方面，即投资端改革实现重大突破、融资端 改革持续深化、促进上市公 ...

"回望过去五年，大家一起交出了一份沉甸甸的答卷，可以说是硕果累累。展望未来五年，我们也是信心满满，更有着沉甸甸的责任"，9月22日，在介绍"十 四五"时期金融业发展成就时，证监会主席吴清在国新办新闻发布会上表示。当日，吴清在会上详细介绍了五年来资本市场发展的"成绩单"。近五年，交易 所市场股债融资合计达到57.5万亿元，直接融资比重稳中有升，较"十三五"末提升2.8个百分点，达到31.6%。资本市场服务科技创新跑出"加速度"，资本市 场含"科"量进一步提升。另外，五年来，上市公司通过分红、回购派发"红包"合计达到10.6万亿元，比"十三五"增长超过八成，相当于同期股票IPO和再融 资金额的2.07倍。"十四五"期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值3.4万亿元，269家企业境外上市。一系列数据 表明，"十四五"期间，我国资本市场实现了量的稳步增长和质的有效提升，我国资本市场的"朋友圈"越来越大，也为"十五五"高质量发展打下了坚实基础。 A股韧性和抗风险能力增强 吴清在会上表示，"十四五"期间，A股市场韧性和抗风险能力明显增强，上证综指年化波动率15.9%，较"十三五"下降2 ...

Core Viewpoint - The article discusses the achievements and developments of China's financial industry during the "14th Five-Year Plan" period, highlighting the progress in capital market reforms, regulatory frameworks, and the overall stability and growth of the market [2][3][4]. Regulatory Framework - A comprehensive regulatory framework has been established, with the implementation of the new Securities Law and the introduction of over 60 supporting rules, enhancing the legal system of the capital market [3][4]. - The "National Nine Articles" issued by the State Council has further strengthened regulatory measures to promote high-quality development in the capital market [3]. Market Structure - The multi-tiered market system has been improved, with significant advancements in the Sci-Tech Innovation Board, Growth Enterprise Market, and the establishment of the Beijing Stock Exchange [4]. - As of August, the total market capitalization of A-shares has surpassed 100 trillion yuan, indicating robust market growth [4]. Investment and Financing - In the past five years, the total financing through stock and bond markets reached 57.5 trillion yuan, with a direct financing ratio increasing by 2.8 percentage points to 31.6% [5]. - The technology sector has seen a significant increase in market capitalization, with over 90% of newly listed companies being tech-related, and the market cap of tech companies now exceeds 25% of the total A-share market [5]. Market Stability Mechanisms - A collaborative mechanism for market stability has been developed, enhancing the resilience and risk management capabilities of the A-share market, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points [6]. Fair Market Environment - A fair and just market environment has been fostered, with a significant increase in administrative penalties for financial misconduct, including a 58% rise in penalties for financial fraud [7]. Capital Market Reforms - Major breakthroughs in investment-side reforms have been achieved, including the implementation of a high-quality development action plan for public funds and the promotion of long-term capital market participation [8][9]. - The financing-side reforms have seen the full rollout of the stock issuance registration system, facilitating the listing of innovative companies [9][10]. Risk Management - The regulatory body has focused on maintaining market stability and preventing risks, with a low bond default rate of around 1% and the closure of numerous fraudulent financial institutions [12][13]. - Enhanced enforcement measures have been implemented to combat financial fraud, with significant penalties imposed on major offenders [13][14]. Future Outlook - The regulatory body aims to continue enhancing the adaptability and inclusiveness of the capital market, focusing on supporting high-quality enterprises and improving the overall market environment [16][17].

吴清指出，"十四五"期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值 3.4万亿元，269家企业境外上市。可以说，中国资本市场的"朋友圈"越来越大。 编辑：麻晓超 9月22日下午，在国新办举行的新闻发布会上，中国证监会主席吴清介绍了近5年来资本市场改革开放的 情况。 吴清表示，资本市场高水平制度型开放稳步扩大。统筹开放与安全，稳妥有序推进市场、产品和机构双 向开放，"十四五"期间全面取消行业机构外资持股比例限制，完善合格境外投资者制度，优化沪深港 通、沪伦通、基金互认等互联互通机制，建立完善境外上市备案制度，出台"惠港五条"，大力支持香港 巩固提升国际金融中心地位。 文/帅可聪 ...

二是融资端改革持续深化。股票发行注册制由试点到全面推开，逐步走深走实。聚焦服务新质生产力发展， 接续推出"科创十六条""科创板八条""并购六条"等举措，在发行上市、并购重组、畅通募投管退循环等方面加 快作出一系列优化完善安排。今年6月，又在科创板推出设置科创成长层等"1+6"改革举措，目前已有3家未盈 利科创企业在重启科创板第五套标准后完成注册，创业板第三套标准也迎来首单受理。 三是促进上市公司高质量发展的制度机制不断完善。坚持信息披露和公司治理双轮驱动，两次修订信息披露 管理办法，系统完善上市公司治理准则，推进独立董事制度改革，上市公司运作更加规范、透明。扶优限 劣，支持和引导上市公司做优做强。"并购六条"发布以来，已披露230单重大资产重组，一般性的资产重组数 量更多，有力支持了上市公司产业整合。扎实开展两轮退市制度改革，拓宽多元退出渠道，严格出清"害群之 马""空壳僵尸"，"十四五"时期共207家公司平稳退市。 四是资本市场高水平制度型开放稳步扩大。统筹开放与安全，稳妥有序推进市场、产品和机构双向开放，"十 四五"期间全面取消行业机构外资持股比例限制，完善合格境外投资者制度，优化沪深港通、沪伦通、基金互 ...

Core Viewpoint - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the significant reforms and opening-up measures in the capital market during the "14th Five-Year Plan" period, focusing on market-oriented, legal, and international approaches [1]. Investment Side Reform - Major breakthroughs have been achieved in investment-side reforms, with the effects of attracting long-term capital becoming evident. By the end of August this year, the market value of various long-term funds holding A-shares reached approximately 21.4 trillion yuan, representing a significant increase of 32% compared to the end of the "13th Five-Year Plan" [1]. Financing Side Reform - The financing-side reforms have continued to deepen, with the release of the "Six Guidelines for Mergers and Acquisitions" leading to the disclosure of 230 major asset restructuring cases, effectively supporting the industrial integration of listed companies [1]. High-Quality Development of Listed Companies - The institutional mechanisms promoting the high-quality development of listed companies are continuously improving. The focus remains on dual-driven information disclosure and corporate governance, expanding diverse exit channels, and strictly eliminating "bad apples" and "zombie companies." Wu Qing noted that during the "14th Five-Year Plan" period, 207 companies have exited the market smoothly [1]. High-Level Institutional Opening - The high-level institutional opening of the capital market is steadily expanding, with a cautious and orderly approach to the two-way opening of markets, products, and institutions. Wu Qing stated that the market value of A-shares held by foreign investors currently stands at 3.4 trillion yuan, and there are 269 companies listed overseas, indicating an expanding network for China's capital market [1].

人民财讯9月22日电，9月22日，在介绍"十四五"时期金融业发展成就时，中国证监会主席吴清在国新办 新闻发布会上表示，我国资本市场是改革开放的产物，改革是资本市场的天然基因，开放是资本市场的 鲜明标识。五年来，证监会落实"十四五"规划和二十届三中全会部署，坚持市场化法治化国际化，系统 谋划、统筹联动，推出了一批牵引性强、含金量高的标志性改革开放举措。 ...