Core Points - The 2025 Financial Street Forum Annual Meeting was held in Beijing, attended by leaders from the central bank and the securities regulatory commission, who announced several important messages [1] Group 1: Central Bank Announcements - The People's Bank of China (PBOC) will resume open market operations for government bonds, indicating a stable performance in the bond market [2] - The PBOC is researching and implementing policy measures to support personal credit repair, including a one-time personal credit relief policy for individuals with minor defaults who have repaid their loans, set to be executed early next year [4] - The PBOC plans to further optimize the digital RMB management system and support more commercial banks to become operational entities for digital RMB [5] - The PBOC will continue to combat domestic virtual currency operations and speculation, maintaining existing policies since 2017 and closely monitoring the development of overseas stablecoins [6] Group 2: Securities Regulatory Commission Announcements - The China Securities Regulatory Commission (CSRC) will initiate reforms to deepen the Growth Enterprise Market (GEM), establishing listing standards that better align with the characteristics of emerging industries and innovative enterprises [7] - The CSRC has officially launched the "Qualified Foreign Investor System Optimization Work Plan," which includes optimizing access management, improving investment operation efficiency, and expanding investment scope to provide a more transparent and efficient institutional environment for foreign investors [9]

10月27日，2025金融街论坛年会开幕。证监会主席吴清在开幕式上表示，统筹两个市场、两种资源，稳 步扩大高水平制度型对外开放。作为今年扩大开放的一项重要举措，《合格境外投资者制度优化工作方 案》今天正式推出，包括优化准入管理、提高投资运作效率、扩大投资范围等，努力为各类境外投资者 提供更加透明、便利、高效的制度环境。其中资格审批与开户"高效办成一件事"对配置型外资准入实行 绿色通道两项举措今天就将落地。 "我们还将优化互联互通机制，提升境外上市备案质效，深化内地与香港市场务实合作，努力推动形成 在岸与离岸协同发展、开放与安全良性互动的发展新格局。"吴清表示。 ...

畅通投融资循环 资本市场重点任务和改革方向进一步明确。 10月27日，在2025金融街论坛年会上，证监会主席吴清发表重要讲话，为资本市场当前和下一阶段的任 务"划重点"，包括证监会将纵深推进板块改革，启动实施深化创业板改革，择机推出再融资储架发行制 度等多方面。 同时他宣布，证监会将推出《合格境外投资者制度优化工作方案》和《加强资本市场中小投资者保护的 若干意见》两个文件。 第一财经记者梳理8大看点如下。 将启动实施深化创业板改革 吴清表示，纵深推进板块改革，增强多层次市场体系的包容性和覆盖面，将启动实施深化创业板改革， 设置更加契合新兴领域和未来产业创新创业企业特征的上市标准，为新产业、新业态、新技术企业提供 更加精准、包容的金融服务。 持续推动北交所高质量发展，畅通三、四板对接机制 吴清表示，将坚持打造服务创新型中小企业主阵地的定位，持续推动新三板、北交所高质量发展，健全 新三板市场差异化的挂牌、信披、交易制度，畅通三、四板对接机制，夯实多层次资本市场的塔基和底 座。 择机推出再融资储架发行制度 吴清表示，进一步固本培元，夯实市场稳定的内在基础。高质量的上市公司是资本市场稳定运行的基 石，将择机推出再融资 ...

Core Insights - The 2025 Financial Street Forum is being held, featuring key speeches from prominent financial leaders in China [1] Group 1: Asset Allocation and Market Reforms - The value of Chinese assets, including A-shares and Hong Kong stocks, is becoming more apparent amid risk re-pricing and asset rebalancing, with a focus on stability and balance in asset allocation [2] - The implementation of deeper reforms for the ChiNext board will begin, aiming to establish 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] Group 2: Market Development and Investor Protection - Continuous efforts will be made to promote the high-quality development of the Beijing Stock Exchange, improving the mechanisms for connecting the third and fourth boards to strengthen the multi-tiered capital market [5] - A new optimization plan for the Qualified Foreign Institutional Investor (QFII) system will be launched, aiming to provide a more transparent and efficient environment for foreign investors [6] - New measures to enhance the protection of small and medium investors in the capital market will be released, focusing on investor protection during the issuance and delisting processes, and improving service levels of industry institutions [7] Group 3: Regulatory Enhancements and Market Stability - The interconnectivity mechanisms will be optimized to improve the efficiency of overseas listing filings, fostering practical cooperation between mainland and Hong Kong markets [8] - A long-term market stabilization mechanism will be established to prevent significant market fluctuations through enhanced risk monitoring across markets and industries [9] - A strict enforcement approach will be adopted against financial fraud and other illegal activities to bolster investor trust and confidence [10] Group 4: Policy Innovations and Long-term Investment - Beijing will continue to serve as a key window for capital market reform and opening up, facilitating the implementation of pioneering policies [11] - The effects of the Sci-Tech Innovation Board reforms are becoming evident, with the first batch of newly registered companies set to list, enhancing the inclusivity and coverage of the multi-tiered market system [12] - Efforts will be made to leverage long-term funds as stabilizers in the market, promoting reforms in public funds and ensuring that pension and insurance funds align with long-term investment strategies [12]

【重点关注】 ·外交部：中美进行了坦诚、深入、富有建设性的交流磋商 ·人民银行将恢复公开市场国债买卖操作 ·证监会将启动实施深化创业板改革 ·国家统计局：1—9月全国规模以上工业企业利润增长3.2% 【国内要闻】 ·10月27日，外交部发言人郭嘉昆主持例行记者会。有记者就中美经贸磋商提问。对此，郭嘉昆表示， 关于中美经贸磋商中方已经发布了消息，此次经贸磋商双方以两国元首重要共识为引领，围绕共同关心 的重要经贸问题，进行了坦诚、深入、富有建设性的交流磋商，就解决各自关切的安排达成基本共识。 双方同意进一步确定具体细节，并履行各自国内批准程序，具体的问题建议向中方的主管部门进行询 问。 ·当地时间10月27日，国务院总理李强在马来西亚吉隆坡会见欧洲理事会主席科斯塔。李强表示，当前 中欧关系发展既面临机遇，也存在一些挑战。双方应当把稳中欧关系发展的正确方向，打牢筑实政治互 信的基础，把双方共识进一步落到实处。 ·10月27日，2025金融街论坛年会在北京开幕。中国人民银行行长潘功胜在会上表示，今年初，考虑到 债券市场供求不平衡压力较大、市场风险有所累积，人民银行暂停了国债买卖。目前，债市整体运行良 好，人民银行将恢 ...

新华社快讯：中国证监会主席吴清10月27日在2025金融街论坛年会上表示，《合格境外投资者制度优化 工作方案》当天正式推出，包括优化准入管理、提高投资运作效率、扩大投资范围等，努力为各类境外 投资者提供更加透明、便利、高效的制度环境。其中资格审批与开户"高效办成一件事"、对配置型外资 准入实行绿色通道两项举措当天就将落地。 ...

人民财讯10月27日电，证监会主席吴清10月27日在2025金融街论坛年会上表示，正式推出《合格境外投 资者制度优化工作方案》，努力为各类境外投资者提供更加透明、便利、高效的制度环境。 ...

责任编辑：何俊熹 新华社快讯：中国证监会主席吴清10月27日在2025金融街论坛年会上表示，《合格境外投资者制度优化 工作方案》当天正式推出，包括优化准入管理、提高投资运作效率、扩大投资范围等，努力为各类境外 投资者提供更加透明、便利、高效的制度环境。其中资格审批与开户"高效办成一件事"、对配置型外资 准入实行绿色通道两项举措当天就将落地。 ...

中国证监会主席吴清10月27日在2025金融街论坛年会上表示，《合格境外投资者制度优化工作方案》当 天正式推出，包括优化准入管理、提高投资运作效率、扩大投资范围等，努力为各类境外投资者提供更 加透明、便利、高效的制度环境。其中资格审批与开户"高效办成一件事"、对配置型外资准入实行绿色 通道两项举措当天就将落地。 ...

Core Viewpoint - The scope of investment for Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII) continues to expand, with the number of tradable futures and options in the domestic market reaching 104 as of October 9, 2023 [1][2][3] Group 1: Expansion of Investment Products - As of October 9, 2023, QFII and RQFII can participate in trading of 9 new ETF options, bringing the total to 104 tradable futures and options [1][2] - In 2023, the Shanghai Futures Exchange and other exchanges have opened a total of 49 new commodity futures and options products to QFII, enhancing the variety of investment options available [2][4] Group 2: Impact on Foreign Investment Confidence - The introduction of ETF options is expected to provide foreign investors with effective risk management tools, thereby enhancing investment stability and promoting long-term allocation in the A-share market [3][4] - The ongoing optimization of the QFII system is seen as a significant step towards increasing foreign confidence in the A-share market [3][4] Group 3: Growth of Qualified Foreign Institutional Investors - By the end of August 2023, there were 907 foreign institutions qualified as QFII, covering a wide range of types including sovereign funds, international organizations, and asset management firms [4][5] - The total investment by QFII in A-shares reached 949.3 billion yuan by the end of August 2023, indicating their growing importance in the market [4][5] Group 4: Future Developments - The China Securities Regulatory Commission (CSRC) plans to introduce more reforms to further optimize the QFII system, aiming to enhance market accessibility and align with international standards [5][6] - Future improvements may include expanding the range of investment products, enhancing transaction mechanisms, and providing clearer tax incentives for foreign investors [5][6]