在1月10日的第三十届（2026年度）中国资本市场论坛上， 中国人民大学原副校长吴晓求表示，资本市 场改革要注重把"雷"去掉，并对所有的"埋雷者"、"帮助埋雷者"重罚，对造假上市等进行处罚，并从行 政处罚转变为进行刑事处罚、民事赔偿，并对帮助造假的中介机构同等处罚。 ...

吴 晓求 ◎记者 汤立斌 中国人民大学国家金融研究院院长、中国资本市场研究院院长、国家一级教授吴晓求12月16日在2025南 通投资大会暨上证多层次资本市场高质量发展大会上说，中国资本市场未来改革要实现三方面的目标。 二是核心目标，即加快资本市场成为中国经济增长和产业升级迭代的推动者，同时成为我国重要的社会 财富管理平台。资本市场应逐步成为居民财富配置的主要渠道。 吴晓求认为，资本市场要成为中国经济增长和产业升级迭代的推动者，还要成为重要的社会财富管理平 台，并逐步向建成新时期国际金融中心、成为人民币计价资产配置中心的愿景目标迈进。在这一进程 中，中国资本市场的改革要从资产端、资金端和制度端三方面展开。 锚定三重目标 深化资本市场改革 "'十五五'时期是我国基本实现社会主义现代化夯实基础、全面发力的关键时期，具有承前启后的重要 地位。"吴晓求表示，这一时期，在推动经济结构转型和产业升级迭代的过程中，要发挥金融特别是资 本市场的重要枢纽作用。 在他看来，资本市场未来改革要实现三方面的目标，分别是基础目标、核心目标和愿景目标。 一是基础目标，即排除资本市场中的"雷区"。吴晓求表示，资本市场改革的首要任务是让市场" ...

北京商报讯（记者 马换换 李佳雪）12月6月，"2025北京PE论坛"在北京举办。会上，中国人民大学国 家金融研究院院长、中国资本市场研究院院长、国家一级教授吴晓求以《中国资本市场改革的三个目 标》为题，详细阐述中国资本市场改革的三大目标及实现路径。 吴晓求指出，中国资本市场改革有三大目标：基础目标是消除市场"雷区"，杜绝欺诈行为，通过严厉刑 事处罚等遏制违法违规行为，完善民事赔偿机制；核心目标是让市场成为社会财富管理机制，调整居民 资产结构，预计2030年"十五五"结束时，证券化率达100%；愿景目标是建成新时期国际金融中心，成 为人民币计价资产配置中心，为2035年金融强国目标打下坚实基础。 另外，吴晓求表示，资本市场资产端改革核心是调整上市公司结构，推动高新特精类高科技和科创型企 业成为主体，为私募股权投资创造多元化退出机制。市场需求端改革重点在于扩充流动性、增加资金规 模，要推动保险资金、社保基金、养老金、银行理财资金等大资金进入市场，优化投资者结构。制度端 改革关键是提升市场透明度，需修改相关法律规则，实现处罚机制从行政处罚为主转向刑事处罚和民事 赔偿为主，建立集团诉讼制度。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 专题：2025北京PE论坛 2025年12月6日，由全球PE论坛组委会、北京基金业协会主办的"2025北京PE论坛"在北京成功举办，本 届北京PE论坛以"新链接 新动能 新融合：塑造新质生产力的未来图景"为主题，采用"线上+线下"相结 合的方式展开，得到了近40家境内外地方协会的支持，邀请到近50位境内外演讲嘉宾，包括政府领导、 股权投资机构代表、专家学者、行业协会代表等百余名与会人员到场参会。 当前，中国经济处于转型升级的攻坚期，正从"十四五"迈向"十五五"的高质量发展新阶段。在这样的背 景下，与会人员围绕私募股权投资行业的发展，深入探讨和交流如何通过发展股权投资和创业投资来更 有效地服务新质生产力发展，为中国经济高质量发展贡献股权投资行业的专业力量。 论坛现场 论坛开幕式由中美绿色基金董事长、北京基金业协会副会长徐林主持，北京市政府领导，北京市昌平区 人民政府区长、北京未来科学城管委会主任刘晓东，北京市海淀区委常委、副区长隋晓峰，北京市顺义 区人民政府党组成员、副区长侯颖出席论坛并发表了开幕致辞。 中美绿色基金董事长、 北京基金业协会副会长徐林 北京市政府 ...

Core Viewpoint - The primary function of the capital market is to incentivize social innovation and progress, as emphasized by Wu Xiaoqiu during a seminar on the future of China's capital market [1]. Group 1: Capital Market Reform - The 20th Central Committee's Fourth Plenary Session outlines a comprehensive plan for China's economic and social development over the next five years, marking the "15th Five-Year Plan" as a critical phase for modernization by 2035 [1]. - Capital market reform is identified as a key support for achieving the goals set for this period [1]. Group 2: Ecological Reconstruction of Capital Market - Wu Xiaoqiu proposes three major directions for reconstructing the capital market ecosystem during the "15th Five-Year Plan" [2]. - On the asset side, he praises the role of the Sci-Tech Innovation Board and the Growth Enterprise Market in improving market asset structure, emphasizing the need to attract technology-driven enterprises [2]. - On the funding side, he advocates for relaxing restrictions on long-term funds, such as insurance capital, entering the market, citing the national social security fund's average long-term return of approximately 8% as evidence of potential risk-return alignment [2]. - He stresses the importance of enhancing market confidence and stability, suggesting a transition from a "four-sided" to a "five-sided" market structure, with the central bank acting as a stabilizer [2]. Group 3: Legal and Institutional Framework - Wu Xiaoqiu highlights the core role of legal construction in capital market reform, stating that transparency is the starting point for modern fairness [2]. - He calls for strengthening the responsibilities of intermediary institutions and shifting from primarily administrative penalties to a legal system that balances civil compensation and criminal penalties [2]. - There is an expectation for breakthroughs in opening up the market, including allowing foreign high-tech companies to list in China, contributing to the establishment of a new international financial center [2]. Group 4: Overall Summary - The reform of China's capital market has entered a critical phase of systematic reconstruction, focusing on incentivizing innovation and effectively managing wealth to support the country's journey towards modernization [2].

Core Viewpoint - The Chinese capital market has undergone significant transformation over the past year, moving away from short-term trading mindsets towards a long-term development logic driven by systematic reforms in asset, funding, and institutional aspects [2][3]. Group 1: Market Positioning and Reform Focus - The fundamental shift in understanding the capital market's role as a hub for the economy and modern finance emphasizes its function in wealth management rather than merely financing [3]. - The past year's reforms have concentrated on three main areas: structural transformation of listed companies, improvement of market liquidity, and institutional platform reforms [3][4]. Group 2: Structural Transformation of Listed Companies - The reforms aim to enhance the competitiveness of enterprises by promoting high-tech and innovative companies to become the market's main players, thereby supporting China's industrial upgrade [3][4]. Group 3: Market Liquidity Improvement - There has been a historical focus on supply-side reforms, neglecting the importance of demand-side liquidity; sufficient liquidity is essential for accurate asset pricing and effective value discovery [4]. - The expansion of insurance capital, characterized as "patient capital" and "long-term capital," is crucial for market growth, and regulatory adjustments are being made to facilitate its entry into the market [4]. Group 4: Institutional Platform Reforms - The reforms led by the China Securities Regulatory Commission (CSRC) focus on enhancing market transparency, ensuring fair rules, and strengthening deterrents against illegal activities [4][5]. - A dual penalty mechanism combining criminal and civil penalties is being established to replace the previous administrative penalty model, with systematic adjustments to various market operation rules [5].