2月1日出版的《求是》杂志发表习近平总书记重要文章《走好中国特色金融发展之路，建设金融强 国》。习近平总书记指出："我国金融必须守好服务实体经济本分，推动高质量发展，决不能脱实向 虚。" 实体经济是金融的根基，金融是实体经济的血脉，服务实体经济是金融的天职。近年来，金融系统坚持 把金融服务实体经济作为根本宗旨，持续做好金融"五篇大文章"，我国在绿色金融、普惠金融、数字金 融等方面走在世界前列。本版约请金融业从业人员、企业负责人和相关专家，探讨如何走好中国特色金 融发展之路，以金融高质量发展更好服务实体经济。 ——编者 为实体经济提供高质量金融服务 金融必须守好服务实体经济本分，围绕国家重大战略和政策传导落实，企业的多样化多元化金融需求， 广大人民追求美好生活的需要，深化金融供给侧结构性改革，为实体经济提供高质量金融服务。 首先，要服务好国家重大战略落地和政策落实。金融具有资金资源配置功能，可以引导资金流向，推动 国家重大战略和政策更有效落实。近期，在财政政策上，有关部门增加、优化贷款贴息，实施民间投资 专项担保计划，在货币政策上，降低结构性货币政策工具利率。金融业要积极主动作为，实现财政政策 与货币政策的协同 ...

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, outlines a series of reform measures aimed at promoting high-quality development of the capital market during the 14th Five-Year Plan period, emphasizing the need for deeper reforms to enhance market inclusiveness and competitiveness in the face of global changes and technological innovation [1] Group 1: Support for Innovation Capital Formation - New industries and business models, particularly in artificial intelligence and biomedicine, require larger and more flexible capital investments due to their high costs and long return cycles, necessitating a supportive financing environment [2] - The CSRC has been deepening reforms in areas such as issuance and listing, mergers and acquisitions, and equity incentives to optimize the system and product supply, facilitating resource allocation towards innovation [2] - The introduction of the "1+6" policy for the Sci-Tech Innovation Board has improved listing standards and financing channels for quality tech companies, enhancing market efficiency and transparency [2] Group 2: Expansion of Foreign Investment - The CSRC is working to steadily expand high-level institutional openness in response to the evolving global economic landscape, with a focus on enhancing the attractiveness of Chinese assets to foreign investors [4][6] - The newly released optimization plan for the Qualified Foreign Institutional Investor (QFII) system aims to streamline the approval process and improve operational efficiency for foreign investors, encouraging long-term capital allocation in China [5] - As of now, there are 913 QFIIs in China, with a total asset scale exceeding 1 trillion RMB, indicating a robust framework for foreign investment [5] Group 3: Enhancing Investor Protection - The CSRC emphasizes the importance of protecting investors, particularly small and medium-sized investors, by strengthening risk prevention and regulatory measures [7] - A new set of 23 practical measures has been introduced to enhance investor protection throughout the issuance, listing, and delisting processes, aiming to create a fair trading environment [8] - The measures focus on establishing a comprehensive protection network that includes pre-warning, real-time regulation, and post-recovery mechanisms, thereby improving investor confidence and market integrity [8]

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need for larger-scale patient capital investment and a more flexible and inclusive financing environment to better support the formation of innovative capital and the cultivation of innovative momentum in new industries and new business formats [1] Group 1 - New industries and new business formats require significant capital investment [1] - A flexible and inclusive financing environment is essential for supporting innovation [1] - The focus is on fostering innovative capital formation and momentum [1]

Group 1 - The 2025 Lujiazui Forum was held in Shanghai on June 18-19, focusing on financial openness and high-quality development amid global economic changes [1][3] - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the need to enhance the role of the Sci-Tech Innovation Board as a "testing ground" for reforms [1][4] Group 2 - The integration of technological and industrial innovation requires better utilization of the capital market's hub function, as highlighted by the rapid development of frontier technologies [4][5] - The capital market can provide comprehensive services from venture capital to public offerings, catering to different stages of enterprise development [5][6] Group 3 - Significant structural changes in China's capital market have facilitated a virtuous cycle among technology, capital, and industry, with a multi-tiered market system effectively covering tech innovation [6][7] - A-share listed companies' R&D investment reached 1.88 trillion yuan in 2024, accounting for over half of the total R&D expenditure in society [6][7] Group 4 - The CSRC plans to deepen capital market reforms and enhance the ecosystem to support comprehensive innovation, focusing on the Sci-Tech Innovation Board and the Growth Enterprise Market [8][10] - New measures include the introduction of a growth layer on the Sci-Tech Innovation Board and the support for unprofitable tech companies to list under specific standards [8][9] Group 5 - The CSRC aims to strengthen the synergy between equity and debt financing to better serve tech innovation, including the development of innovative bond products [9][10] - There is a focus on nurturing patient capital and long-term investments, encouraging participation from social security funds and insurance capital in private equity [9][10] Group 6 - The capital market will support technology-driven listed companies in enhancing their core competitiveness and operational performance, ensuring better returns for investors [10][11] - The CSRC is committed to creating a more open and inclusive capital market, facilitating foreign investment and enhancing the participation of global investors [10][11]