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].

吴晓求还提到制度环境建设的重要性。"中国要迈向发达国家行列，需构建能够孕育原创思想和科学技术的制度土壤。资本市场的深层改革要为创新提供不 可或缺的制度性激励，为中国经济长期发展注入原创动力。" 围绕"十五五"时期资本市场改革的具体路径，吴晓求提出，首要任务是"重构市场生态链"，推动从过去偏重融资功能，转向以"激励创新"和"财富管理"为核 心的新生态。这要求健全法治基础，大幅提升对违法违规行为的处罚力度，从以行政处罚为主转向民事赔偿与刑事处罚并重的追责体系。 在推进结构性改革方面，吴晓求表示要着力优化市场结构。资产端要大力提升上市公司质量，"要下决心重构市场的资产端，积极推动更多科技创新型企业 上市。这个市场能否产生财富效应、是否具备长期投资价值，关键在于它能否培育出一批代表中国未来产业发展方向的高科技企业。"在资金端，他建议解 除对大资金进入市场的约束，"当前正在推进的一项关键改革，就是重构资金端，旨在解除制度约束，释放保险资金等长期资本的市场活力。同时，要充分 发挥中央银行在稳定市场预期中的积极作用。" 关于对外开放，吴晓求建议，应推动当前管道式开放向全面开放过渡，不仅吸引全球资本，也研究吸引境外优质企业来 ...