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 ...

Core Insights - The article emphasizes the strategic goal of building a strong financial nation under the leadership of the Communist Party of China, highlighting significant achievements in financial reform and modernization [1] Group 1: Financial System Development - The financial system in China has seen comprehensive reforms, with a focus on enhancing governance and modernizing the financial governance framework [2] - As of the "14th Five-Year Plan" period, the total assets of the banking and insurance sectors have exceeded 500 trillion yuan, with an average annual growth rate of 9% over the past five years [2] - The number of financial institutions has increased, with 143 Chinese banks listed among the global top 1,000, and six of the top ten banks being Chinese [2] Group 2: Financial Services to the Real Economy - Over the past five years, the banking and insurance sectors have provided an additional 170 trillion yuan in funding to the real economy through various financial instruments [3] - Loans to small and micro enterprises have reached 36 trillion yuan, which is 2.3 times the amount at the end of the "13th Five-Year Plan" period, with interest rates decreasing by 2 percentage points [3] - The insurance sector has paid out 9 trillion yuan in claims, a 61.7% increase compared to the previous five-year period [3] Group 3: Financial Regulation and Risk Management - The financial regulatory system has undergone significant reforms, with a focus on enhancing regulatory effectiveness and implementing a multi-tiered regulatory framework [4] - The regulatory authority has imposed penalties on 20,000 institutions and 36,000 individuals, with a total fine amounting to 21 billion yuan [4] - The risk management strategy has successfully reduced the number of high-risk financial institutions and their asset scale significantly [5][7] Group 4: Financial Opening and Internationalization - The financial sector has seen steady progress in opening up, with over 10 trillion yuan held by foreign institutions and individuals in domestic stocks, bonds, and deposits [8] - The People's Bank of China has signed bilateral currency swap agreements with 32 countries, enhancing the international use of the renminbi [9] - The establishment of Shanghai as a global center for renminbi asset allocation and risk management is underway, promoting international participation in the financial market [9] Group 5: Business Environment Improvement - The cross-border trade and investment facilitation levels have significantly improved, with nearly 300 billion USD in related transactions since the beginning of the "14th Five-Year Plan" [10] - Policies have been upgraded to enhance cross-border financing for high-tech and small enterprises, with over 16,000 companies assisted in financing [10]

Group 1 - The core viewpoint of the articles highlights the significant achievements of China's financial sector during the "14th Five-Year Plan" period, emphasizing the deepening of financial reforms and the enhancement of financial services to the real economy [1][3][5] - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first in the world, with stock and bond market sizes also ranking second globally [1] - The People's Bank of China (PBOC) has adopted a supportive monetary policy stance, focusing on maintaining internal and external balance while promoting economic recovery and financial market stability [7][8] Group 2 - Financial system reforms have been further deepened, with the establishment of new regulatory bodies such as the Central Financial Committee, enhancing governance efficiency [3] - The quality of financial services to the real economy has significantly improved, with annual growth rates exceeding 20% for loans to technology-based SMEs, inclusive micro-enterprises, and green loans during the "14th Five-Year Plan" [3][5] - The number of high-risk small and medium-sized banks has been significantly reduced, with a decrease of over 60% in financing platform numbers and over 50% in financial debt scale as of June 2023 [5][4] Group 3 - The internationalization of the Renminbi has progressed, with the currency becoming the largest settlement currency for China's external payments and ranking third in the IMF's Special Drawing Rights basket [6] - Financial market openness has been steadily deepened, with foreign institutions holding over 10 trillion yuan in domestic stocks and bonds by the end of July 2023 [6] - The PBOC is committed to maintaining a stable macroeconomic environment and will utilize various monetary policy tools to ensure ample liquidity and support effective investment [8]

Group 1 - The core viewpoint of the article highlights the significant achievements of China's financial sector, including the total assets of the banking industry reaching nearly 470 trillion yuan, ranking first in the world [1] - The stock and bond market sizes rank second globally, while foreign exchange reserves have maintained the world's largest position for 20 consecutive years [1] Group 2 - The "14th Five-Year Plan" emphasizes further financial system reforms, including the establishment of the Central Financial Committee to enhance centralized leadership over financial work [2] - The plan aims to accelerate the construction of a modern financial system and promote high-quality development of the financial industry [2] Group 3 - Financial services for the real economy have significantly improved, with a supportive monetary policy stance and the initial formation of a modern monetary policy framework [4] - During the "14th Five-Year" period, loans to technology-based small and medium-sized enterprises, inclusive small and micro loans, and green loans are expected to grow at an annual rate exceeding 20% [4] Group 4 - Continuous progress in financial reform and opening up is noted, with a focus on supply-side structural reforms and deepening financial institution reforms [6] - The development of a multi-level financial market and optimization of financial structure are key objectives, along with promoting high-level bilateral openness and enhancing participation in international financial governance [6]

Core Insights - China's financial sector has achieved significant milestones under the strong leadership of the Central Committee, with total banking assets reaching nearly 470 trillion yuan, ranking first globally [2] - The financial system has been restructured to enhance governance and regulatory effectiveness, aligning with the strategic goal of building a financial powerhouse [2] - The banking and insurance sectors have provided 170 trillion yuan in new funds to the real economy over the past five years, with notable growth in loans for scientific research, manufacturing, and infrastructure [3] Group 1: Financial Achievements - As of mid-2023, China's banking sector holds total assets of approximately 470 trillion yuan, leading the world [2] - The stock and bond markets rank second globally in terms of size, while foreign exchange reserves have maintained the top position for 20 consecutive years [2] - The banking and insurance industries have contributed significantly to the real economy, with annual growth rates of 27.2% for scientific research loans, 21.7% for manufacturing loans, and 10.1% for infrastructure loans [3] Group 2: Risk Management - The China Securities Regulatory Commission (CSRC) has enhanced its regulatory framework, resulting in a 58% increase in administrative penalties for financial misconduct during the 14th Five-Year Plan period [4] - The A-share market has shown improved resilience and risk management capabilities, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points compared to the previous five-year period [4] - China's foreign exchange reserves have remained stable above 3 trillion USD, providing a crucial stabilizing effect on the economy amid external pressures [4]

7月30日召开的中共中央政治局会议提出，增强国内资本市场的吸引力和包容性，巩固资本市场回稳向 好势头。东吴证券首席经济学家芦哲表示，增强资本市场的吸引力和包容性，本质上是通过制度创新、 市场开放和生态优化，构建一个高效配置资源、广泛服务各类主体、兼顾风险与收益平衡的现代金融体 系。"吸引力体现为对境内外资金、优质企业的持续虹吸效应，包容性则表现为对不同发展阶段、不同 所有制、不同行业企业的全覆盖支持，以及对中小投资者合法权益的切实保障。"他说。(上海证券报) ...