Core Viewpoint - The high-level opening of the capital market is an inevitable choice for the maturity of China's financial market and a strategic measure to enhance global resource allocation capabilities and support high-quality development [1] Group 1: Capital Market Opening - The China Securities Regulatory Commission emphasizes promoting deeper and higher-level capital market opening while balancing openness and security [1] - The introduction of foreign medium- and long-term capital will improve market liquidity and pricing efficiency, guiding capital towards national strategic priorities like technological innovation [1] - The removal of foreign ownership limits in various sectors during the 14th Five-Year Plan period and the optimization of cross-border investment mechanisms are significant steps towards enhancing Hong Kong's status as an international financial center [1] Group 2: Investment Trends - As of September 2025, the Shanghai-Hong Kong Stock Connect holds A-shares worth 2.58 trillion RMB, accounting for 2.69% of the A-share circulating market value [2] - From January to September this year, southbound funds net purchased 1.17 trillion HKD in Hong Kong stocks, becoming a crucial liquidity provider for the market [2] - The optimization of the Qualified Foreign Institutional Investor (QFII) system aims to create a more transparent, convenient, and efficient market ecosystem, responding to international investors' concerns about stability and predictability [2] Group 3: Risk Management - High-level opening of the capital market must be accompanied by a robust risk prevention system to manage cross-border risks effectively [3] - The balance between "institutional opening" and "regulatory resilience" is essential for sustainable development, with international regulatory cooperation serving as a safety valve [3] - The establishment of a sensitive market risk monitoring system through technology is crucial for enhancing risk prevention capabilities [3]

■"资本市场高质量发展新脉络"系列述评之四 统筹开放与安全 资本市场高水平开放迈向纵深 ◎记者 汤立斌 资本市场高水平对外开放，既是中国金融市场迈向成熟阶段的必然选择，也是提升全球资源配置能力、 支撑高质量发展的战略举措。中国证监会党委日前在传达贯彻党的二十届四中全会精神时强调，着力推 动资本市场开放迈向更深层次、更高水平。统筹开放与安全，有序推进市场、产品和机构双向开放。深 化国际监管合作，切实提升开放环境下的风险防控水平和监管能力。 南开大学金融发展研究院院长田利辉在接受上海证券报记者采访时说，统筹开放与安全，核心在于实 现"制度型开放"与"监管韧性"的动态平衡。在他看来，深化国际监管合作是保障开放行稳致远的"安全 阀"。下一步，要筑好"防波堤"，通过跨境监管备忘录和联合执法，重点防范热钱大进大出和跨境违法 违规风险，还要练好"内功"，运用科技赋能，建立更敏锐的全市场风险监测体系。 "开放不是一放了之，而是在深度互动中，锤炼出一套与复杂开放环境相匹配的现代监管体系。归根结 底，安全的深度决定了开放的高度。"田利辉说。 统筹开放与安全，是推动中国资本市场高水平开放迈向纵深必须答好的时代考卷。可以预期，随着市 ...