21世纪经济报道 记者 崔文静 北京报道"资本市场所有的问题，未来整个'十五五'时期最重要的是有没有 雷，现在很多上市公司在埋雷，中介机构在帮助埋雷，所以我们很怕踩雷。"11月27日，国家一级教 授、中国人民大学原副校长、国家金融研究院院长吴晓求在"2025搜狐财经年度论坛"上发表演讲时，以 鲜明的观点直指当前市场关切的核心。 他在主题分享中强调，经过五年的改革，"十五五"时期的核心诉求与目标，是让中国市场"没有雷了"。 为实现这一目标，他呼吁建立最严厉的法律威慑体系，让违法者"不敢作假"，从而构建健康的市场生 态。 对于如何破解消费扩张难题，吴晓求系统性地提出了三大核心路径。 首要的是提高收入水平。他明确指出，"在其他条件不变的情况下，收入不增长，消费很难有效的扩 张。"而收入的增长从根本上依赖于就业，这就需要切实发展好民营经济和国有经济，以创造更充分的 就业岗位。 在论述资本市场问题时，吴晓求的语气尤为坚定。他将"十五五"时期资本市场健康发展的目标归结为朴 实而关键的一点："没有雷了"。 他直指问题核心，并提出了具体的法治化解决方案：要想市场无雷，就必须对埋雷者及协助者施以最严 厉的法律威慑，令其不敢作假 ...

在全球经济格局持续调整、国际贸易环境复杂多变的背景下，人民币国际化成为中国应对外部冲击、提升国际竞争力的重要战略工具。近期发布的"十五 五"规划建议明确提出，推进人民币国际化，提升资本项目开放水平，建设自主可控的人民币跨境支付体系。推进全球经济金融治理改革，推动构建和维护 公平公正、开放包容、合作共赢的国际经济秩序。在这一背景下，人民币国际化面临哪些有利条件与挑战，又该如何稳步推进，成为关注焦点。 第六次中央金融工作会议提出建设金融强国，其中第一个目标是要"打造强大的人民币"，这意味着，人民币国际化进入新阶段，具备顶层设计支持，也具备 战略必要性。在国际经济环境复杂多变的条件下，加快人民币国际化成为维护国家经济利益和应对外部冲击的重要手段。 未来推进国际化必须以稳定、可信的人民币为基础。 在11月21日举行的"2025第一财经金融价值年会"上，广开首席产业研究院院长兼首席经济学家、中国首席经济学家论坛理事长连平发表题为《人民币国际 化"十五五"前瞻》的主旨演讲。他认为，"十五五"时期应大幅加快人民币国际化进程，这是中国在新阶段应对外部冲击、提升国际竞争力、构建金融强国的 必然选择。 连平认为，人民币中长期将保 ...

Core Viewpoint - Recent announcements from multiple banks reiterate the prohibition of using credit card funds for stock and investment purposes, reflecting a proactive approach to prevent potential financial risks amid a rising A-share market [2][3][4]. Group 1: Regulatory Measures - Banks have emphasized that credit card funds cannot be used for investments, a regulation that has been in place since June 2022, aimed at controlling the flow of funds into restricted areas [2][3]. - The recent reminders from banks come at a time when the A-share market is experiencing significant growth, indicating a heightened risk of credit card funds being misused for stock trading [2][4]. Group 2: Market Context - As of August 2025, the average profit for individual investors in the A-share market is projected to be 21,500 yuan, which may encourage more retail investors to seek funding for stock investments [3]. - Historical instances, such as the 2015 market crash, highlight the dangers of allowing bank funds to enter the stock market, leading to high leverage and subsequent market turmoil [4]. Group 3: Financial Risks - The annualized cost of cashing out credit cards typically exceeds 18%, which is significantly higher than standard loan rates, posing a financial risk to investors who may be tempted to use credit for stock trading [3][4]. - The potential for a "herd effect" exists, where a large influx of retail investors using high-cost funds could artificially inflate market prices, increasing the risk of a market crash [3][4]. Group 4: Recommendations for Prevention - To effectively prevent the misuse of credit card funds in the stock market, a combination of technological and regulatory measures is recommended, including big data monitoring and enhanced risk control systems [4][5]. - Stricter penalties for violators, such as credit limit reductions and legal repercussions, are suggested to deter the misuse of credit cards for stock trading [5].

Core Points - The National Taxation Administration reported that over 3,500 securities institutions withheld and paid personal income tax exceeding 10 billion yuan in the first half of the year, with tax revenue allocated to the location of listed companies [1] - A new regulation effective from December 27, 2024, mandates that the tax location for personal income tax on the transfer of restricted shares is the location of the listed company, preventing tax source migration [1] - The adjustment in tax location is expected to enhance local financial resources, promote healthy capital market development, and accelerate the establishment of a unified national market [1]

Core Viewpoint - The article emphasizes the need for private enterprises, especially family-owned businesses, to reform their ownership structures to enhance corporate governance and mitigate risks to the capital market [1][2][3] Group 1: Corporate Governance Issues - The "one-share dominance" ownership structure prevalent in private enterprises hinders the improvement of corporate governance, leading to absolute control by major shareholders and a lack of checks and balances within the organization [2] - Unlike state-owned enterprises, where a dominant share structure is necessary for state control, private enterprises must adopt a more balanced ownership model to foster better governance [2] Group 2: Capital Market Implications - The current ownership structure of private enterprises poses potential risks to the capital market, as controlling shareholders may treat the stock market as a cash machine, leading to significant market pressure and undermining investor confidence [2] - The article suggests that private enterprises, particularly those planning to go public, should abandon the "one-share dominance" model to protect the health of the capital market and investor interests [2][3] Group 3: Recommendations for IPO-bound Private Enterprises - For private enterprises planning an IPO, it is recommended to reduce the controlling shareholder's stake to below 30% and increase the proportion of circulating shares to at least 50% of the total share capital, which would alleviate the "one-man rule" issue and lay the groundwork for improved governance [3] - Further regulations on major shareholder's selling behavior, such as restricting sales through the secondary market when their stake falls below 20%, could significantly reduce market impact and contribute to the stability of the capital market [3]