党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下 简称《建议》）提出，提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能。这 是以习近平同志为核心的党中央科学研判、准确把握"十五五"时期国际国内形势，紧紧围绕基本实现社 会主义现代化目标，从全局高度作出的重大战略部署，为做好资本市场改革发展稳定各项工作指明了前 进方向、提供了根本遵循。我们必须深入学习、认真领会，坚决抓好贯彻落实。 一、深刻认识提高资本市场制度包容性、适应性的重大意义 党的十八大以来，习近平总书记对资本市场高度重视，先后作出一系列重要指示批示。2023年中央金融 工作会议提出，加快建设安全、规范、透明、开放、有活力、有韧性的资本市场。2024年中央经济工作 会议指出，深化资本市场投融资综合改革，打通中长期资金入市卡点堵点，增强资本市场制度的包容 性、适应性。2025年7月30日中央政治局会议强调，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。《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》（以下简称 新"国九条"）也对增强资本市场制度竞争力、提升对新产业新业 ...

Core Viewpoint - The strategic deployment of enhancing the inclusiveness and adaptability of the capital market, as outlined in the "14th Five-Year Plan," serves as a guiding principle for the reform and development of the capital market [1][2]. Group 1: Key Tasks and Measures - Six key tasks for enhancing the inclusiveness and adaptability of the capital market during the "14th Five-Year Plan" period have been identified: 1. Actively develop direct financing through equity and bonds 2. Foster more high-quality listed companies 3. Create a more attractive environment for long-term investments 4. Improve the scientific and effective nature of capital market regulation 5. Gradually expand high-level institutional openness in the capital market 6. Build a standardized, inclusive, and vibrant capital market ecosystem [2][4][5]. Group 2: Emphasis on Innovation and Public Benefit - The inclusiveness of the capital market is characterized by its ability to accept new economic forces and concern for the welfare of the majority of investors. It should identify and serve new industries, business models, and technologies, acting as a core "booster" for the development of new productive forces [4][5]. - The capital market is seen as a platform for the public to share in the economic development, with over 200 million stock investors and 700 million fund investors in China. The implementation of new policies has led to a stable recovery in the capital market, with projected cash dividends for investors reaching 2.4 trillion yuan in 2024 [6]. Group 3: Regulatory Adaptability and Market Stability - The adaptability of the capital market emphasizes the ability of the regulatory system to respond to internal and external changes, guiding and regulating market innovation. This includes building a comprehensive and efficient regulatory system for securities and futures [7][8]. - The focus is on enhancing the stability of the capital market by strengthening risk prevention and resolution mechanisms, utilizing modern technologies like big data and artificial intelligence to identify illegal activities and risks [7][9]. Group 4: International Competitiveness and Open Market - Expanding the high-level institutional openness of the capital market is crucial for enhancing its inclusiveness and adaptability. The recovery of the valuation of RMB assets since 2025 has increased global capital's willingness to invest in the domestic market [8][9]. - The approach involves promoting coordinated development between onshore and offshore markets, facilitating efficient capital flow, and improving the participation of foreign investors in the domestic capital market [8][9].

Core Viewpoint - The recent articles by key financial leaders emphasize the need for reforms in China's capital market, monetary policy, and government debt management to enhance inclusivity, adaptability, and overall economic growth [1][3][20]. Group 1: Capital Market Reforms - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, highlights the importance of improving the inclusivity and adaptability of the capital market to better serve new productive forces and ensure that development benefits the broader population [3][4]. - Wu Qing advocates for more inclusive issuance and listing systems, particularly for technology companies, to support innovation and address the unique challenges they face [4][6]. - There is a call for a multi-layered market system that meets diverse investor needs and enhances the overall investment experience [4][5]. Group 2: Monetary Policy Enhancements - The Governor of the People's Bank of China (PBOC), Pan Gongsheng, stresses the need to strengthen the role of central bank policy rates and improve the transmission mechanism of monetary policy [14][15]. - Pan emphasizes the importance of maintaining a flexible exchange rate system and preventing excessive fluctuations to support macroeconomic stability [16][18]. - There is a focus on enhancing the financial system's ability to respond to economic fluctuations and ensuring the safety of significant financial institutions and foreign reserves [18][17]. Group 3: Government Debt Management - The Minister of Finance, Lan Fo'an, outlines plans to optimize government investment strategies and encourage private capital participation in major projects during the 15th Five-Year Plan period [20][21]. - Lan emphasizes the need for a long-term government debt management mechanism that aligns with high-quality development, including strict oversight of local government debt [22]. - The strategy includes increasing residents' income through various channels and optimizing the income distribution structure to boost consumption [21].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes enhancing the resilience and risk resistance of the capital market, improving the inclusiveness and adaptability of market systems, and strengthening regulatory effectiveness and deterrence, while promoting deeper and higher-level market openness [1][2]. Group 1: Capital Market Resilience and Risk Management - The CSRC aims to cultivate a high-quality group of listed companies and improve the market ecology for long-term investments, thereby strengthening the internal foundation for market stability [2]. - The focus is on enhancing the resilience and risk resistance of the capital market through comprehensive reforms in investment and financing [2]. Group 2: Market System Improvement - The CSRC plans to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, leveraging the functions of multi-tiered equity markets such as the New Third Board and private equity [2]. - There is an emphasis on reinforcing the functions of the bond and futures markets to improve the overall market system [2]. Group 3: Regulatory Effectiveness - The CSRC intends to intensify the crackdown on various illegal activities in securities and futures, advancing digital and intelligent regulation to enhance regulatory efficiency and investor protection [2]. - The focus is on strict law enforcement and improving the legal framework of the capital market [2]. Group 4: Market Openness - The CSRC aims to promote a higher level of openness in the capital market, balancing openness with security, and advancing the dual-directional opening of markets, products, and institutions [2]. - There is a commitment to building a world-class exchange and supporting Hong Kong's status as an international financial center [2]. Group 5: Party Discipline and Team Building - The CSRC emphasizes strengthening party discipline and the construction of its workforce, ensuring accountability in political responsibilities and promoting a culture of integrity [2]. - The focus is on continuous improvement in the regulatory team's capabilities and effectiveness [2][3].

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasizes the need to enhance the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital market to better serve the "14th Five-Year Plan" development goals and the construction of a financial power [1] Group 1 - The focus is on strengthening the resilience and risk resistance capabilities of the capital market [1] - There is an emphasis on cultivating and developing a high-quality group of listed companies and improving the market ecology for long-term investment [1] - The establishment of long-term stabilization mechanisms is highlighted to solidify the internal foundation for market stability [1] Group 2 - The need to enhance the inclusiveness and adaptability of capital market systems is stressed [1] - Reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market are to be deepened, with a focus on the nurturing functions of multi-tiered equity markets such as the New Third Board, private equity, and venture capital [1] - The effectiveness and deterrent power of regulatory enforcement will be improved, with a focus on cracking down on various illegal activities in securities and futures [1] Group 3 - The push for capital market openness includes orderly advancement of both market and product institutional openings [1] - There is a call to accelerate the construction of world-class exchanges [1]

Core Viewpoint - The meeting emphasized enhancing the resilience and risk resistance of the capital market, improving the inclusiveness and adaptability of market systems, and strengthening regulatory enforcement effectiveness and deterrence [1][3][4]. Group 1: Capital Market Resilience and Stability - Focus on cultivating and developing a high-quality group of listed companies, improving the "long money long investment" market ecology, and strengthening long-term market stability mechanisms [2][4]. - Continuous consolidation of the internal foundation for market stability [2][4]. Group 2: Regulatory Improvements - Enhance the effectiveness and deterrence of regulatory enforcement by strictly combating various securities and futures violations, accelerating digital and intelligent regulation, and strengthening the rule of law in the capital market [2][4][5]. - Improve the protection of investor rights and interests [4]. Group 3: Market Openness and International Cooperation - Promote deeper and higher-level capital market openness, coordinating safety and openness, and orderly advancing the two-way opening of markets, products, and institutions [2][5]. - Support Hong Kong in consolidating and enhancing its status as an international financial center and deepen international regulatory cooperation to improve risk prevention and regulatory capabilities in an open environment [5]. Group 4: Party Discipline and Team Building - Strengthen the party's discipline and the construction of the regulatory team, ensuring strict governance and promoting a culture of integrity within the China Securities Regulatory Commission [2][5]. - Emphasize the importance of learning and implementing the spirit of the 20th Central Committee's Fourth Plenary Session as a major political task [5].