"十四五"期间，证券监管部门坚持监管"长牙带刺"、有棱有角，不断完善全链条监管体系，坚决打 击违法违规行为，公平公正的市场环境进一步形成。统计显示，"十四五"期间，中国证监会对财务造 假、操纵市场、内幕交易等案件作出行政处罚2214份，罚没414亿元，较"十三五"分别增长58%和 30%，执法震慑进一步增强，透明度进一步提高，市场生态进一步净化。 与此同时，面对个人投资者数量众多的资本市场最大市情，过去5年，中国证监会坚决贯彻以人民 为中心的发展理念，多措并举保护投资者尤其是广大中小投资者的合法权益。 "四梁八柱"的法规制度体系建构成型 "在资本市场的发展中，法治发挥着重要的固根本、稳预期、利长远作用。"中国证监会首席律师程 合红近日在中国法学会证券法学研究会2025年年会上表示，党的十八大以来，中国证监会依法治市、规 则先行，推进形成了比较齐备的资本市场法律体系，总体上实现了各类市场行为和监管活动有法可依、 有章可循，有力支持和保障了资本市场稳定发展。 "十四五"期间，资本市场"四梁八柱"的法规制度体系建构成型，以新证券法实施为契机，相关法规 制度得到了系统"立改废释"，期货和衍生品法、私募基金监管条例等一 ...

Core Insights - The press conference highlighted significant achievements in China's financial sector during the "14th Five-Year Plan" period, emphasizing the modernization and reform of the financial system, improved financial services, and enhanced risk management capabilities [1][5][10]. Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, with stock and bond market sizes second in the world [1]. - The financial system has seen a comprehensive deepening of reforms, with a more robust governance structure and improved financial service quality and efficiency [5][10]. - The financial sector's international competitiveness and influence have significantly increased, with 143 Chinese banks listed among the global top 1000 [10]. Financial Services to the Real Economy - The financial services provided to the real economy have improved significantly, with a focus on supporting major national strategies and addressing weak links in economic development [6][11]. - Loans to technology-based small and micro enterprises, as well as green loans, have seen an annual growth rate exceeding 20% during the "14th Five-Year Plan" [6]. Financial Risk Management - Important progress has been made in preventing and mitigating financial risks, with a focus on orderly resolution of prominent risk points in the financial sector [7][10]. - The overall health of the financial system remains stable, with key regulatory indicators showing positive trends [10]. Capital Market Developments - The capital market has experienced steady growth in both quantity and quality, with a robust regulatory framework established during the "14th Five-Year Plan" [13][14]. - The total market capitalization of A-shares surpassed 100 trillion yuan in August 2023, reflecting a significant increase in market activity [13]. Foreign Exchange Management - China's foreign exchange reserves have remained stable above 3 trillion USD since the beginning of the "14th Five-Year Plan," providing a strong economic stabilizer [16][18]. - The foreign exchange service environment has been optimized, significantly reducing administrative burdens and enhancing efficiency for enterprises [17].

Core Viewpoint - The past five years have been unusual for the capital market, with a focus on risk prevention, strong regulation, and promoting high-quality development, leading to a stable and healthy market environment [2]. Group 1: Achievements in Financial Development - The regulatory framework has been significantly improved, with the implementation of the new Securities Law and over 60 supporting rules introduced, establishing a solid foundation for stable market development [4]. - The multi-tiered equity market has been developed, with the A-share market's total market value surpassing 100 trillion yuan for the first time, and a variety of innovative financial products being introduced [4]. - Direct financing has increased, with total financing through stock and bond markets reaching 57.5 trillion yuan, and the proportion of direct financing rising to 31.6% [5]. Group 2: Market Stability Mechanisms - A collaborative mechanism for market stability has been gradually improved, enhancing the resilience and risk resistance of the A-share market, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points [6]. - A fair and just market environment has been established, with a significant increase in administrative penalties for financial misconduct, reflecting a stronger enforcement and improved market transparency [6]. Group 3: Capital Market Reform and Opening Up - Major breakthroughs in investment-side reforms have been achieved, with a focus on investor interests and the introduction of measures to facilitate long-term capital inflow, resulting in a 32% increase in the market value held by various long-term funds [8]. - Continuous deepening of financing-side reforms has been observed, with the stock issuance registration system fully implemented and various measures introduced to support new production capacity [8]. - The high-level institutional opening of the capital market has been steadily expanded, with the cancellation of foreign ownership limits and the establishment of a more comprehensive overseas listing filing system [9]. Group 4: Regulatory Enhancements - The regulatory framework has been strengthened to maintain market stability, with a focus on early warning systems and cross-market risk prevention [11]. - Significant efforts have been made to reduce risks in key areas, with the bond default rate maintained at around 1% and the closure of numerous fraudulent financial institutions [12]. - The effectiveness and deterrence of regulatory enforcement have been greatly enhanced, with a comprehensive system established to combat financial fraud and protect investor rights [13][14].