Core Viewpoint - The article emphasizes the need for a restructured capital market in China during the "14th Five-Year Plan" period, focusing on its role in resource allocation, technological innovation, and industrial upgrading, while aligning with the government's strategic goals for high-quality development [3][4][5]. Group 1: Importance of Capital Market - The capital market is recognized as a crucial hub for modern economic and financial systems, playing a significant role in resource allocation and innovation [6]. - The recognition of the capital market's strategic position is essential for China's modernization, particularly in fostering an innovative society [6][7]. - The article highlights the importance of original innovation for sustainable economic growth, stressing the need for a conducive environment for such innovation [7][11]. Group 2: Cultural and Institutional Foundations - A culture of inclusivity and openness is vital for fostering innovation, as diverse ideas and smooth communication can lead to technological advancements [8][10]. - Institutional frameworks must balance constraints and incentives, ensuring that innovators are rewarded adequately to encourage further advancements [10][11]. - The article argues that the progress of China's economy over the past 40 years is largely due to institutional improvements and the ability to absorb advanced technologies from developed countries [11]. Group 3: Restructuring the Capital Market Ecosystem - The capital market's ecosystem needs to be redesigned to meet new responsibilities and support the goal of becoming a "financial powerhouse" [14]. - The restructuring involves three key areas: the asset side, the funding side, and the regulatory framework [15][17][19]. - The asset side must attract global investors by providing risk-adjusted returns that exceed the risk-free rate, which is currently around 1% to 1.5% in China [15][16]. Group 4: Funding and Regulatory Reforms - The funding side must address the overgeneralization of market risks that has deterred large institutional investments, allowing for a more significant influx of capital [17][18]. - Regulatory reforms should focus on enhancing market transparency and ensuring that violations are met with appropriate penalties to foster a healthy market environment [19]. - The article suggests that achieving a market value of 200 trillion yuan by the end of the "14th Five-Year Plan" is feasible if institutional improvements and reforms are effectively implemented [20].

一是改革资产端，为投资者提供与风险相匹配的长期回报；二是改革资金端，破除制度约束，引入社保 基金、养老金等长期机构资金，稳定市场基础；三是改革制度端，以确保市场透明度为核心，并大幅提 升违规违法成本。 吴晓求认为，通过这一系列深刻的生态重塑，将有力推动中国资本市场迈向更高水平的制度型开放，从 而更好地服务于国家创新驱动发展战略和金融强国建设。 （文章来源：中国新闻网） 中国人民大学原副校长、国家金融研究院院长吴晓求18日在北京表示，资本市场生态链亟待进行系统性 重塑。 吴晓求是在当天举行的通州·全球发展论坛(2025)的分论坛"全球资本市场发展新格局——机遇、挑战与 创新路径"上作如是表述的。 当天，吴晓求以"'十五五'时期中国资本市场改革重点和发展目标"为题发表主旨演讲。他表示，中国资 本市场的战略定位已提升至前所未有的新高度，其核心功能应从传统的融资渠道转变为激励社会创新和 推动财富管理的机制，资本市场生态链亟待进行系统性重塑。 ...