Core Viewpoint - The primary function of the capital market is to incentivize social innovation and progress, as emphasized by Wu Xiaoqiu during a seminar on the future of China's capital market [1]. Group 1: Capital Market Reform - The 20th Central Committee's Fourth Plenary Session outlines a comprehensive plan for China's economic and social development over the next five years, marking the "15th Five-Year Plan" as a critical phase for modernization by 2035 [1]. - Capital market reform is identified as a key support for achieving the goals set for this period [1]. Group 2: Ecological Reconstruction of Capital Market - Wu Xiaoqiu proposes three major directions for reconstructing the capital market ecosystem during the "15th Five-Year Plan" [2]. - On the asset side, he praises the role of the Sci-Tech Innovation Board and the Growth Enterprise Market in improving market asset structure, emphasizing the need to attract technology-driven enterprises [2]. - On the funding side, he advocates for relaxing restrictions on long-term funds, such as insurance capital, entering the market, citing the national social security fund's average long-term return of approximately 8% as evidence of potential risk-return alignment [2]. - He stresses the importance of enhancing market confidence and stability, suggesting a transition from a "four-sided" to a "five-sided" market structure, with the central bank acting as a stabilizer [2]. Group 3: Legal and Institutional Framework - Wu Xiaoqiu highlights the core role of legal construction in capital market reform, stating that transparency is the starting point for modern fairness [2]. - He calls for strengthening the responsibilities of intermediary institutions and shifting from primarily administrative penalties to a legal system that balances civil compensation and criminal penalties [2]. - There is an expectation for breakthroughs in opening up the market, including allowing foreign high-tech companies to list in China, contributing to the establishment of a new international financial center [2]. Group 4: Overall Summary - The reform of China's capital market has entered a critical phase of systematic reconstruction, focusing on incentivizing innovation and effectively managing wealth to support the country's journey towards modernization [2].

《跨境资本流动与东道国收入分配——来自跨国面板数据的经验证据》《负责任的中国智造：工业机器 人应用、要素禀赋结构与企业ESG表现》《贸易协定深度如何影响货币国际化？——理论分析与渠道检 验》《科技金融政策的创新溢出效应——基于知识溢出与生产网络的双重视角》《支付方式变革与货币 统计口径调整——兼论"消失的M1"》《"数据要素×"金融服务的理论机理与实现路径》《基金经理语 调、基金收益与投资者行为——基于BERT人工智能模型的检验》《住房财富与家庭创业——来自中国 家庭金融调查的微观证据》等八篇论文荣获年度最具影响力文章奖项。刘珺、林尚立、张守川、吴晓 求、郑新业为获奖文章作者颁奖。 李扬在主旨演讲中指出，中国利率持续下行已成为不可逆趋势，正深刻改变社会融资结构，推动"脱 媒"现象加剧。这要求商业银行必须从依赖息差转向发展金融服务、资产管理及资产交易业务，探索综 合经营。他强调，解决中国企业"钱多本少"问题的关键在于大力发展资本市场和理财市场，促进直接融 资。金融体系需积极应对低利率环境转型，以支持经济行稳致远。 吴晓求提到，重构资本市场生态链有三大支点：资产供给端借科创板、创业板优化上市公司结构、提高 科技属 ...