7月30日中共中央政治局会议提出，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。 这明确了下一阶段资本市场的发展方向，既与党的二十届三中全会、中央金融工作会议、中央经济工作会议精神一脉相承，更是道明了推进资本市场高质量发展的 主线。 中国银河证券首席经济学家章俊表示，今年以来，资本市场的内生质量与配置效率均出现积极改善，要发挥好资本市场支持科技创新的关键枢纽作用，还需要在增 强国内资本市场的吸引力和包容性方面下工夫，进一步全面深化资本市场改革开放，统筹推进投融资综合改革和投资者权益保护，着力巩固资本市场回稳向好势 头，促进资本市场高质量发展。 "吸引力和包容性"内涵几何 资本市场改革一脉相承，一以贯之。从党的二十届三中全会要求"健全投资和融资相协调的资本市场功能"，到2024年中央经济工作会议强调"深化资本市场投融资 综合改革"，再到7月30日中央政治局会议提出"增强国内资本市场的吸引力和包容性"。推动深化资本市场改革围绕着"投资和融资"这一关键词，不断深化内涵，明 确部署，改革触角涉及方方面面。 中国资本市场学会秘书长魏刚指出，增强国内资本市场的吸引力和包容性，首先是增强对投资者的吸引力，提高 ...

Group 1 - The total import and export value of the Shanghai Free Trade Zone exceeded 900 billion yuan in the first five months of this year, accounting for over 26% of the total import and export value of all free trade zones in the country [1] - The customs authority has implemented measures to simplify domestic quarantine procedures for fruits that have already undergone quarantine processing abroad, effectively reducing customs clearance time for enterprises [1] - The customs authority plans to continue supporting the free trade zone in aligning with international high-standard economic and trade rules and promoting high-level institutional openness [1] Group 2 - The Ministry of Commerce has replicated and promoted a total of 379 institutional innovation achievements from the free trade zones, creating a favorable situation for sharing reform dividends and open results [2] - The Ministry of Commerce will work with relevant departments to support local areas in promoting replication and innovation based on their industrial advantages and conditions [2][4] - The Ministry of Commerce aims to ensure that specific opinions, methods, and plans for the replication and promotion of measures are completed within one year if necessary [4] Group 3 - The State Council has issued a notice to deploy the replication and promotion of 77 pilot measures that comprehensively align with international high-standard economic and trade rules [5] - The measures cover a wide range of fields and involve significant openness, including optimizing international transit operations and enhancing digital currency pilot applications [5] - Nearly half of the replicated measures pertain to areas such as intellectual property protection, government procurement reform, labor rights protection, state-owned enterprise reform, and environmental protection [5] Group 4 - The Ministry of Commerce will support the free trade zones in formulating negative lists for data exit based on industrial development, allowing data to flow across borders without the need for safety assessments or standard contracts [7]

Core Viewpoint - The State Council emphasizes the importance of fully aligning the Free Trade Pilot Zones with international high-standard economic and trade rules to promote high-level institutional openness and replicate successful pilot measures across a broader scope [2][5]. Group 1: Importance of Replication and Promotion - The notification highlights the significance of replicating and promoting the experiences from the China (Shanghai) Free Trade Pilot Zone to unleash institutional innovation dividends and drive deep reforms and high-quality development [5]. - It calls for a comprehensive understanding of the current situation and the importance of effective implementation of replication and promotion work, guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era [5]. Group 2: Responsibilities and Coordination - Local governments are urged to strengthen their primary responsibilities, enhance organizational leadership, and establish clear mechanisms for the replication and promotion work, including defining responsible persons, timelines, and roadmaps [5][6]. - The notification emphasizes the need for local governments to tailor the replication efforts to their specific circumstances, focusing on pilot measures that meet the urgent needs of enterprises and the public [5]. Group 3: Risk Management and Regulatory Framework - The State Council stresses the importance of balancing openness and security, enhancing risk prevention and control systems, and establishing a transparent and efficient regulatory framework [7][13]. - It calls for timely research and resolution of new situations and problems that arise during the implementation of measures, ensuring that risk control measures are in place as the initiatives are rolled out [7]. Group 4: Specific Pilot Measures - The notification outlines specific pilot measures to be implemented, including expanding service trade, optimizing cross-border capital management for multinational companies, and enhancing the functionality of free trade accounts [9][10]. - It encourages financial institutions to adopt advanced international standards for electronic payment systems and supports the introduction of foreign electronic payment institutions [10]. Group 5: Digital Trade and Data Management - The document promotes the implementation of high-standard digital trade rules, supporting the development of a negative list for data export and facilitating cross-border data flow [11][12]. - It emphasizes the need for a robust data security management certification system to enhance data security management capabilities among enterprises [12].

Core Viewpoint - The State Council has issued a notice to enhance the comprehensive alignment of free trade pilot zones with international high-standard economic and trade rules, promoting the replication and promotion of high-level institutional opening-up pilot measures [1] Group 1: Policy Initiatives - The notice emphasizes the importance of aligning domestic regulations with international standards to facilitate trade and investment [1] - It outlines specific measures to replicate successful practices from pilot zones across the country, aiming to create a more open and competitive economic environment [1] Group 2: Economic Impact - The initiative is expected to boost foreign direct investment (FDI) by creating a more predictable and transparent regulatory framework [1] - It aims to enhance the overall business climate, potentially leading to increased economic growth and development in the regions involved [1]