● 本报记者 昝秀丽 9月22日，中国证监会党委按照有关要求通报了二十届中央第三轮巡视整改进展情况。 证监会党委在通报中表示，将以永远在路上的坚韧和执着，严肃认真抓好持续整改，不断巩固拓展整改 成效。下一步，证监会党委将落实落细全面深化资本市场改革各项部署。聚焦服务新质生产力发展，深 化科创板、创业板、北交所改革，完善发行上市等制度机制，培育壮大耐心资本。出台更多保护投资者 合法权益的硬招实招。 落实落细全面深化资本市场改革各项部署。深入落实党的二十届三中全会部署，加快推进新一轮全面深 化资本市场改革任务落地。聚焦服务新质生产力发展，深化科创板、创业板、北交所改革，完善发行上 市等制度机制，培育壮大耐心资本。加快多层次债券市场发展，推动完善中国特色期货监管制度和业务 模式。扩大高水平制度型开放，提升我国资本市场的吸引力竞争力。 全面提升风险化解处置和监管执法能力。坚持投融资协调发展，深入推进公募基金改革，协同各方持续 推动各类中长期资金入市和占比提升，加强战略性力量储备和稳市机制建设。突出依法严惩、依责严 防，加快补齐上市公司、行业机构等法规制度短板，统筹扩大检查覆盖面和提升检查有效性，进一步提 高违法违规线 ...

他尤其提到"十四五"期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值 3.4万亿元，269家企业境外上市。"可以说，中国资本市场的'朋友圈'越来越大。"吴清说。 9月22日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，证监会主席吴清介绍"十四五"时 期资本市场改革开放情况。中青报·中青网记者 朱彩云/摄 在资本市场高水平制度型开放稳步扩大方面，吴清介绍，"十四五"期间全面取消行业机构外资持股比例 限制，完善合格境外投资者制度，优化沪深港通、沪伦通、基金互认等互联互通机制，建立完善境外上 市备案制度，出台"惠港五条"，大力支持香港巩固提升国际金融中心地位。 中国青年报客户端北京9月22日电（中青报·中青网记者 朱彩云）"十四五"规划提出要全面深化改革，构 建高水平社会主义市场经济体制。在国新办今天举行的"高质量完成'十四五'规划"系列主题新闻发布会 上，证监会主席吴清表示，我国资本市场是改革开放的产物，改革是资本市场的天然基因，开放是资本 市场的鲜明标识。 对于5年来资本市场标志性的改革开放举措，吴清列举了四方面，即投资端改革实现重大突破、融资端 改革持续深化、促进上市公 ...

Group 1 - The core viewpoint emphasizes the collaborative actions taken to stabilize the capital market amidst complex risks, enhancing market resilience and improving expectations [1][2] - The A-share market's total market value has steadily increased, surpassing 100 trillion yuan by the end of June, with significant trading volumes and a return to key index levels [2][4] - The improvement in the internal quality and allocation efficiency of the capital market is highlighted, with policies reflecting a renewed strategic focus on the capital market's role [2][3] Group 2 - A notable increase in cash dividends from A-share listed companies is reported, with a total of 2.4 trillion yuan expected for 2024, marking a 9% increase from 2023 [4] - The inflow of medium- and long-term funds into the A-share market has been robust, with over 200 billion yuan net purchases recorded this year [4][5] - The regulatory focus will shift towards nurturing long-term capital and enhancing the policy framework to support sustained investment in the capital market [5][7] Group 3 - Foreign investment in China's capital market is significant, with a net increase of 10.1 billion USD in domestic stocks and funds in the first half of the year, indicating a growing global interest [6] - Major financial institutions have raised their expectations for the Chinese capital market, citing attractive valuations and improving economic fundamentals [6] - The China Securities Regulatory Commission plans to advance a high-level institutional opening, aiming to create a more inclusive capital market ecosystem [7]

Core Viewpoint - The article emphasizes the need to enhance the attractiveness and inclusiveness of China's domestic capital market to solidify its recovery and promote high-quality development [2][4][11]. Group 1: Development Direction - The recent Central Political Bureau meeting outlines the direction for the next phase of capital market development, aligning with previous party meetings and emphasizing high-quality development [2][4]. - The capital market's internal quality and allocation efficiency have shown positive improvements this year, necessitating further reforms to support technological innovation [2][5]. Group 2: Attractiveness and Inclusiveness - Enhancing the capital market's attractiveness involves improving investor appeal, market stability, and the quality of listed companies while protecting investor rights [4][10]. - The concept of "attractiveness and inclusiveness" is rooted in institutional innovation, market openness, and ecological optimization to create a modern financial system that balances risk and return [4][10]. Group 3: Recent Market Performance - Despite external uncertainties, the A-share market has remained stable and has shown signs of recovery, with a clear "technology narrative" enhancing asset valuation [5][6]. - Foreign investment sentiment has shifted positively, with major foreign institutions increasing their optimistic outlook on China's economy and capital market [5][6]. Group 4: Reform Initiatives - The China Securities Regulatory Commission (CSRC) has accelerated comprehensive reforms to enhance the capital market's attractiveness, focusing on long-term capital inflow and public fund reforms [8][9]. - Significant reforms have been implemented, including a record number of mergers and acquisitions and increased dividends and buybacks by listed companies [9][11]. Group 5: High-Level Opening-Up - High-level institutional opening is essential for enhancing the capital market's attractiveness, with foreign investment in domestic stocks and funds increasing significantly [13]. - The CSRC plans to continue promoting high-level opening-up of the capital market, enhancing cross-border cooperation and investment convenience [13].

中央政治局会议提出的"增强国内资本市场的吸引力和包容性"，将资本市场进一步深化改革举措更加直 观、具体、系统化地呈现出来。一方面，从资金端发力。"吸引力"侧重于"谁来投资"的问题，要推动中 长期资金入市，加快公募基金改革等；另一方面，从资产端发力。"包容性"侧重于"帮谁融资"的问题， 要推动上市公司并购重组改革，落实好科创板"1+6"政策措施等。这些举措旨在优化资源配置，促进形 成"回报增—资金进—市场稳"的良性循环。 中共中央政治局7月30日召开会议，指出要"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"。这一定调相较4月25日中共中央政治局会议强调的要"持续稳定和活跃资本市场"，更加明确将 进一步着眼于市场中长期制度完善和功能优化。 7月24日，中国证监会召开证监会系统党的建设暨2025年年中工作会议，对上半年工作进行总结，并为 下半年资本市场改革发展谋篇布局，提出七方面核心举措。 对于中央和监管部门的部署，具体如何落地？笔者认为，应统筹好三方面关系。 一是发展与安全。稳是底线、进是方向，二者需动态协同而非简单取舍。把握好稳与进的关系，依旧是 资本市场改革发展的重要命题。唯有不断集聚稳的力 ...

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]