《建议》提出要"加快建设金融强国"并明确了一系列部署，同时提出要"建立功能完善的资本市场"。如 何理解"功能完善"？未来五年金融支持强国建设，资本市场可以发挥怎样的作用？就此，新京报贝壳财 经记者对话了中国社会科学院国家金融与发展实验室主任张晓晶。 打开百度APP畅享高清图片 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）于10月28日 公布，为"十五五"时期中国的发展擘画了蓝图。 张晓晶长期从事宏观经济金融形势跟踪分析，其曾领衔编制并发布年度中国国家资产负债表与季度宏观 杠杆率， 参与、主持国家"十一五"至"十四五"规划的研究与评估工作；主持中财办重大委托课题及多 项国家社科基金重大招标课题。 中国社会科学院国家金融与发展实验室主任张晓晶。中国社会科学院官网截图 把建设高水平的资本市场作为金融强国的一个"标配" 新京报贝壳财经："十五五"规划提出要"加快建设金融强国"并明确了一系列部署，在你看来，资本市场 可以发挥怎样的作用？ 张晓晶："十五五"规划建议专门以大篇幅阐述了如何推进金融强国建设，这也表明中央正在着力推动金 融强国战略在"十五五"期间加快落地实施。 此次规划不仅 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market, aiming for deeper institutional opening and more impactful measures [1][2]. Group 1: Regulatory Initiatives - The CSRC plans to enhance cross-border investment and financing convenience by improving policy stability, transparency, and predictability, while maintaining regular communication with international investors [1]. - There will be a focus on deepening practical cooperation between the mainland and Hong Kong capital markets, including improving the efficiency of overseas listing filings and expanding the scope of stocks eligible for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs [1]. - The CSRC aims to strengthen regulatory capabilities and risk prevention in an open environment, coordinating development and security, and enhancing cross-border regulatory cooperation [1]. Group 2: Investment and Market Stability - The CSRC encourages becoming discoverers of investment value, highlighting the improvement in the quality of listed companies and the resilience of the market due to the implementation of new policies [2]. - The importance of contributing to reform and development is stressed, particularly in adapting to new technological revolutions and providing precise financing services for new industries and technologies [2]. - The CSRC calls for maintaining market stability by adhering to legal and regulatory requirements, promoting long-term investment strategies, and building a multi-party risk prevention system [2].

Core Insights - The Hong Kong International Financial Leaders Investment Summit highlighted Hong Kong's role as a crucial bridge connecting mainland China's capital markets to the global stage, with increasing competitiveness and attractiveness for global investors [1][2] Group 1: Capital Market Development - The China Securities Regulatory Commission (CSRC) aims to deepen the institutional opening of capital markets, enhancing cross-border investment and financing convenience, and improving policy stability, transparency, and predictability [2] - The total market capitalization of listed companies in A-shares has surpassed 119 trillion yuan, with the technology sector accounting for over 25% of this value [2] Group 2: International Cooperation and Investment - The CSRC encourages international institutions to invest in China, emphasizing the importance of understanding the nuances of Chinese modernization to uncover investment opportunities [3] - The CSRC proposed three initiatives for international institutions: discovering investment value, contributing to reform and development, and maintaining market stability through compliance with regulations [3]

Group 1 - The core message emphasizes Hong Kong's role as a vital bridge connecting mainland China's capital markets to the global stage, enhancing its competitiveness and attractiveness to global investors [1] - The China Securities Regulatory Commission (CSRC) aims to deepen institutional openness in capital markets, focusing on improving cross-border investment and financing convenience, and enhancing policy stability and transparency [2] - The CSRC plans to strengthen practical cooperation between mainland and Hong Kong capital markets, including expanding the scope of eligible stocks for trading and supporting the introduction of new financial instruments [2] Group 2 - The CSRC encourages international institutions to engage in China, highlighting three key roles: discovering investment value, contributing to reform and development, and maintaining market stability [3] - The overall trend of China's economy remains positive, with A-shares showing a steady upward trend, and the total market capitalization of listed companies exceeding 119 trillion yuan, with the technology sector accounting for over 25% [2] - Daily trading volume in the Shanghai and Shenzhen markets averages around 2 trillion yuan, indicating a significant recovery in investor confidence [2]

另外，李明在会上表示，证监会将紧紧围绕防风险、强监管、促高质量发展的工作主线，锚定深化资本 市场制度型开放的目标任务，系统谋划推出更多有力度的开放举措。 一是证监会将进一步提升跨境投融资便利化水平。上周证监会正式推出《合格境外投资者制度优化工作 方案》，从优化准入管理、提高投资运作效率、扩大投资范围、丰富服务支持等方面，为各类境外投资 者提供更加便利、高效的制度环境。证监会将切实增强政策的稳定性、透明度和可预期性，持续加强与 国际投资者的常态化沟通，推动各项政策措施加快落地见效。 二是证监会将进一步深化内地与香港资本市场务实合作。着力提升境外上市备案质效，扩大沪深港通标 的范围，支持将人民币股票交易柜台、REITS等纳入港股通，积极支持香港推出国债期货，丰富香港离 岸人民币风险管理工具，坚定支持香港巩固提升国际金融中心地位，推动形成在岸与离岸协同发展、良 性互动的新格局。 三是证监会将进一步加强开放环境下监管能力和风险防范能力建设。统筹发展和安全，深化与包括香港 证监会在内的跨境监管与执法合作，加强资本跨境流动和风险监测，推动信息共享、政策互商、处置协 同，坚决防范风险跨境传染与共振。同时，在IOSCO框架下 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to deepen practical cooperation between mainland and Hong Kong capital markets, enhancing the efficiency of overseas listing filings and expanding the scope of the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs [1] Group 1 - The CSRC will support the inclusion of RMB stock trading counters and REITs in the Hong Kong Stock Connect, and actively promote the launch of government bond futures in Hong Kong [1] - There is a commitment to strengthen the regulatory and risk prevention capabilities in an open environment, focusing on cross-border regulatory and enforcement cooperation with the Hong Kong Securities and Futures Commission [1] - The initiative aims to promote a new pattern of coordinated development and positive interaction between onshore and offshore markets [1] Group 2 - The CSRC emphasizes the importance of capital cross-border flow and risk monitoring, advocating for information sharing, policy discussions, and collaborative resolution of issues to prevent cross-border risk transmission [1] - Under the IOSCO framework, there will be efforts to advance global capital market governance reform, aiming for a more equitable, fair, inclusive, and resilient capital market [1]

Core Viewpoint - The resilient Chinese economy and capital market will provide irreplaceable investment opportunities, encouraging international institutions to understand the profound implications of Chinese-style modernization to discover investment value and share in China's development dividends [1][5]. Group 1: Capital Market Opening - The China Securities Regulatory Commission (CSRC) aims to deepen the institutional opening of the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development [3]. - The CSRC welcomes more international institutions and long-term capital to invest in China, emphasizing mutual development and win-win cooperation [3]. - As of now, the market value of A-shares held by foreign investors has reached 3.4 trillion yuan, highlighting their significant role in the market [3]. Group 2: Future Path of Capital Market Opening - Future initiatives include enhancing cross-border investment and financing convenience, deepening cooperation between mainland and Hong Kong capital markets, and strengthening regulatory capabilities and risk prevention in an open environment [4]. - Recent measures include optimizing the Qualified Foreign Institutional Investor (QFII) system to improve access and operational efficiency for foreign investors [4]. - Plans to expand the scope of stocks eligible for trading under the Shanghai-Hong Kong Stock Connect and support Hong Kong in launching government bond futures are also in place [4]. Group 3: International Institutions' Role - International financial institutions are encouraged to act as discoverers of investment value, contributing to reform and development, and maintaining market stability [5]. - The quality of A-share listed companies has improved, with revenue and net profit increasing year-on-year, and cash dividends reaching 2.1 trillion yuan in the first three quarters [5]. - Institutions are urged to adhere to legal and regulatory requirements, prioritize long-term investment strategies, and participate in building a multi-party governance risk prevention system [5].

Core Viewpoint - The article highlights a significant shift in the government's approach towards real estate and capital markets, indicating a transition from real estate as the primary asset pool to capital markets as the new focus for investment and economic support [1][5]. Summary by Sections Section 1: Government's Stance - The government's recent planning indicates a "steady" approach towards real estate while adopting a more proactive stance towards capital markets, which is a notable change from previous five-year plans [1][2]. Section 2: Financial Data Insights - In 2024, the funding for real estate development is projected to be 78,898 billion, reflecting a 20% year-on-year decline, while the financing balance in capital markets is expected to increase by 2,633.96 billion [1][2]. Section 3: Historical Context - Historically, real estate has been the main recipient of monetary easing over the past 30 years, leading to rising property prices while capital markets lagged behind [2][4]. Section 4: Economic Transition - As the economy matures and the value of land diminishes, there is a pressing need for a new asset pool to replace real estate, with capital markets positioned to fulfill this role [2][3]. Section 5: Global Comparisons - The article draws parallels with the economic histories of the US and Japan, where asset prices initially rose in real estate before shifting to stock markets, suggesting a similar trajectory for the current market [4][5]. Section 6: Future Outlook - The government’s emphasis on a "slow bull" market indicates a strategic shift towards capital markets as a vital engine for economic recovery and wealth generation, suggesting that the market could surpass the 4,000-point mark in the long term [5][6]. Section 7: Investment Opportunities - The article suggests that ordinary investors should align their strategies with the emerging trends in capital markets to capitalize on the upcoming economic transformation [6][7]. Section 8: Educational Initiatives - A series of live courses are proposed to help investors understand the current market dynamics and identify potential investment opportunities in capital markets [9][11].

Group 1 - The core viewpoint of the news is that China's service trade has shown steady growth in the first three quarters, with a significant increase in travel service exports, which rose by over 54% [1] Group 2 - In the first three quarters, the total service trade import and export volume reached 59,362.2 billion yuan, reflecting a year-on-year growth of 7.6% [1] - Service exports amounted to 26,015 billion yuan, growing by 14.4%, while imports were 33,347.2 billion yuan, increasing by 2.8% [1] - Travel service imports and exports reached 16,372.5 billion yuan, with an overall growth of 8.8%, and exports specifically surged by 54.4% while imports grew by 2.7% [1] Group 3 - The China Securities Regulatory Commission (CSRC) plans to introduce more robust opening-up measures to enhance risk prevention and regulatory capabilities [2] - Key initiatives include improving cross-border investment and financing convenience, deepening cooperation between mainland and Hong Kong capital markets, and strengthening regulatory capacity in an open environment [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development while planning to deepen the institutional opening of the capital market through more robust measures [1][2]. Group 1: Key Initiatives - Enhance the efficiency of overseas listing filings and expand the scope of stocks eligible for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs [2]. - Support the inclusion of RMB stock trading counters and REITs in the Hong Kong Stock Connect, and actively back Hong Kong's launch of government bond futures [2]. - Strengthen cross-border regulatory and enforcement cooperation, particularly with the Hong Kong Securities and Futures Commission, to improve capital cross-border flow and risk monitoring [3]. Group 2: Investment Value and Market Stability - The CSRC aims to be a discoverer of investment value by improving the quality of listed companies and enhancing market stability and risk resistance through the implementation of new policies [4]. - The CSRC seeks to contribute to reform and development by adapting to technological revolutions and providing precise financing services for new industries and technologies [4]. - The CSRC emphasizes the importance of maintaining market stability by encouraging international institutions to comply with legal regulations and strengthen internal risk control systems [4].