21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道 9月22日下午，国新办举办"介绍'十四五'时期金融业发展成就"新闻发布会，证监会主席吴清做客发布会并演讲。 新"国九条"发布，配套规则持续完善，基础制度全方位夯实。 亮点二：多层次资本市场体系更趋完善 科创板、创业板改革深化，北交所成功设立并高效运行； A股总市值突破100万亿元，结构合理、功能互补的生态基本形成。 亮点三：投融资相协调的市场功能不断健全 近五年股债融资总额57.5万亿元，直接融资比重稳步提升，较"十三五"末提高2.8个百分点； A股科技企业市值占比超25%，上市公司通过分红回购向投资者派发的"红包"合计达10.6万亿元，较"十三五"增长超八成，相当于同期股票IPO和再融资金额 的2.07倍。 亮点四：协同发力的稳市机制逐步完善 2025年是"十四五"规划收官之年，五年以来，资本市场砥砺前行，顶住压力，稳中提质，交出一份亮眼答卷！ 亮点一："四梁八柱"的资本市场法律制度体系基本建成 新证券法落地实施，期货和衍生品法、私募投资基金监管条例等重磅法规出台； 上证综指年化波动率为15.9%，较"十三五"期间下降2.8个百分点； 协同稳市机制有 ...

新闻发布会现场（刘健 摄） 发布会 现场信息量很大，以下是 吴清主席 现场金句： 亮点1："四梁八柱"的法规制度体系建构成型 【导读】 证监会主席吴清 ： 我国资本市场实现 了 量的稳步增长和质的有效提升 中国基金报记者 李树超 王思文 9月22日，证监会主席吴清在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上 表示，"十四五"期间，我国资本市场实现了量的稳步增长和质的有效提升，为"十五五"高质 量发展打下了坚实基础。 3. 交易所债券市场产品日趋丰富，公募REITs、科创债、资产证券化等创新品种加快发展。 4. 全市场期货期权品种达到157个，广泛覆盖国民经济主要产业领域，同时还设立广期所， 更好促进绿色发展。 亮点3： 不断健全 投融资相协调的市场功能 1. 资本市场服务科技创新跑出"加速度"，资本市场含"科"量进一步提升。目前A股科技板块 市值占比超过1/4，已明显高于银行、非银金融、房地产行业市值合计占比。 2. 这5年上市公司通过分红、回购派发"红包"合计10.6万亿元。 1 . "十四五"期间，"四 梁八柱"的法规制度体系建构成型。期货和衍生品法、私募基金监管 条例等"十年磨一剑" ...

Core Viewpoint - The article discusses the achievements and developments of China's financial industry during the "14th Five-Year Plan" period, highlighting the progress in capital market reforms, regulatory frameworks, and the overall stability and growth of the market [2][3][4]. Regulatory Framework - A comprehensive regulatory framework has been established, with the implementation of the new Securities Law and the introduction of over 60 supporting rules, enhancing the legal system of the capital market [3][4]. - The "National Nine Articles" issued by the State Council has further strengthened regulatory measures to promote high-quality development in the capital market [3]. Market Structure - The multi-tiered market system has been improved, with significant advancements in the Sci-Tech Innovation Board, Growth Enterprise Market, and the establishment of the Beijing Stock Exchange [4]. - As of August, the total market capitalization of A-shares has surpassed 100 trillion yuan, indicating robust market growth [4]. Investment and Financing - In the past five years, the total financing through stock and bond markets reached 57.5 trillion yuan, with a direct financing ratio increasing by 2.8 percentage points to 31.6% [5]. - The technology sector has seen a significant increase in market capitalization, with over 90% of newly listed companies being tech-related, and the market cap of tech companies now exceeds 25% of the total A-share market [5]. Market Stability Mechanisms - A collaborative mechanism for market stability has been developed, enhancing the resilience and risk management capabilities of the A-share market, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points [6]. Fair Market Environment - A fair and just market environment has been fostered, with a significant increase in administrative penalties for financial misconduct, including a 58% rise in penalties for financial fraud [7]. Capital Market Reforms - Major breakthroughs in investment-side reforms have been achieved, including the implementation of a high-quality development action plan for public funds and the promotion of long-term capital market participation [8][9]. - The financing-side reforms have seen the full rollout of the stock issuance registration system, facilitating the listing of innovative companies [9][10]. Risk Management - The regulatory body has focused on maintaining market stability and preventing risks, with a low bond default rate of around 1% and the closure of numerous fraudulent financial institutions [12][13]. - Enhanced enforcement measures have been implemented to combat financial fraud, with significant penalties imposed on major offenders [13][14]. Future Outlook - The regulatory body aims to continue enhancing the adaptability and inclusiveness of the capital market, focusing on supporting high-quality enterprises and improving the overall market environment [16][17].

Core Viewpoint - The past five years have been unusual for the capital market, with a focus on risk prevention, strong regulation, and promoting high-quality development, leading to a stable and healthy market environment [2]. Group 1: Achievements in Financial Development - The regulatory framework has been significantly improved, with the implementation of the new Securities Law and over 60 supporting rules introduced, establishing a solid foundation for stable market development [4]. - The multi-tiered equity market has been developed, with the A-share market's total market value surpassing 100 trillion yuan for the first time, and a variety of innovative financial products being introduced [4]. - Direct financing has increased, with total financing through stock and bond markets reaching 57.5 trillion yuan, and the proportion of direct financing rising to 31.6% [5]. Group 2: Market Stability Mechanisms - A collaborative mechanism for market stability has been gradually improved, enhancing the resilience and risk resistance of the A-share market, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points [6]. - A fair and just market environment has been established, with a significant increase in administrative penalties for financial misconduct, reflecting a stronger enforcement and improved market transparency [6]. Group 3: Capital Market Reform and Opening Up - Major breakthroughs in investment-side reforms have been achieved, with a focus on investor interests and the introduction of measures to facilitate long-term capital inflow, resulting in a 32% increase in the market value held by various long-term funds [8]. - Continuous deepening of financing-side reforms has been observed, with the stock issuance registration system fully implemented and various measures introduced to support new production capacity [8]. - The high-level institutional opening of the capital market has been steadily expanded, with the cancellation of foreign ownership limits and the establishment of a more comprehensive overseas listing filing system [9]. Group 4: Regulatory Enhancements - The regulatory framework has been strengthened to maintain market stability, with a focus on early warning systems and cross-market risk prevention [11]. - Significant efforts have been made to reduce risks in key areas, with the bond default rate maintained at around 1% and the closure of numerous fraudulent financial institutions [12]. - The effectiveness and deterrence of regulatory enforcement have been greatly enhanced, with a comprehensive system established to combat financial fraud and protect investor rights [13][14].

Core Viewpoint - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the significant reforms and opening-up measures in the capital market during the "14th Five-Year Plan" period, focusing on market-oriented, legal, and international approaches [1]. Investment Side Reform - Major breakthroughs have been achieved in investment-side reforms, with the effects of attracting long-term capital becoming evident. By the end of August this year, the market value of various long-term funds holding A-shares reached approximately 21.4 trillion yuan, representing a significant increase of 32% compared to the end of the "13th Five-Year Plan" [1]. Financing Side Reform - The financing-side reforms have continued to deepen, with the release of the "Six Guidelines for Mergers and Acquisitions" leading to the disclosure of 230 major asset restructuring cases, effectively supporting the industrial integration of listed companies [1]. High-Quality Development of Listed Companies - The institutional mechanisms promoting the high-quality development of listed companies are continuously improving. The focus remains on dual-driven information disclosure and corporate governance, expanding diverse exit channels, and strictly eliminating "bad apples" and "zombie companies." Wu Qing noted that during the "14th Five-Year Plan" period, 207 companies have exited the market smoothly [1]. High-Level Institutional Opening - The high-level institutional opening of the capital market is steadily expanding, with a cautious and orderly approach to the two-way opening of markets, products, and institutions. Wu Qing stated that the market value of A-shares held by foreign investors currently stands at 3.4 trillion yuan, and there are 269 companies listed overseas, indicating an expanding network for China's capital market [1].

Core Viewpoint - During the "14th Five-Year Plan" period, China's capital market has achieved steady quantitative growth and effective qualitative improvement, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1] Regulatory Framework - The regulatory framework has been significantly enhanced, with the implementation of the new Securities Law prompting a systematic overhaul of related regulations, including the introduction of the Futures and Derivatives Law and Private Fund Supervision Regulations [1] - Over 60 supporting rules have been issued following the State Council's opinions on strengthening regulation and preventing risks, fundamentally restructuring the basic system and regulatory logic of the capital market [1] Market Structure - The multi-layered and widely covered market system has been improved, with the successful establishment and high-quality development of the Beijing Stock Exchange and ongoing reforms in the Sci-Tech Innovation Board and Growth Enterprise Market [2] - As of August this year, the total market value of the A-share market has surpassed 100 trillion yuan, with a diverse range of bond market products and 157 futures and options varieties covering major sectors of the national economy [2] Investment and Financing Coordination - In the past five years, the total financing through the exchange market reached 57.5 trillion yuan, with the proportion of direct financing increasing to 31.6%, up by 2.8 percentage points from the end of the "13th Five-Year Plan" [3] - Over 90% of newly listed companies are technology-related, with the market capitalization of the technology sector now exceeding 25% of the total A-share market, significantly higher than the combined market capitalization of the banking, non-banking financial, and real estate sectors [3] Market Stability Mechanisms - A collaborative market stability mechanism has been gradually improved, with the China Securities Regulatory Commission (CSRC) working with various departments to strengthen policy, funding, and expectation hedging to effectively prevent significant market fluctuations and systemic risks [3] - The resilience and risk resistance of the A-share market have notably improved, with the annualized volatility of the Shanghai Composite Index at 15.9%, a decrease of 2.8 percentage points compared to the "13th Five-Year Plan" [3] Market Environment - A fair and just market environment has been further established, with the CSRC enhancing its regulatory framework and increasing penalties for financial fraud, market manipulation, and insider trading, resulting in 2,214 administrative penalties and 41.4 billion yuan in fines during the "14th Five-Year Plan" period [4] - The series of market stabilization policies have yielded positive results, with the A-share market demonstrating resilience against external shocks and maintaining stable performance of major stock indices [4]

二是多层次、广覆盖的市场体系更加完备。 纵深推进科创板、创业板改革，成功设立并高质量推进北交所建设，持续深化新三板改革，稳步发展结 构合理、功能互补的多层次股权市场。今年8月，A股市场总市值首次突破了100万亿元。交易所债券市 场产品日趋丰富，公募REITs、科创债、资产证券化等一些创新品种也在加快发展。全市场期货期权品 种达到157个，广泛覆盖了国民经济主要的产业领域，同时还设立了广期所，更好地促进绿色发展。 三是投资和融资相协调的市场功能不断健全。 近五年，交易所市场股债融资合计达到57.5万亿元，直接融资比重稳中有升，较"十三五"末提升了2.8个 百分点，达到了31.6%。资本市场服务科技创新跑出"加速度"，资本市场含科量进一步提升。近年来， 新上市企业九成以上都是科技企业或者科技含量比较高的企业。目前A股科技板块市值占比超过1/4，已 明显高于银行、非银金融、房地产行业市值合计占比。市值前50名公司当中科技企业从"十三五"末的18 家提升到当前的24家。同时，上市公司主动回报投资者的意识也明显的增强。这五年，上市公司通过分 红回购派发红包，合计达到10.6万亿元，比"十三五"增长超过八成，相当于同期股 ...

9月22日下午，国新办继续举行"高质量完成'十四五'规划"系列主题新闻发布会，中国证监会主席吴清 介绍了"十四五"时期金融业发展成就。 吴清坦言，"对资本市场来说，过去五年也是极不寻常的五年"。他指出，面对不确定、不稳定因素明显 增多的复杂严峻形势，党中央、国务院对资本市场作出一系列重大决策部署，在中央金融办统筹协调 下，证监会与各方面一起认真抓好贯彻落实，一体推进防风险、强监管、促高质量发展，合力稳市场、 稳预期、稳信心，推动市场健康稳定发展的态势持续形成并不断巩固。 第一，"四梁八柱"的法规制度体系建构成型。以新证券法实施为契机，对相关法规制度进行系统"立改 废释"，期货和衍生品法、私募基金监管条例等一些历经"十年磨一剑"的法规发布实施，中国特色的资 本市场法治体系进一步健全。去年，国务院出台了《关于加强监管防范风险推动资本市场高质量发展的 若干意见》，也就是我们通常所说的新"国九条"，我们又会同相关方面相继出台了60余项配套规则，基 础制度和监管底层逻辑得到全方位重构，为资本市场稳定发展打下制度基础。 第二，多层次、广覆盖的市场体系更加完备。纵深推进科创板、创业板改革，成功设立并高质量推进北 交所建设， ...

期货日报网讯（记者 杨美）9月22日下午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题 新闻发布会，介绍"十四五"时期金融业发展成就。中国证监会主席吴清在会上介绍，对资本市场来说， 过去五年也是极不寻常的五年。面对不确定、不稳定因素明显增多的复杂严峻形势，证监会与各方面一 起认真抓好贯彻落实，一体推进防风险、强监管、促高质量发展，合力稳市场、稳预期、稳信心，推动 市场健康稳定发展的态势持续形成并不断巩固。 吴清介绍，"四梁八柱"的法规制度体系建构成型。以新证券法实施为契机，对相关法规制度进行系 统"立改废释"，期货和衍生品法、私募基金监管条例等一些历经"十年磨一剑"的法规发布实施，中国特 色的资本市场法治体系进一步健全。去年，国务院出台了《关于加强监管防范风险推动资本市场高质量 发展的若干意见》，即新"国九条"，证监会又会同相关方面相继出台了60余项配套规则，基础制度和监 管底层逻辑得到全方位重构，为资本市场稳定发展打下制度基础。 多层次、广覆盖的市场体系更加完备。纵深推进科创板、创业板改革，成功设立并高质量推进北交所建 设，持续深化新三板改革，稳步发展结构合理、功能互补的多层次股权市场。今年8月 ...

Core Viewpoint - The Chinese government has launched a comprehensive set of policies aimed at stabilizing growth, markets, and expectations, signaling strong financial support for high-quality economic development [1][2]. Market Activity - The A-share market has seen daily trading volumes exceeding 3 trillion yuan, with total market capitalization reaching over 100 trillion yuan [2]. - The margin trading balance has risen to 2.4 trillion yuan, indicating increased investor engagement and optimism in the market [1][2]. - New investor accounts opened in August reached 2.6503 million, a 34.97% month-on-month increase and a 165% year-on-year increase, reflecting heightened investor interest [2]. Policy Impact - A series of financial policies implemented since September 24, 2023, have provided a solid foundation for market stabilization and confidence restoration [2][3]. - The introduction of various policies, including the "1+6" policy for the Sci-Tech Innovation Board and reforms for public funds, aims to enhance market resilience and depth [3]. Long-term Investment Strategies - Policies promoting long-term capital inflow, such as expanding insurance fund investment trials and implementing long-term assessments for public funds and pensions, are crucial for enhancing market vitality [3][6]. - The focus on improving the quality of listed companies and strict governance measures is expected to further stabilize the market and stimulate activity [6]. Legal and Regulatory Framework - Strengthening legal frameworks to combat fraudulent activities and ensure transparency is essential for maintaining a healthy market ecosystem [4][5]. - Regulatory measures are being implemented to optimize the behavior of market participants, contributing to high-quality market development [5]. Future Outlook - Continued reforms in capital markets, including enhancing the inclusivity of the Sci-Tech Innovation Board and the Growth Enterprise Market, are anticipated to further boost market stability and attractiveness [6]. - The emphasis on developing patient capital and improving the investment environment is expected to attract more long-term funds into the market [6].