Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market during the "14th Five-Year Plan" period, outlining six key tasks to achieve this goal [1][2]. Group 1: Key Tasks for Capital Market Improvement - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [4]. - Promote the cultivation of more high-quality listed companies, optimizing the structure of listed companies and enhancing their investment value [4]. - Create a more attractive environment for long-term investments, establishing mechanisms that encourage long-term capital to enter and remain in the market [5][6]. Group 2: Regulatory and Open Market Enhancements - Enhance the scientific and effective regulation of the capital market, adapting to rapid market changes and improving risk monitoring and response mechanisms [6]. - Gradually expand high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets and improving the participation of foreign investors [7]. - Foster a standardized, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [7].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market as a strategic initiative for the "14th Five-Year Plan" period, aiming to align with the broader goals of socialist modernization and economic stability [4][5][6]. Summary by Sections Significance of Enhancing Capital Market Inclusiveness and Adaptability - It is a pressing requirement to better serve the development of new productive forces, as a vibrant capital market is crucial for promoting technological and industrial advancements [7]. - It is essential for ensuring that the benefits of development reach the broader population, with the capital market serving as a platform for over 2 billion stock and fund investors to share in economic growth [8]. - It is a necessary step towards high-quality development of the capital market and the construction of a financial powerhouse, enhancing the market's core competitiveness and international influence [9]. Understanding the Connotation and Principles of Enhancing Capital Market Inclusiveness and Adaptability - The capital market's stable and healthy operation is supported by China's strong economic fundamentals, but challenges remain, including quality issues and external risks [11]. - Key principles include maintaining political and public focus in capital market work, better coordinating investment and financing, leveraging reform and opening-up, and ensuring market stability [12][13]. Key Tasks and Measures for Enhancing Capital Market Inclusiveness and Adaptability - Actively develop direct financing through equity and bonds, focusing on supporting high-quality enterprises and enhancing the service capabilities of the capital market [15]. - Foster more high-quality listed companies by optimizing their structure and enhancing their investment value, while encouraging cash dividends and buybacks [16]. - Create a more attractive environment for long-term investments by improving conditions for various types of long-term capital [17]. - Enhance the scientific and effective regulation of the capital market to adapt to rapid market changes and prevent risks [18]. - Gradually expand the high-level institutional openness of the capital market to improve its international competitiveness [19]. - Promote a regulatory environment that is inclusive, vibrant, and legally sound, while enhancing investor protection mechanisms [19].

Core Viewpoint - The recent wave of A-share companies canceling their supervisory boards signifies a shift towards optimizing corporate governance structures in line with modern standards, rather than a weakening of oversight mechanisms [1][2]. Group 1: Background and Historical Context - The establishment of the supervisory board was driven by the need for power balance in the early stages of capital market development, aimed at protecting shareholder rights, especially those of minority shareholders [1]. - The supervisory board played a crucial role in reinforcing market foundations and building investor confidence during specific phases of capital market development [1]. Group 2: Current Changes and Legal Framework - As the capital market matures and business complexities increase, the supervisory board has revealed shortcomings such as insufficient professional oversight and delayed information acquisition [2]. - The new Company Law, effective July 1, 2024, allows companies to establish audit committees within the board of directors to assume the supervisory board's functions, with a deadline for adjustments set for January 1, 2026 [2][3]. Group 3: Advantages of the Audit Committee - The audit committee is expected to have stronger professional independence, as its members are required to have financial and legal expertise, with independent directors holding a majority [2][3]. - The audit committee can participate directly in major decision-making processes, shifting oversight from post-event checks to real-time evaluations, enhancing risk prevention capabilities [3]. - The integration of supervisory functions into the board clarifies responsibilities, compelling the board to support the audit committee effectively and ensuring a balance of decision-making and oversight [3]. Group 4: Implementation and Future Outlook - The success of the reform hinges on the audit committee's ability to fulfill its supervisory role, which requires stringent criteria for member qualifications, detailed operational guidelines, and transparent communication with minority shareholders [3][4]. - The transition from supervisory boards to audit committees represents a fundamental restructuring of oversight logic in the capital market, focusing on effectiveness over mere compliance [4]. - The anticipated development of a new supervisory system centered around audit committees is expected to enhance shareholder protection and market order, contributing to the high-quality development of the A-share market [4].

五是稳步扩大资本市场高水平制度型开放。文章指出，开放包容是高质量资本市场的重要特征。要坚持 以我为主、循序渐进，推动在岸与离岸市场协同发展，促进资本高效流动、要素合理配置和制度互学共 鉴，提高我国资本市场国际竞争力。支持企业用好国内国际两个市场、两种资源。完善合格境外投资者 制度，稳慎拓展互联互通，进一步提升外资和外资机构参与我国资本市场的便利度。加快建设世界一流 交易所，培育一流投资银行和投资机构。加快推进上海国际金融中心建设和巩固提升香港国际金融中心 地位。 六是共同营造规范、包容、有活力的资本市场生态。文章强调，加强资本市场法治建设，推动修订证券 法、证券投资基金法，制定修订上市公司监督管理条例、证券公司监督管理条例等行政法规，积极创造 公开公平公正的市场环境。推动健全特别代表人诉讼等投资者保护机制，强化投资者教育宣传，倡导理 性投资、价值投资、长期投资。加强资本市场高端智库平台和人才队伍建设，强化对资本市场战略性基 础性前瞻性问题的研究。健全预期管理机制，加强宣传引导，推动全社会形成鼓励创新、包容失败的良 好舆论氛围。 （上接1版）运用好大数据、人工智能等现代信息技术手段，高效识别违法违规线索和风险隐 ...

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of China's capital market system, focusing on supporting technological innovation and improving the overall quality of capital market development [1][2]. Group 1: Capital Market Development - The capital market has a solid foundation for stable and healthy operation during the "15th Five-Year Plan" period, but quality issues remain prominent [1]. - There is a call for comprehensive deepening of capital market reforms to improve its inclusiveness, adaptability, attractiveness, and competitiveness [1][2]. Group 2: Financing and Investment - The focus is on actively developing direct financing through equity and bonds, with an emphasis on reforming the Sci-Tech Innovation Board and the Growth Enterprise Market [2]. - The aim is to enhance the service capabilities for real enterprises throughout their lifecycle and to support high-quality companies in issuing and listing [2]. Group 3: Regulatory Framework - The article highlights the importance of improving the scientific and effective nature of capital market regulation, including the establishment of a comprehensive regulatory system [3]. - There is a commitment to using modern technologies like big data and artificial intelligence to identify illegal activities and risks [3]. Group 4: Market Environment - The creation of a favorable environment for long-term capital investment is emphasized, including the establishment of mechanisms for long-term assessments of various funds [3]. - The article advocates for the development of public funds and the promotion of high-quality index investment [3]. Group 5: International Cooperation - The need for a gradual and coordinated development of onshore and offshore markets is stressed, aiming to enhance the international competitiveness of China's capital market [4]. - There is a focus on improving the convenience for foreign investors and institutions to participate in the Chinese capital market [4]. Group 6: Legal and Institutional Framework - Strengthening the legal framework of the capital market is highlighted, including the revision of relevant laws and regulations to create a fair market environment [4][5]. - The article calls for the establishment of investor protection mechanisms and the promotion of rational, value-based, and long-term investment [4].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market to support high-quality economic development and modernization goals set by the Chinese government [2][3]. Group 1: Significance of Enhancing Capital Market Inclusiveness and Adaptability - The enhancement of capital market inclusiveness and adaptability is crucial for better serving the development of new productive forces, as a vibrant capital market is essential for promoting technological and industrial advancements [4][5]. - It is also necessary to ensure that the benefits of development reach the broader population, as the capital market serves as a platform for over 200 million stock investors and 700 million fund investors to share in economic growth [5]. - The move is seen as a requirement for high-quality capital market development and the construction of a strong financial nation, with a goal to establish a highly adaptable, competitive, and inclusive capital market by 2035 [6]. Group 2: Understanding the Content and Principles of Enhancing Capital Market Inclusiveness and Adaptability - The capital market is currently facing challenges, including structural issues and insufficient long-term capital inflow, which necessitates a focus on improving its inclusiveness and adaptability [7][8]. - The approach should be guided by political and public interests, ensuring that the capital market remains aligned with the needs of the people and effectively protects the rights of investors, especially small and medium-sized investors [8]. - A coordinated development of investment and financing is essential, emphasizing the need for a balanced and quality-focused approach to enhance the overall ecosystem of the capital market [9]. Group 3: Key Tasks and Measures for Enhancing Capital Market Inclusiveness and Adaptability - The development of direct financing through equity and bonds is a key task, with a focus on supporting innovative enterprises and enhancing the service capabilities of the capital market [11][12]. - There is a need to cultivate more high-quality listed companies, optimizing their structure and enhancing their investment value, while also promoting cash dividends and buybacks to benefit investors [12]. - Creating an attractive environment for long-term investments is essential, which includes improving the conditions for various types of long-term capital to thrive in the market [13]. - The regulatory framework must be enhanced to adapt to rapid market changes, ensuring effective monitoring and risk management while maintaining market order [14]. - Expanding the capital market's openness is vital for its high-quality development, facilitating efficient capital flow and resource allocation [15].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market to better serve the development of new productive forces, promote equitable distribution of development outcomes, and support high-quality development of the capital market and financial power construction [1][2]. Summary by Sections Key Tasks for Capital Market Development - The article outlines six key tasks for improving the inclusiveness and adaptability of the capital market during the 14th Five-Year Plan period, including the active development of direct financing through equity and bonds, fostering high-quality listed companies, creating an attractive environment for long-term investments, enhancing regulatory effectiveness, expanding institutional openness, and cultivating a vibrant market ecosystem [1][4][5]. Support for Technological Innovation - There is a call for greater support for technological innovation, adapting to the characteristics of tech companies, and implementing more inclusive systems for issuance, mergers, and acquisitions [2][3]. Investor Needs and Market Structure - The article stresses the need to better meet diverse wealth management demands of investors by creating a multi-layered market system and expanding channels for long-term capital investment [2][3]. Regulatory Enhancements - It highlights the importance of precise and efficient regulatory measures, keeping pace with domestic and international market trends, and enhancing risk monitoring and response capabilities [2][3][6]. Principles for Capital Market Reform - The article outlines principles for reform, including prioritizing political and public interests, balancing investment and financing, leveraging reform and opening-up, and ensuring market stability [3][4]. Specific Measures for Capital Market Improvement - Specific measures include developing a multi-tiered bond market, optimizing the structure of listed companies, creating a favorable environment for long-term capital, and enhancing the scientific and effective nature of market regulation [4][5][6][7]. Legal and Institutional Framework - The article calls for strengthening the legal framework of the capital market, revising relevant laws, and promoting investor protection mechanisms to create a fair and transparent market environment [7].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market during the 14th Five-Year Plan period, outlining six key tasks to achieve this goal [1]. Group 1: Key Tasks for Capital Market Development - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [2]. - Foster more high-quality listed companies by optimizing the structure of listed companies and enhancing their investment value, while also improving the mechanisms for mergers and acquisitions [3]. - Create a more attractive environment for long-term investments by establishing mechanisms that encourage the inflow and retention of long-term capital [3]. Group 2: Regulatory and Open Market Enhancements - Improve the scientific and effective nature of capital market regulation by adapting to rapid market changes and enhancing risk monitoring and response mechanisms [4]. - Gradually expand the high-level institutional openness of the capital market, promoting the coordinated development of onshore and offshore markets to enhance international competitiveness [4]. - Establish a standardized, inclusive, and vibrant capital market ecosystem by strengthening legal frameworks and investor protection mechanisms [5]. Group 3: Implementation of Inclusive Systems - Implement more inclusive issuance and listing systems to better support technological innovation and meet diverse investor wealth management needs [6][7]. - Enhance regulatory efficiency and risk prevention capabilities by leveraging technology to monitor market trends and ensure stability [7]. - Emphasize the political and people-oriented nature of capital market work, ensuring that reforms align with public needs and protect investors' rights [8].

Core Points - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market during the 14th Five-Year Plan period [1] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bonds, with reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market as key drivers [1] - There is a call to improve the identification and pricing mechanisms for technology innovation enterprises to support high-quality companies in going public [1] - The article advocates for the development of private equity and venture capital funds, as well as a multi-tiered bond market system [1] Group 2: High-Quality Listed Companies - The article stresses the importance of cultivating more high-quality listed companies and optimizing their structure to enhance investment value [2] - It highlights the need for reforms in mergers and acquisitions to support the transformation and upgrading of listed companies [2] - There is a push for companies to increase cash dividends and share buybacks to enhance returns to investors [2] Group 3: Long-Term Investment Environment - The article calls for creating a more attractive environment for long-term capital, ensuring that various types of long-term funds are willing to invest and remain in the market [2] - It emphasizes the need for reforms in public funds and the development of equity public funds to bind investor interests [2] Group 4: Regulatory Effectiveness - The article discusses the need to enhance the scientific and effective regulation of the capital market, adapting to rapid market changes [3] - It advocates for the use of modern technologies like big data and AI to identify illegal activities and risks [3] - There is a strong emphasis on maintaining a fair market order by cracking down on fraudulent activities [3] Group 5: Market Openness - The article promotes the gradual expansion of high-level institutional openness in the capital market, enhancing international competitiveness [3] - It supports the development of a world-class exchange and investment institutions [3] Group 6: Market Ecology - The article highlights the importance of creating a regulated, inclusive, and vibrant capital market ecosystem [4] - It calls for the revision of relevant laws and regulations to foster a fair market environment [4] - There is a focus on strengthening investor education and promoting rational, value-based, and long-term investment [4]

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market during the "15th Five-Year Plan" period, focusing on supporting high-quality development and improving investor experience [3][7]. Summary by Sections Key Tasks - Actively develop direct financing through equity and bonds, with a focus on deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to support quality enterprises in issuing and listing [4][12]. - Foster more high-quality listed companies by enhancing merger and acquisition reforms, improving refinancing mechanisms, and encouraging cash dividends and share buybacks [4][12]. - Create a more attractive environment for long-term investments by establishing long-term assessment mechanisms for various funds and promoting the development of public funds and private equity [5][13]. - Enhance the scientific and effective regulation of the capital market, improving monitoring and risk response mechanisms to ensure market stability [5][14]. - Gradually expand the high-level institutional opening of the capital market, facilitating the use of both domestic and international markets and resources [5][14]. - Build a standardized, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [5][15]. Market Conditions - The capital market has a solid foundation for stable and healthy operation, supported by a resilient economy and a strong potential for long-term growth [6][7]. - The overall market has shown a recovery trend since the implementation of the new policies, with expectations for investor cash dividends reaching 2.4 trillion yuan in 2024 [7]. Specific Measures - Support technological innovation by adapting to the characteristics of tech enterprises, implementing more inclusive listing and merger systems [8][12]. - Meet diverse wealth management needs of investors by creating a multi-layered market system and expanding channels for long-term funds [8][10]. - Strengthen regulatory effectiveness by keeping pace with domestic and international market trends and enhancing risk monitoring capabilities [8][10].