本报记者 吴晓璐 12月5日，中国证监会主席吴清发表署名文章《提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精 神）》。 吴清表示，经过30多年的改革发展，我国资本市场从无到有、从小到大，当前正处在向高质量发展快速转变的关键阶段。 提高资本市场制度包容性、适应性，是站在新的历史起点上，开启的一次全方位、深层次、系统性的变革。 必须更好统筹投资与融资协调发展 党的二十届四中全会通过的《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》）提 出，提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能。 吴清表示，深刻认识提高资本市场制度包容性、适应性的重大意义。这是更好服务新质生产力发展的迫切要求，是促进发 展成果惠及广大人民的应有之义，是推动资本市场高质量发展和金融强国建设的必然要求，是建设更高水平开放型经济的重要 内容。 吴清提出，准确把握提高资本市场制度包容性、适应性的内涵和主要原则。要坚持目标导向、问题导向，紧紧围绕健全投 资和融资相协调的资本市场功能，进一步全面深化资本市场改革，持续提高资本市场制度包容性、适应性和吸引力、竞争力。 一是更大力度支持科技创 ...

Core Viewpoint - The article by Wu Qing, Chairman of the China Securities Regulatory Commission, emphasizes the need to enhance the inclusiveness and adaptability of the capital market system, focusing on cultivating more high-quality listed companies [2][11]. Summary by Relevant Sections Context and Framework - The article should be viewed within the context of the "Suggestions for Formulating the 15th Five-Year Plan for National Economic and Social Development," which has been published as a guidebook. Wu Qing's article is part of this broader narrative and is found on pages 284 to 290 of the publication [2][12]. Key Tasks and Measures - The article outlines six key tasks: 1. **Promote Direct Financing**: This includes developing diverse equity financing, supporting quality enterprises in issuing shares, and advancing private equity and venture capital funds, as well as green bonds and real estate investment trusts [5][15]. 2. **Cultivate High-Quality Listed Companies**: The focus is on identifying and evaluating quality enterprises, emphasizing the importance of transparency in information [5][15]. 3. **Create an Attractive Long-Term Investment Environment**: This involves aligning the interests of funds with those of investors and establishing long-term assessment mechanisms [5][15]. 4. **Enhance Regulatory Effectiveness**: The article stresses the use of modern technologies like big data and AI for effective risk identification and the importance of grassroots feedback in regulation [5][15]. 5. **Expand High-Level Institutional Opening**: Wu Qing advocates for a gradual approach to opening up the capital market, promoting efficient capital flow and mutual learning between onshore and offshore markets [5][15]. 6. **Foster a Vibrant Capital Market Ecosystem**: Emphasizing the need for a collaborative environment to ensure the capital market functions effectively [5][15]. Market Principles - The article underscores the importance of maintaining a balance between supply and demand in the market, suggesting that this principle should guide reforms and governance [6][16].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market system as a strategic deployment for achieving high-quality development and modernizing the economy [2][3]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market system's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as a vibrant capital market is key to promoting technological and industrial advancements [4]. - It is essential for ensuring that the benefits of development reach the broader population, with the capital market serving as a platform for over 200 million stock investors and 700 million fund investors to share in economic growth [4]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it will improve market structure and quality, thereby increasing competitiveness and international influence [5]. Group 2: Principles for Enhancing Capital Market System - The work in the capital market must adhere to political and public interests, ensuring that the market maintains a correct development direction under the leadership of the Party [7]. - There should be better coordination between investment and financing, focusing on the overall balance and continuous quality improvement to facilitate the conversion of household savings into social investments [7]. - Reform and opening-up should be leveraged as key strategies to eliminate institutional barriers and stimulate market vitality, while ensuring a stable and predictable policy environment [7][8]. Group 3: Key Tasks and Measures - Actively develop direct financing through equity and bonds, enhancing the service capabilities for real enterprises and supporting the issuance of high-quality companies [10]. - Foster more high-quality listed companies by optimizing their structure and enhancing investment value, while encouraging cash dividends and buybacks [11]. - Create an attractive environment for long-term investments by establishing mechanisms that encourage the participation of long-term capital in the market [11]. - Improve the scientific and effective regulation of the capital market to adapt to rapid market changes and enhance stability [12]. - Gradually expand high-level institutional openness in the capital market to improve international competitiveness and facilitate efficient capital flow [13].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes enhancing the inclusiveness and adaptability of the capital market system, aiming to improve the coordination between investment and financing functions, which is crucial for achieving the goals of the 15th Five-Year Plan [1][2]. Group 1: Significance of Enhancing Capital Market System - The importance of improving the inclusiveness and adaptability of the capital market is underscored by various directives from the leadership, highlighting the need for a safe, transparent, and vibrant capital market [2][3]. - The capital market is seen as a key driver for technological and industrial development, facilitating the optimization of innovation resources and improving overall productivity [3]. - The capital market serves as a platform for the public to share in the economic development, with over 200 million stock investors and 700 million fund investors in China [3]. Group 2: Key Tasks and Measures for the 15th Five-Year Plan - The focus is on developing direct financing through equity and bonds, enhancing the service capabilities for real enterprises, and supporting the issuance of quality companies [9]. - There is a push to cultivate more high-quality listed companies, optimizing their structure and enhancing investment value [9]. - The establishment of a favorable environment for long-term investments is prioritized, aiming to attract and retain long-term capital [10][11]. Group 3: Regulatory and Open Market Enhancements - The need for a scientific and effective regulatory framework is emphasized, adapting to rapid market changes and enhancing risk monitoring capabilities [11]. - Expanding the capital market's openness is crucial for improving international competitiveness, with a focus on facilitating cross-border investment activities [12]. - Creating a fair and vibrant market ecosystem is essential, with efforts to strengthen legal frameworks and investor protection mechanisms [12].

Core Viewpoint - The article emphasizes that the high-quality development of the capital market will provide critical support for the "14th Five-Year Plan" period, enabling Chinese securities firms to embark on a journey towards becoming first-class investment banks [9][10]. Group 1: High-Quality Development of Capital Markets - The capital market is positioned as a crucial hub for modern economy and finance, facilitating precise resource allocation to strategic sectors, promoting technological innovation, and enhancing wealth accumulation for residents [3][4]. - The "14th Five-Year Plan" highlights the need for a financial powerhouse, advocating for the development of technology finance, green finance, inclusive finance, pension finance, and digital finance [3][4]. - The focus during the "14th Five-Year Plan" will be on three main directions: the dual expansion of quality assets and funds, steady advancement of high-level institutional openness, and continuous optimization of market ecology under strong regulation [4][5]. Group 2: Asset and Fund Expansion - The article notes that the demand for quality investment and financing tools will continue to grow, with a focus on nurturing a group of quality listed companies and enhancing the direct financing of equity and bonds [5][6]. - Specific measures include deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, improving the identification and pricing mechanisms for technology innovation enterprises, and developing private equity and venture capital funds [5][6]. Group 3: High-Level Institutional Openness - The article discusses the ongoing emphasis on openness in China's capital market, with significant achievements during the "13th Five-Year Plan" period, such as the removal of foreign ownership limits and the optimization of the Qualified Foreign Institutional Investor system [6][7]. - The "14th Five-Year Plan" aims to further expand institutional openness, supporting the coordinated development of onshore and offshore markets and enhancing the international competitiveness of China's capital market [6][7]. Group 4: Regulatory Environment - The article highlights that a precise and efficient regulatory framework is essential for the stable operation of the capital market, with a focus on enhancing financial regulation and risk prevention mechanisms [7][8]. - The "14th Five-Year Plan" proposes a comprehensive strengthening of financial regulation, emphasizing the need for collaboration between central and local regulatory bodies [7][8]. Group 5: Opportunities for Securities Firms - The high-quality development of the capital market is expected to provide significant opportunities for Chinese securities firms, enabling them to transform their business models and expand their operational scope [9][10]. - The article suggests that the dual expansion of quality assets and funds will drive the transformation of securities firms, while high-level openness will help them break through local boundaries [9][10].

Fundraising - The "14th Five-Year Plan" emphasizes the need to enhance the inclusiveness and adaptability of the capital market, aiming for better alignment between investment and financing functions[5] - State-owned capital has become the main contributor to China's private equity investment market, with social security funds and insurance capital increasingly active as long-term investors[6] - In 2024, China's social security fund's equity investment ratio is projected to be around 8.3%, while corporate annuities are below 5%, indicating significant room for growth in long-term capital allocation[6] Investment - The "15th Five-Year Plan" focuses on nurturing emerging and future industries, with equity investment targeting "early, small, long-term, and hard technology" sectors[8] - By 2024, the economic value added by the "three new" (new industries, new business formats, new business models) is expected to exceed 18% of GDP, highlighting its role as a new growth pillar[8] - In the first half of 2025, investment in hard technology sectors like AI and innovative drugs is expected to dominate, with over 70% of investment concentrated in IT, semiconductors, and biotechnology[9] Exit Strategies - The lack of smooth exit channels has been a key constraint on the high-quality development of the private equity market, prompting policy initiatives to enhance exit mechanisms[10] - The "15th Five-Year Plan" proposes improvements in merger and acquisition systems and market exit protocols to facilitate diverse exit channels[10] - Ongoing reforms aim to support unprofitable tech companies in going public, thereby enhancing the inclusivity and efficiency of the IPO process[11]

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, focusing on direct financing, high-quality listed companies, and a vibrant market ecosystem [1][2][3] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bond markets, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market as key drivers [1] - There is a push to improve the service capabilities for real enterprises throughout their lifecycle and enhance the identification and pricing mechanisms for innovative companies [1] - The development of private equity and venture capital funds is encouraged, alongside a robust multi-tiered bond market system [1] Group 2: High-Quality Listed Companies - The article stresses the need to optimize the structure of listed companies and enhance their investment value, supporting mergers and acquisitions and flexible refinancing mechanisms [2] - It highlights the importance of fostering world-class enterprises and improving incentive mechanisms to stimulate entrepreneurial spirit and innovation [2] - There is a call for listed companies to strengthen their awareness of returning value to investors through cash dividends and share buybacks [2] Group 3: Long-Term Investment Environment - The creation of a market environment conducive to long-term capital is emphasized, with mechanisms to assess long-term funds and promote public fund reforms [2] - The development of equity public funds and high-quality index investments is prioritized to enhance the scale and proportion of investments in A-shares [2] Group 4: Regulatory Enhancements - The article advocates for a comprehensive and multi-dimensional regulatory system to adapt to rapid market changes, enhancing monitoring and risk response mechanisms [2] - The use of modern technologies like big data and AI for identifying illegal activities and risks is encouraged [2] - Strict enforcement against financial fraud and market manipulation is highlighted to maintain a fair market order [2] Group 5: Capital Market Openness - The article discusses the gradual expansion of high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets [3] - It supports the improvement of the Qualified Foreign Institutional Investor system and the facilitation of foreign investment participation [3] - The construction of world-class exchanges and investment institutions is a priority, along with enhancing the status of international financial centers [3] Group 6: Market Ecosystem - The article calls for strengthening the legal framework of the capital market and revising relevant laws to create a fair market environment [3] - Investor protection mechanisms and education are emphasized to promote rational, value, and long-term investment [3] - The establishment of high-end think tanks and talent development in the capital market is encouraged to address strategic and foundational issues [3]

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].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market during the "15th Five-Year Plan" period, outlining key tasks to achieve this goal [1][5]. Group 1: Key Tasks - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to support quality enterprises in issuing and listing [2][11]. - Foster more high-quality listed companies by deepening mergers and acquisitions market reforms and enhancing the flexibility of refinancing mechanisms [2][11]. - Create a more attractive environment for long-term investments by establishing mechanisms for long-term capital assessment and promoting the development of public funds and private equity [3][12]. - Improve the scientific and effective regulation of the capital market, enhancing monitoring and risk response mechanisms to ensure market stability [3][12]. - Gradually expand the high-level institutional opening of the capital market, facilitating the participation of foreign investors and improving the convenience of foreign investment [3][13]. - Build a standardized, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [3][13]. Group 2: Market Conditions - The capital market has a solid foundation for stable and healthy operation, supported by the resilience and potential of the economy [4][5]. - The overall trend of the capital market remains positive, with expectations for investor cash dividends reaching 2.4 trillion yuan in 2024, reflecting the public's growing interest in wealth management through the capital market [5][6]. Group 3: Reform and Development - Continuous improvement of the capital market's inclusiveness and adaptability is essential for better serving the new productive forces and ensuring that development benefits the broader population [5][9]. - The need for a balanced approach to investment and financing, emphasizing the importance of market stability and effective government intervention [9][10].