Plan de reforma del mercado de capitales aclarado en el esquema del decimoquinto plan quinquenal

Editor’s note: The “Fifteen Five-Year Plan” outline has been officially released, unfolding a grand blueprint focused on building a strong nation and revitalizing the nation’s great cause. Starting today, our newspaper launches the column “New Highlights of the ‘Fifteen Five-Year Plan’ Outline,” focusing on new concepts, new deployments, explaining policy intentions, analyzing policy impacts, and accurately grasping the key points of economic and social development during the “Fifteen Five-Year” period. Please stay tuned.

Securities Times Reporter Cheng Dan

Looking ahead to the “Fifteen Five-Year Plan,” under the guidance of serving Chinese-style modernization and building a strong financial nation, what kind of capital market do we need? The outline of the “Fifteen Five-Year Plan” makes important arrangements for capital market work, clearly proposing to “improve the functions of the capital market that coordinate investment and financing, and establish a long-term mechanism to enhance internal stability,” reflecting the high importance and earnest expectations of the Party Central Committee for reform and development of the capital market.

Stability is the overall situation, the premise, and an inherent requirement for high-quality development of the capital market. In recent years, the capital market has endured multiple tests, and a coordinated stabilization mechanism has been continuously improved. Data shows that during the 14th Five-Year Plan period, the annualized volatility of the Shanghai Composite Index decreased by 2.8 percentage points compared to the 13th Five-Year Plan, significantly enhancing market risk resistance, and the market recovery and positive trend have been consolidating.

During the “Fifteen Five-Year” period, making the capital market more resilient and more stable is crucial. Establishing a long-term mechanism to enhance internal stability is essential. On one hand, we must fully leverage the role of medium- and long-term funds as “stabilizers,” accelerate the construction of a supporting system for “long-term investment,” promote the continuous entry of social security, insurance, wealth management, and other medium- and long-term funds into the market, enrich policy tools for market stabilization, and reserve policies for incremental support; on the other hand, we must take the lead in deepening reforms, continuously optimize basic systems such as issuance, listing, information disclosure, mergers and acquisitions, and delisting, focus on improving the quality of listed companies, guide them to genuinely enhance investor returns, and strengthen long-term investor confidence.

Especially in the context of a new round of technological revolution and industrial transformation accelerating, the sustained consolidation of investor confidence resonates with the reinforcement of the technological narrative logic of the capital market. The outline of the “Fifteen Five-Year Plan” makes important deployments for cultivating and expanding emerging industries and future industries. The government work report explicitly proposes that for key core technological enterprises, a normalized “green channel” mechanism for listing financing and mergers and acquisitions be implemented to support innovation and creation through technological finance. This urgently requires the deepening of investment and financing reform in the capital market, accelerating the service of new productive forces and improving institutional inclusiveness and adaptability.

Recently, a series of key reforms in the capital market are expected to accelerate implementation. The reform plan for the ChiNext Board will be promptly released and implemented, further emphasizing the function positioning of the board, enhancing institutional inclusiveness and coverage, better supporting the development of emerging and future industries, and helping the real economy achieve high-quality development; the refinancing mechanism will be optimized more quickly, highlighting the orientation of “supporting excellence and supporting science,” supporting high-quality listed companies to improve and strengthen, smoothing the formation and circulation of innovative capital, and continuously cultivating new productive forces. These measures aim to form synergy with existing policies such as the Sci-Tech Innovation Board “1+6” and the M&A six rules, releasing stronger integrated effects, promoting capital formation through multiple channels, and accelerating the aggregation of factors and resources into the field of new productive forces, enabling more benchmark high-tech enterprises to list on the A-share market.

Improving the functions of the capital market that coordinate investment and financing depends on the continuous optimization of the market ecosystem and strong regulatory support. Strengthening the constraints on the entire chain of issuance, listing, information disclosure, trading, and delisting, and severely cracking down on illegal activities such as financial fraud, insider trading, and market manipulation are key measures to protect investors’ legitimate rights and interests and consolidate market trust.

It can be expected that by building a robust market defense line with strict regulation, and cultivating a good ecological environment through sound laws and good governance, a positive interaction will be formed among deepening reforms, enhancing functions, and market stability. This will truly realize the coordinated efforts on both ends of investment and financing, more stable market operation, and sustained investor confidence, providing a solid and reliable guarantee for the high-quality development of the capital market.

(Edited by: Wang Zhiqiang HF013)

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