2025 is the final year of the 14th Five Year Plan. In the past five years, the number of A-share listed companies has increased from over 4100 to over 5400, the total market value has risen from 70 trillion yuan to 100 trillion yuan, the total stock and bond financing in the exchange market has reached 57.5 trillion yuan, and the total dividend repurchase amount of listed companies has reached 10.6 trillion yuan... The capital market has achieved a simultaneous improvement in both quantity and quality, providing solid financial support for the transformation and upgrading of the real economy and injecting vitality and resilience into high-quality economic development. Looking ahead to the future, Tian Xuan, Dean of the National Institute of Finance at Tsinghua University, told reporters that in the next step, China's capital market reform can focus on deepening the registration system reform, vigorously developing a multi-level market system, comprehensively improving the quality of listed companies, vigorously developing institutional investors, expanding high-level institutional openness, and improving the risk prevention and control system of the capital market. This will further enhance market functions, optimize market structure, prevent market risks, and better serve the high-quality development of the real economy. The coordinated development of investment and financing towards the "new" direction. Investment and financing are two sides of the capital market, complementing and promoting each other. During the 14th Five Year Plan period, with deepening investment and financing reforms as the driving force, the capital market continuously increased its support for technological innovation and new quality productivity, promoted the entry of medium and long-term funds into the market, cultivated and strengthened patient capital, and effectively promoted a virtuous cycle of technology, capital, and industry. On the one hand, we will improve the multi-level market system and provide technology-based enterprises with a full chain and relay service from venture capital to listing financing, mergers and acquisitions, to meet the needs of enterprises at different stages of development. Since last year, the China Securities Regulatory Commission has successively launched a series of measures such as the "Sixteen Articles on Science and Technology Innovation", the "Eight Articles on Science and Technology Innovation Board", and the "1+6" reform of the Science and Technology Innovation Board, to enhance the inclusiveness and adaptability of the capital market system. According to data from Wind Information, as of October 10, 2025, there have been 1444 new listed companies on the A-share market since 2021, with a total fundraising of 1.63 trillion yuan. Among them, there are 1305 technology-based enterprises, accounting for 90.37%, with a total fundraising of 1.41 trillion yuan, accounting for 86.6%. At present, the proportion of strategic emerging industry companies in the A-share market has exceeded half, and the market value of the technology sector accounts for more than a quarter. A group of new economic leaders are rising. At the same time, leveraging the advantages of stock bond linkage, continuously enriching the product service system, and strengthening financing services for major strategic and key areas. As of the end of August this year, the technology innovation corporate bonds launched in March 2021 have issued a total of 1.77 trillion yuan, which strongly supports the strategy of building a strong technological country. On the other hand, we need to break through the bottlenecks of medium and long-term capital entering the market, increase the scale and proportion of long-term capital investment, and promote the formation of innovative capital. According to data, as of the end of August this year, various types of medium and long-term funds held a total circulating market value of about 21.4 trillion yuan in A-shares, an increase of 32% compared to the end of the 13th Five Year Plan period. Among them, the circulating market value of A-shares held by public funds exceeded 7 trillion yuan, an increase of 46% compared to the end of the 13th Five Year Plan. The scale of public fund investments in manufacturing and science and technology innovation stocks exceeded 5 trillion yuan, an increase of 39% compared to the end of the 13th Five Year Plan. In addition, private equity venture capital funds have become one of the key driving forces for promoting technological innovation and the development of new quality productivity. As of the end of the second quarter of this year, the management scale of private equity venture capital funds in China has reached 14.4 trillion yuan, with 150000 projects under investment and a total investment of 8.97 trillion yuan. Among them, the number of high-tech enterprises invested and the proportion of invested capital are 50% and 54% respectively. The next step is to work together through institutional, financial, and governance mechanisms to improve the market ecology of a virtuous cycle of 'technology, industry, and finance', and enhance the ability and efficiency of the capital market to serve technological innovation. ”Zhang Jun, Chief Economist of China Galaxy Securities, stated in an interview with reporters that at the institutional level, we will deepen the reform of the Science and Technology Innovation Board, the Growth Enterprise Market, and the Beijing Stock Exchange, optimize the issuance pricing and merger and acquisition restructuring mechanism, smooth the entire chain of private equity venture capital funds' fundraising, investment management, and exit, and build equity financing channels and board transfer channels covering technology enterprises at different stages of development; At the financial level, by improving policies such as long-term assessment, net asset value management, and tax deferral, we will promote the shift of various medium - and long-term funds towards "active empowerment"; At the governance level, we will adhere to a penetrating supervision approach with "information disclosure as the core", continuously improve the quality of listed companies, crack down on financial fraud and "pseudo innovation", improve mechanisms for dividend repurchase and equity incentive constraints, establish a sound valuation and delisting system, and create a stable, transparent, and predictable market environment. Enhanced attractiveness significantly increases the activity of A-shares. Investors are the foundation of the market, and listed companies are the basis of the market. Both investors and listed companies are the source of vitality for the development of the capital market. During the 14th Five Year Plan period, regulatory authorities will continue to promote the improvement of institutional mechanisms for high-quality development of listed companies and support them in becoming better and stronger; Enhance investor returns, boost investor trust and confidence in the market, and significantly increase A-share activity. On the asset side, continuously improve the quality and investment value of listed companies, and provide more high-quality targets for the market. Introduce the "Six Measures for Mergers and Acquisitions" to support listed companies to become better and stronger, enhance investment value, and significantly increase the activity of mergers and acquisitions. Promoting the survival of the fittest, implementing two rounds of delisting system reform, expanding diversified exit channels, and smoothly delisting over 200 companies since 2021. Introduce market value management guidelines, encourage listed companies to distribute dividends and repurchase, and significantly enhance investors' awareness of returns for listed companies. According to statistics, the total dividend repurchase of A-share listed companies in the past five years was 10.6 trillion yuan. On the trading side, balance fairness and efficiency, and maintain normal trading order. Standardize the reduction of holdings and plug various loopholes in "detours" to reduce holdings; Standardize the development of quantitative trading and consolidate the foundation for long-term stable development of the capital market. On the law enforcement side, we adhere to the supervision of "long teeth with thorns" and sharp edges, and persist in cracking down on major, evil, and key violations. We continuously strengthen the crackdown on illegal activities such as fraudulent issuance, financial fraud, and insider trading. During the 14th Five Year Plan period, 2214 administrative penalties were imposed, and 41.4 billion yuan was confiscated, an increase of 58% and 30% respectively compared to the 13th Five Year Plan period. In addition, the investor protection mechanism has been continuously improved, and a series of investor protection mechanisms such as representative litigation, demonstration judgments, stock exercise, party commitments, and support litigation have been implemented, greatly enhancing the efficiency of investor rights protection. The scale of individual investors and various professional institutions continues to grow, with the number of A-share investors exceeding 200 million. Since the beginning of this year, the activity of A-shares has significantly increased. In August, the transaction volume of A-shares exceeded 3 trillion yuan. As of October 10th, the transaction volume of A-shares has been above 2 trillion yuan for 37 consecutive trading days, with an average daily transaction volume of 1.66 trillion yuan this year, a year-on-year increase of 100%. Tian Xuan stated that the key to further enhancing the attractiveness and internal stability of the capital market lies in continuously improving the quality of listed companies, enriching the market product and service system, introducing long-term funds, optimizing market supervision, and improving the investor protection system. The long-term attractiveness of the capital market depends on the certainty of the system, the growth of assets, and the stability of funds. ”Zhang Jun believes that in terms of system and regulation, it is necessary to enhance the transparency and predictability of policies, and build a market ecology of "orderly financing, proper investment, moderate transactions, and strong regulation"; On the asset side, we must adhere to the core theme of improving the quality of listed companies, cultivate a stable, sustainable, and predictable equity return culture, and make "investment value" truly a market consensus; On the funding side, it is necessary to continuously strengthen the supply of "patient capital" and leverage the "ballast stone" role of medium - and long-term funds. The expansion of the "circle of friends", two-way opening up and acceleration of opening up are distinctive signs of Chinese path to modernization, and foreign capital is an important participant and builder of China's capital market. During the 14th Five Year Plan period, the capital market will shift from partial pipeline opening to comprehensive institutional opening. The two-way opening of markets, products, and institutions will continue to deepen, the interconnection mechanism between domestic and foreign markets will be optimized, overseas listing channels will continue to expand, and "bringing in" and "going out" will continue to deepen. In terms of "bringing in", more and more foreign financial institutions are investing and expanding their businesses in China. The number of foreign-invested securities, funds, and futures companies has significantly increased. As of the end of September 2025, the China Securities Regulatory Commission has approved 14 new foreign-invested securities, funds, and futures companies since 2021; The system for qualified overseas investors continues to be optimized, and the investment scope continues to expand. As of the end of August 2025, a total of 907 overseas institutions have obtained the qualification of qualified overseas investors. At the same time, the attractiveness of China's stock market to foreign investment continues to increase. According to data from the China Securities Regulatory Commission, as of the end of August this year, foreign investors held A-shares with a market value of 3.4 trillion yuan. In September, HSBC's "Emerging Markets Investment Intention Survey" showed that global institutional investors are increasingly optimistic about the growth prospects of emerging markets, especially the economic growth and stock market prospects in Asia, and the Chinese stock market has become their first choice when investing in emerging markets. In terms of "going global", regulatory authorities continue to improve the regulatory system for overseas listing of enterprises, optimize the arrangement of interconnected depositary receipt business mechanisms, broaden overseas listing financing channels, and support enterprises to make good use of the "two markets and two resources" at home and abroad. As of now, 269 companies have gone public overseas. Among them, the team of "A+H" companies continues to grow, and as of October 10th this year, there are 161 "A+H" companies. Tian Xuan stated that in recent years, domestic securities and fund operating institutions have actively "gone global" by establishing overseas subsidiaries, participating in overseas market business, and expanding their international business layout. Their cross-border service capabilities and international competitiveness have significantly improved. Gong Fang, Director and Chief Researcher of the Policy Research Office of Shanghai Shenyin Wanguo Securities Research Institute Co., Ltd., stated in an interview with reporters that in the future, the capital market can continue to deepen its two-way opening-up from the following two aspects: firstly, continuously deepen the interconnection mechanism, further expand the coverage of markets and asset product types, and consider upgrading the "China UK Connect", launching the "China Japan Connect" and "China Korea Connect", and expanding the scope and scale of mutual recognition of ETFs between mainland China and Hong Kong. The second is to encourage and allow securities companies and asset management institutions to increase innovation in cross-border products, better meet the cross-border and global investment needs of domestic and foreign investors, and continuously enhance the attractiveness of the capital market. Zhang Jun believes that in addition to deepening the interconnection mechanism, it is necessary to accelerate the launch of more RMB denominated futures, options, and bond products, improve cross time zone clearing and central counterparty interconnection, and strengthen the global pricing function of RMB assets. The 14th Five Year Plan is coming to an end, and the horn of the new journey of the 15th Five Year Plan is about to be sounded. We firmly believe that in the next five years, the capital market will shape a dynamic and resilient healthy ecosystem through deeper reform and opening up, accurately drip irrigation of new quality productivity, and benefit thousands of households with the dividends of innovative development, injecting inexhaustible power into the Chinese economic giant to break through the waves and move forward. (New Society)