The new leaves in the fragrant forest urge the old leaves, and the waves in the flowing water give way to the waves behind.

From the first gong for the opening of New China's capital market on the banks of the Huangpu River to now, my country's stock market and bond market rank second in the world, with more than 200 million investors in the stock market... In the great practice of China's reform and opening up , China’s capital market has written a colorful chapter.

Especially since the 18th National Congress of the Communist Party of China, the Party Central Committee and the State Council have attached great importance to capital market work, strengthened centralized and unified leadership of the capital market, made a series of major decisions and arrangements, and clearly proposed to deepen reforms to create a standardized, transparent, open, and

A dynamic and resilient capital market; the development of direct financing must be placed in an important position to form a multi-layered capital market system with complete financing functions, solid basic systems, effective market supervision, and effective protection of investors' legitimate rights and interests...Guidelines

The capital market is injecting vitality into the Chinese economy.

Structural changes are taking place in the past 10 years. The size of my country's stock market has increased by 238.9%, and the size of the bond market has increased by 444.3%. The proportion of profits of listed entities in the profits of industrial enterprises above designated size has increased from 23% 10 years ago to nearly 50% currently.

The role of listed companies as the fundamentals of the real economy and the leader in transformation and development has become more prominent; the total assets of securities and futures operating institutions have increased 5.5 times in 10 years; the scale of public fund management currently stands at 26 trillion yuan, an increase of 8 times in 10 years; investment

The investor structure has gradually improved, with the proportion of domestic professional institutional investors and foreign capital holdings in the circulating market capitalization rising to 23.5%.

Ten years of growth, ten years of transformation.

my country's capital market is undergoing profound structural changes. The inclusiveness of the market system has been greatly improved, the investment and financing functions have been significantly enhanced, a healthy market ecology has gradually formed, the competitiveness of market entities has steadily improved, and the depth and breadth of two-way openness have been increasingly expanded.

The multi-level market system structure is undergoing significant changes.

The launch of the New Third Board and the Science and Technology Innovation Board, the establishment of the Beijing Stock Exchange, and the establishment of a major service platform for innovative small and medium-sized enterprises have taken a critical step. The adaptability of the capital market to the real economy has been greatly enhanced, and the cumulative stock and debt financing has reached 55 trillion yuan.

The pilot registration systems for the Science and Technology Innovation Board and the Growth Enterprise Market have been successfully implemented one after another, which has greatly enhanced the attractiveness of the capital market to high-quality enterprises, accelerated the accumulation of factor resources in the field of scientific and technological innovation, and smoothed the high-level cycle of technology, capital and the real economy.

Li Chao, vice chairman of the China Securities Regulatory Commission, said that my country's multi-level market system is increasingly improving, and the characteristics of each sector have become more prominent.

For example, the Shanghai and Shenzhen main boards highlight the blue-chip characteristics of the market, the Science and Technology Innovation Board adheres to the characteristics of hard technology, the GEM maintains the characteristics of three innovations and four innovations, and the Beijing Stock Exchange and the New Third Board focus on serving innovative small and medium-sized enterprises.

At the same time, venture capital and private equity investment funds are also playing an increasingly important role.

The breadth and depth of the capital market's services to the real economy have been significantly expanded.

The structure of listed companies has undergone significant changes and their quality has been significantly improved.

From the perspective of industry distribution, the structure of listed companies has undergone fundamental changes. There are about 2,200 listed companies in strategic emerging industries. The number of listed companies in strategic emerging industries with a market value of more than 100 billion yuan has grown from a blank 10 years ago to 46 currently.

, listed companies have increasingly become an important source of power for economic transformation and upgrading.

From the perspective of operating efficiency, the asset size of listed companies has doubled compared with 10 years ago. Operating income and net profit have generally maintained a high growth rate. The cumulative cash dividends in the past three years have reached 4.4 trillion yuan, an increase of nearly 50% compared with the previous three years.

%.

Judging from the governance efficiency, the standard operation level of listed companies has been significantly improved, and some chronic diseases in the capital market have achieved significant results through centralized rectification.

The survival of the fittest effect in the market is accelerating.

The differentiation characteristics of the A-share market are more obvious, and funds from all parties prefer leading stocks and blue chip stocks.

A normalized delisting mechanism has been gradually established, and exit channels have become increasingly smooth.

From 2019 to 2021, the number of forced delistings was more than three times the total of the previous 10 years, and a benign ecology of people who can enter and exit, and who can enter and exit, is accelerating to form.

The investor structure is gradually optimized.

The power of professional institutional investors continues to grow. As of the end of May this year, the share of market value of tradable stocks held by domestic professional institutional investors and foreign investors reached 22.8%, an increase of 6.9 percentage points from 2016.

In 2021, the proportion of transactions by individual investors dropped below 70% for the first time, and the concepts of value investment, long-term investment, and rational investment were gradually established.

The product supply architecture is richer.

Continue to optimize the structure of stocks, bonds, and futures products, enrich risk management tools, meet residents’ wealth management needs, and better serve the country’s major strategies.

Timely launch products such as asset securitization and technological innovation bonds, and promote the pilot program of public REITs in the infrastructure field.

The access system for public fund products has been greatly simplified, and the scale of equity funds has repeatedly hit new highs.

The orientation of respecting trust and abiding by the law, punishing evil and promoting good has continued to be strengthened.

As the all-round insurance system and the zero-tolerance system and mechanism for combating illegal crimes become more perfect, the market atmosphere of honest management and respect for the rule of law is accelerating.

For example, the criminal penalties for crimes such as fraudulent issuance and false information disclosure will be greatly increased.