Four keywords interpret the multi -level capital market for ten years of transformation

Anning

Ten years of growth, ten years of transformation, and the capital market after ten years of reform and development. Nowadays, it has built a multi -level market system with a complete system, clear level, and complementary functions.

Different market levels form their own characteristic positioning, form a market pattern of focusing on, complementary, and dislocation development, and the adaptability of the real economy has been greatly enhanced.

In the past ten years, in the process of multi -level capital market construction, the four keywords have interpreted the essence:

"feature". An important sign of the increasingly improved multi -level capital market system is that each sector adheres to characteristics.

The Shanghai -Shenzhen motherboard highlights the characteristics of the "large market blue chip", which is mainly positioned to provide financing and trading services for mature large enterprises; the science and technology board adhere to the characteristics of "hard technology", mainly serving the national strategy, breakthrough key core technology, and high market recognition. Scientific and technological innovation enterprises; the GEM continues to maintain the characteristics of "three innovations and four new", positioning the service growth innovation and entrepreneurial enterprise, and more emphasizes the promotion of innovation and upgrading of traditional industries; ; The regional equity market pays more attention to serving small and medium -sized enterprises.

Special positioning allows companies to accurately find sectors that meet their own development at different stages of development, which is more conducive to the future development of enterprises.

"dislocation". A vibrant and tough capital market must be a market that can meet the financing needs of different development stages, different sizes, and different types of enterprises. Therefore, the dislocation development and complement of the multi -level capital market are also an inevitable requirement for the reform of the capital market.

Deception development not only meets the diversified financing needs of enterprises in different life cycles, but also reflects the ability of the capital market to serve the real economy and the high -quality development of the economy.

"tolerate". With the increasingly improved multi -level capital market system and the continuous expansion of market scale and influence, market inclusiveness is also increasing.

For example, in the listing conditions of the Science and Technology Board, unsuccessful or losing enterprises, red -chip enterprises and special equity structure enterprises are allowed to be listed. Allowing companies that have not yet been profitable can enable enterprises to obtain long -term equity funds in the earlier period of life, which is conducive to the incubation and development of enterprises.

The improvement of the tolerance of the capital market is conducive to further optimizing the efficiency of resource allocation in the capital market, and improving the strength and breadth of support for the real economy.

"Serve". Serving the real economy and protecting investors' legitimate rights and interests is the root and soul of the development of the capital market.

Over the past ten years, the development of multi -level capital markets has always followed the fundamental orientation of serving the real economy, continuously enhanced the ability to serve the real economy, and promoted a high -quality cycle of capital, technology and the real economy.

Nowadays, the "Fourteenth Five -Year Plan" splendid scroll has been unfolding slowly, and the construction of multi -level capital market will also remain at the beginning, with a more inclusive market ecological ecological support for the high -quality development of the economy.

- END -