Economic Daily Jin Guanping: Continuously deepening comprehensive reform of capital market investment and financing

Recently, the China Securities Regulatory Commission held a 2026 system work conference, proposing to continuously deepen the comprehensive reform of capital market investment and financing, and strive to achieve qualitative improvement and reasonable growth in quantity. Continuous deepening of the comprehensive reform of capital market investment and financing is the key to the high-quality development of the capital market. This is not simply "more financing" or "active trading", but through institutional reshaping to make fund allocation more effective, investment returns more promising, and better serve the real economy. The capital market is the "reservoir" that connects funds and assets. The purpose of deepening the comprehensive reform of capital market investment and financing is to form a virtuous cycle of "high-quality listed companies - profitable investments - active fund inflow - improved financing efficiency". Only when the financing end has high-quality assets can the investment end receive reasonable returns; only when the investment end has a "profit-making effect" can the financing end receive a continuous flow of "fresh water sources". Investment and financing are two sides of the same coin, coordination is a dynamic process, not a static ratio. From a quantitative perspective, an imbalance between investment and financing will increase market volatility and amplify market fragility; from a structural perspective, investment and financing need better matching in terms of products, terms, risk characteristics, and preferences.