Tian Xuan, a National People's Congress delegate and specially-appointed professor at Peking University, stated that the core of capital market reform should focus on four major goals: improving institutional inclusiveness, balancing investment and financing, serving the real economy, and preventing and resolving risks.

The Central Economic Work Conference proposed "continuously deepening comprehensive reform of capital market investment and financing" in the next step of reform should focus on which aspects? In response to this, Tan Xuan, a National People's Congress representative and distinguished professor at Peking University, said in an exclusive interview with Securities Times reporters, that the current reform has entered a deep-water area, and the core should focus on the four major goals of enhancing institutional inclusiveness, balancing investment and financing, serving the real economy, and preventing and resolving risks. It is necessary to deepen the market-oriented reform of the issuance and delisting system, further enhance the inclusiveness of the IPO registration system, adapt to the financing needs of innovative enterprises, small and medium-sized enterprises, and private enterprises, while strictly implementing delisting, improving normalization and diversification of delisting mechanisms, and promoting the formation of a market ecosystem of "in and out, survival of the fittest" to fundamentally improve the quality of listed companies. Promote the balanced development of investment and financing ends, regulate the financing behavior of listed companies on the one hand, curb excessive financing, private placement arbitrage, etc., and guide listed companies to invest financing funds in the real economy; on the other hand, cultivate long-term institutional investors, strengthen social security funds, insurance funds, Public funds and other professional institutional investors, optimize the investor structure, and enhance the long-term investment value of the market. Continuously improve the high-level two-way opening of the capital market, in addition to adjusting trading hours, it is also necessary to further align with the trading rules and regulatory standards of international capital markets, optimize the Shanghai-Hong Kong Stock Connect, Shenzhen-London Stock Connect and other cross-border mechanisms, increase the inclusion ratio of A-shares in international indices, attract more long-term foreign capital into the market, and promote the standardization of overseas financing for Chinese enterprises to enhance the global influence of the Chinese capital market. Strengthen the protection of the legitimate rights and interests of small and medium investors. Improve the diversified compensation mechanism, improve representative litigation, class action, reduce the cost of safeguarding rights; harshly crack down on insider trading, market manipulation, false statements, substantially increase the cost of illegal activities. And accelerate the digital transformation of the capital market. Improve regulatory, trading, and service efficiency with digitalization, build a digital financing service platform, expand financing channels for small and medium enterprises; promote the digital upgrade of the securities industry, reduce costs, and enhance inclusiveness. In addition, we must adhere to the origin of serving the real economy. Guide resources to tilt towards national strategic areas such as technological innovation, advanced manufacturing, green development, and comprehensive rural revitalization; clarify the positioning of the science and technology innovation board, the growth enterprise board, and the Beijing Stock Exchange, achieve differentiated development, functional complementarity, and promote the integration of production and finance. At the same time, build a solid risk bottomline throughout the process, improve the warning, disposal, and resolution mechanism, and resolutely hold the bottomline of no systemic financial risks.