Take multiple measures to improve the quality of listed companies and promote the coordinated development of the capital market's investment and financing functions.

To promote the coordinated function of investment and financing, it is necessary to firmly grasp the key of improving the quality of listed companies. On January 11th, Chen Huaping, Vice Chairman of the China Securities Regulatory Commission, said that well-governed, high-return or strong-growth listed companies themselves are the source of vitality for the capital market, naturally attracting more funds for long-term stable investment, thereby forming a virtuous cycle of "high-quality listed companies - profitable investments - active capital participation - improved financing efficiency". Listed companies are the foundation of the market, and only with a group of high-quality listed companies can the investment and financing functions of the capital market be better utilized. Yang Chao, Chief Strategy Analyst of China Galaxy Securities, said in an interview with Securities Daily that in terms of improving the quality of listed companies, it is expected that regulatory authorities will focus on optimizing corporate governance, strengthening shareholder returns, improving operational efficiency, and regulating information disclosure in four dimensions this year. Strengthening the corporate governance mechanism, strengthening the responsibility of the "key minority"; enhancing shareholder returns, promoting normalization of dividends and repurchases, promoting more companies to establish a "sustainable, stable, predictable" dividend policy, especially encouraging state-owned enterprises with stable cash flow to increase dividend payout ratios; optimizing operating structure, guiding listed companies to focus on their core business, reduce costs and increase efficiency, shift from "expansion of scale" to "improving quality", and cultivate new growth engines; improving the quality of ESG disclosure, promoting the digital disclosure of key data, promoting green financing and rational valuation to form a positive cycle.