I recently came across an interesting perspective. A leader in the financial investment industry of a certain region proposed a major direction at the inauguration ceremony on January 2nd: over the next decade, the capital market will upgrade from a supporting role to an independent industry. It sounds grand, but the underlying logic is worth pondering.

Globally, the influence of the financial investment industry in areas such as asset management and corporate financing is indeed expanding. Compared to Japan's rapid iteration, some markets still have room to accelerate reform. The issue is quite specific: the number of listed companies is decreasing, and the attractiveness of the stock market is declining. This is not an isolated phenomenon in any one region but a challenge faced by global capital markets.

Interestingly, the focus of reform is quite targeted. First, is the linkage between pension funds and the capital market—this directly affects the participation of long-term investors. Second, is the reinforcement of a long-term investment culture, rather than pursuing short-term volatility gains. Third, is supporting small and medium financial institutions to participate in nurturing innovative enterprises, effectively creating financing channels for emerging industries.

From an investor’s perspective, all these measures ultimately aim at the same goal: to make the capital market a true support for enterprise growth, rather than just a financing tool. When stock exchanges, asset management institutions, and innovative enterprises form a virtuous cycle, the entire ecosystem can truly upgrade. This also provides insights for the Web3 and crypto asset markets—building a foundation for long-term investment, attracting institutional participation, and improving ecological sustainability are the right paths for sustainable growth.