日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Global EditionASIA 中文雙語Fran?ais
China
Home / China / Latest

Sustained reforms fuel stable growth

Economists highlight strategic pivot in transforming development model

By ZHOU LANXU,WANG KEJU and OUYANG SHIJIA | China Daily | Updated: 2025-09-19 06:49
Share
Share - WeChat

China must accelerate reform measures to reinforce the stable and healthy development of the capital market in the coming five years as a strategic pivot in transforming the country's economic growth model, said leading economists and financial experts.

Despite Thursday's market correction, they said the recent rally in Chinese equities, together with the ongoing regulatory initiatives to enhance market stability, still highlights a strategic shift toward positioning the capital market as a central driver of innovation, consumption and domestic economic circulation amid external headwinds.

Looking at the new round of capital market reform to be unfolded in the 15th Five-Year Plan (2026-30) period, top priorities should include firmer determination to close regulatory loopholes that leave room for improper profits, ensure market fairness for retail investors, and improve transparency for global investors, they added.

Proposals for formulating the 15th Five-Year Plan for national economic and social development will be studied at the fourth plenary session of the 20th Communist Party of China Central Committee, scheduled to be held in Beijing in October.

Xi Jinping, general secretary of the Communist Party of China Central Committee, called for giving full play to the pivotal role of the capital market at the Central Financial Work Conference in 2023.

At the CPC Central Committee Political Bureau meeting on July 30, which Xi chaired, it was pointed out that the attractiveness and inclusiveness of the domestic capital market should be boosted, in order to consolidate the improving and stabilizing trend of the capital market.

"The ongoing rise of A shares reflects that the strategic position of the capital market in China's economic agenda is rising significantly," said Tian Xuan, president of Tsinghua University's National Institute of Financial Research and associate dean of Tsinghua University's PBC School of Finance.

In the upcoming 15th Five-Year Plan period, high-quality development of the capital market will act not only as a key pathway to address structural economic issues, but also as the "central pivot" for transforming the country's growth model, Tian said.

The bottlenecks faced by traditional growth drivers, the remaining financing difficulties for innovation and intensified global tech competition all demand steady, healthy growth of the capital market to guide long-term capital into core technologies, Tian said. The growing household demand for wealth management also requires the capital market to provide diverse investment channels, he said.

He added that China should further improve fundamental institutions to ensure sustainable market momentum, calling for better management of expectations, greater policy transparency and timely, positive signals to shore up sentiment, as well as stricter information disclosure and an improved delisting mechanism to raise listed companies' quality.

China's A-share market fell on Thursday, as experts cited profit-taking pressure, while the United States Federal Reserve's 25-basis-point interest rate cut on Wednesday fell short of some investors' expectations for a bolder move.

Despite a 1.15 percent drop on Thursday, the benchmark Shanghai Composite Index has risen by nearly a quarter from the April trough, closing at 3,831.66 points. US investment bank Goldman Sachs said in a report on Thursday that it forecasts an 8 percent upside for the A-share market over the coming 12 months.

Liu Jipeng, a senior expert on capital markets and a professor at the Business School of China University of Political Science and Law, said that further closing regulatory gaps to safeguard market fairness and investor interest would hold the key to future capital market reforms and steady market growth.

"A slow bull market has taken shape. The goal should be making it steady and long-lasting, so that the capital market can serve as a platform for common prosperity, where the majority of investors can share returns, rather than only a few getting rich overnight," Liu said.

Wu Qing, chairman of the China Securities Regulatory Commission, pledged at a recent symposium to accelerate the new round of capital market reform and opening-up to consolidate the improving market trend, stressing that the market is at a crucial stage in its pursuit of high-quality development in the 15th Five-Year Plan period.

China has ramped up capital market reform efforts after it released a high-level guideline in April last year, rolling out nine measures to promote the high-quality development of the capital market.

Since then, the country has issued new rules and measures to better regulate holding reductions by major shareholders, raise the dividends for equity shareholders, and encourage the entry of long-term capital while improving mechanisms to anchor market liquidity amid slumps.

Liu attributed the recent rally to such reform measures, and said that more must be done to further enhance market fairness, including in areas such as stock issuance review and pricing, quantitative trading and large shareholders' stakes.

Luo Zhiheng, chief economist at Yuekai Securities, said that enforcing rules with greater rigor and raising penalties for fraudulent practices are essential to building lasting investor trust.

With the A-share market showing an improving and stabilizing trend, Luo said it can lift household income and offset part of the drag from the housing slowdown, and make people more confident to spend, thus supporting consumption and overall economic vitality.

The A-share rally has also enhanced the attractiveness of Chinese financial markets globally.

Thomas Fang, head of China global markets at investment bank UBS, said that global investors are showing greater interest in Chinese financial assets as the country's shining economic prospects help them to diversify their allocations from US dollar-denominated assets.

Fang applauded China's recent opening-up policies that offer global investors more instruments to invest in China, facilitating their risk management and helping them take bigger positions in the country.

Contact the writers at zhoulanxv@chinadaily.com.cn

Top
BACK TO THE TOP
English
Copyright 1994 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
主站蜘蛛池模板: 欧美黄色一区二区三区 | 黄页网站免费在线观看 | 国产91精品久久久久 | 免费av在线网址 | 国产麻豆自拍 | www,av | 成人在线一区二区 | 第一福利av | 日本伦理一区二区 | 欧美日韩影视 | 人人干视频 | 日韩欧美视频在线播放 | 天天综合色 | xxxxxxxx黄色片 | 永久免费黄色 | 成年人免费毛片 | 都市激情中文字幕 | 亚洲色图另类小说 | 亚洲欧美综合 | 在线久久 | 亚色在线视频 | 理论片午夜 | 欧美啪啪一区 | av片在线观看免费 | 成人免费播放视频 | 97午夜影院| 成人丁香婷婷 | 亚洲欧美精品在线观看 | 欧美精品久久久久久久久老牛影院 | 国产精品综合在线 | 精品动漫一区二区三区 | 欧美黄色三级视频 | 日本黄色录象 | 日韩爱爱网 | 国产精品成人aaaa在线 | 精品免费一区二区三区 | 亚洲影院在线观看 | 黄色av网站在线观看 | 黄色免费高清 | 男女精品视频 | 日日骚 |