综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Global EditionASIA 中文雙語(yǔ)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
 
东乡族自治县| 正安县| 蓝田县| 星座| 兴义市| 固始县| 乌审旗| 辽源市| 泌阳县| 惠东县| 洞头县| 黑河市| 敦化市| 莒南县| 苏州市| 海兴县| 米易县| 鹰潭市| 枣强县| 康马县| 红原县| 罗山县| 定边县| 谷城县| 科尔| 阳原县| 永春县| 雷山县| 洪洞县| 武定县| 响水县| 来宾市| 铜梁县| 长寿区| 延长县| 拜泉县| 北京市| 来宾市| 邵东县| 盖州市| 河池市|