国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

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
 
亚洲视频欧洲视频| 四虎精品永久免费| 2021国产在线| www亚洲人| 四虎在线视频| 在线观看麻豆视频| 亚洲网站情趣视频| 最新在线观看av| а√最新版地址在线天堂| jlzzjlzz欧美大全| 国产xxxxx18| 黄色三级电影网站| 国产乱子视频| 麻豆福利视频| 天天操夜夜干| 美国成人av| 两个人hd高清在线观看| 污污网址在线观看| 中文字幕在线观看第一页| 黄色直播在线| 在线国产中文字幕| 日韩一二三四| 国产区av在线| 在线毛片网站| 成人福利在线观看视频| 婷婷在线播放| 爱搞国产精品| 欧美无毛视频| 国产黄色精品| 中文字幕综合| 婷婷视频一区二区三区| 国产成人高清精品免费5388| 天堂综合网久久| 国产精品三级| 精品国产视频| 国产精品久久占久久| 91精品天堂福利在线观看| 伊人久久大香线| 亚洲一级影院| 久久蜜桃精品| 韩国成人精品a∨在线观看| 国v精品久久久网| 99久久99久久精品免费观看| 国产亚洲欧美一区在线观看| 中文字幕在线不卡| 亚洲动漫第一页| 色天天综合色天天久久| 欧美精选一区二区| 精品国产一区二区在线观看| 亚洲欧洲视频在线| 久久九九免费视频| 45www国产精品网站| 亚洲精品成人a| 天堂网在线.www天堂在线视频| 菠萝蜜网站在线观看| 国产一级黄色电影| 青青久草在线| 97超碰资源站在线观看| 夜鲁夜鲁夜鲁视频在线播放| 996久久国产精品线观看| 理论片一区二区在线| 日韩精品欧美| 国产精品亚洲产品| 国产在线看一区| 久久免费的精品国产v∧| 亚洲欧美日韩国产另类专区| 欧美日韩美女在线| 欧美一区二区三区思思人| 日韩激情av在线免费观看| 久久精品夜夜夜夜夜久久| 91成人在线视频| 91视频黄色| 国产xxxxx18| yiren22亚洲综合伊人22| a国产在线视频| 国产精品国产亚洲精品| 久久91精品| 精品99视频| 激情综合五月天| 久久免费的精品国产v∧| 亚洲国产成人av| 欧美日韩不卡视频| 亚洲精品视频在线观看视频| 欧美国产日韩在线| 国产麻豆永久视频| 国产农村av| 午夜看片在线免费| 久久野战av| 日韩电影不卡一区| 精品999日本| 国产精品12区| 亚洲欧美偷拍三级| 在线91免费看| 日韩视频在线观看免费| 人善交vide欧美| 国产在线视频你懂| www国产在线观看 | 草民电影神马电影一区二区| 亚洲婷婷伊人| 久久精品亚洲一区二区| 99riav一区二区三区| 亚洲高清三级视频| 亚洲成人在线网| 久久青草福利网站| 爱爱视频网站| av在线天堂| 日韩黄色三级| 午夜精品毛片| 国产一区二区视频在线| 樱桃视频在线观看一区| 欧美成人欧美edvon| 欧美激情按摩在线| xfplay资源站夜色先锋5566| 成人免费高清在线播放| 高清在线一区| 一区二区在线影院| 成人不卡免费av| 黑人巨大精品欧美一区二区三区| 免费av网站在线看| 91福利区在线观看| 人人精品亚洲| 日韩国产欧美在线视频| 国产精品乱码一区二区三区软件| 欧美日韩国产中文| 欧美成人性色生活仑片| 可以在线观看的黄色网址| 第一福利在线| 国产一精品一av一免费爽爽| 欧美日韩1区| 91首页免费视频| 色婷婷综合视频在线观看| 中文字幕免费精品一区高清| 国产偷窥洗澡视频| 免费黄色片在线观看| 国产激情欧美| 在线免费高清一区二区三区| 久久网站最新地址| 欧美老肥妇做.爰bbww| 欧美激情视频一区| 在线成人私人影院| √8天堂资源地址中文在线| 美女久久久久| 国产精品综合二区| 狠狠躁夜夜躁人人爽超碰91| 中文字幕一区二区三区电影| 青青草.com| 国产美女福利在线| 婷婷五月色综合香五月| 精品在线观看视频| 欧美日韩激情小视频| 精品国产网站地址| 天天操天天操一操| av在线最新| 综合久久综合| 国产欧美在线观看一区| 精品久久久久久久人人人人传媒 | 精品视频在线免费观看| 欧美激情日韩图片| 香蕉视频色版| 老司机精品视频网| 国产午夜久久| 一区二区三区丝袜| 丝袜亚洲欧美日韩综合| www.三级.com| 绿色成人影院| 国产精品v亚洲精品v日韩精品| 久久久久国产精品人| 日韩美女视频在线| 国内精品久久久久久久久蜜桃 | 久热re这里精品视频在线6| 亚洲美女屁股眼交3| 亚洲第一免费播放区| 国产日韩欧美精品一区二区三区| 91激情在线| 少妇一区二区视频| 91色在线porny| 亚洲国产最新| 欧美日韩国产在线一区| 国产精品色噜噜| 亚洲精品资源美女情侣酒店| 女生裸体无遮挡天堂网站免费| 手机在线免费看av| 99久久综合| 日本一区二区三区高清不卡| 亚洲毛片在线看| hs网站在线观看| 日韩在线影院| 久久久成人网| 福利视频一区二区| 国模视频一区二区三区| 深夜福利视频在线免费观看| 91精品啪在线观看国产爱臀| 国产一区91精品张津瑜| 在线电影国产精品| 精品国内自产拍在线视频| 综合久久2o19| 欧美精品午夜| 亚洲一级二级三级在线免费观看| 久久夜精品va视频免费观看| 国产三级av在线| 北条麻妃一区二区三区在线| 国产一区二区伦理| 91精品国产日韩91久久久久久| 老师让我她我爽了好久视频| 欧美三级电影一区二区三区| 天天综合网网欲色| 亚洲欧美日韩国产综合| 色综合久久悠悠| 欧美美乳在线| 精品视频国产| 国产精品久久免费看| 日韩在线一区二区三区免费视频| 视频免费裸体网站| 国产精品流白浆在线观看| 99国产精品一区| 激情小说亚洲色图| 久久精品二区亚洲w码| 欧美日韩1区2区| 一级特黄毛片| 欧美va视频| 精品一区二区三区免费观看| 日韩欧美色电影| 天天操天天射天天插| 国产精品久久久久久久久久辛辛| 国产老女人精品毛片久久| 欧美成人免费网站| 天天做天天爱天天爽| 欧美高清一级片| 91麻豆福利精品推荐| 一区二区三区四区精品| 亚洲小说区图片区情欲小说| 国模吧精品视频| 亚洲人成伊人成综合网小说| 久久人人爽人人爽人人片av高清| 91精品专区| 亚洲激情网站| 欧美色视频在线| 手机在线色视频| 电影一区二区三区久久免费观看| 成人免费毛片app| 亚洲欧美日韩中文视频| 久草热久草在线频| 在线播放麻豆| 日韩在线成人| 91色porny在线视频| 中文字幕成人在线| 久草在线网址| 欧美韩国一区| 日本精品一区二区三区四区的功能| 国产一区亚洲二区| 成人不卡视频| 成人黄色在线视频| 日韩中文字幕视频在线| 国产在线播放av| 亚洲国产专区| 欧美高清激情brazzers| 色先锋资源在线播放av| 黄色欧美网站| 亚洲青青青在线视频| 天堂中文在线www| 中文字幕在线视频网站| 国产麻豆日韩欧美久久| 亚洲性夜色噜噜噜7777| 日本精品专区| 韩日成人在线| 777午夜精品视频在线播放| 天天躁日日躁狠狠躁超碰2020| 日韩av三区| 一级女性全黄久久生活片免费| 久久久一区二区三区不卡| 国产精品专区免费| 成人精品视频网站| 麻豆成人在线看| 少妇av在线| 国产一区福利在线| 中文字幕少妇一区二区三区| av播放在线观看| 久久久久免费| 亚洲韩国青草视频| 日韩av视屏| 亚洲一区二区三区四区五区午夜| 精品日韩99亚洲| 性欧美精品孕妇| 成人在线观看一区| 国产精品一区二区av影院萌芽| 国产成人超碰人人澡人人澡| www.欧美三级电影.com| 91麻豆免费在线视频| 极品尤物av久久免费看| 日韩中文字幕av| 国产色婷婷在线| 成人免费视频视频| 久久久免费精品| 亚洲精品mv| 久久久久久麻豆| 影音先锋男人每日资源站| 另类一区二区| 亚洲丝袜自拍清纯另类| 国产一线天粉嫩馒头极品av| 一区二区在线免费播放| 一区二区三区四区五区视频在线观看| 国产精品亚洲色图| 成人影院中文字幕| 亚洲午夜视频在线| 成年网站免费视频黄| 国内精品久久久久久久影视简单 | 超碰在线公开超碰在线| 欧美aa国产视频| 日韩欧美电影在线| 欧洲视频在线免费观看| 久热综合在线亚洲精品| 伊人久久大香线蕉av一区二区| h片在线免费| 粉嫩绯色av一区二区在线观看| 国模视频一区二区| 亚洲精品一区av| 亚洲精品一二三四区| 免费偷拍视频网站| 日韩欧美高清在线播放| 欧美一区二区日韩一区二区| 欧美18xxxxx| 蜜桃av噜噜一区二区三区小说| 日韩有码在线电影| 成人免费看黄| 国产精品国产三级国产有无不卡| 国产老女人av| 国产精品嫩草影院在线看| 欧美三级乱人伦电影| 在线成年人视频| 日本va欧美va瓶| 欧美精品在线免费| 成人黄色毛片| 一区二区免费在线播放| 2020天天操| 合欧美一区二区三区| 亚洲欧美日韩在线一区| 不卡视频观看| 中文字幕制服丝袜一区二区三区 | 日韩av网站在线免费观看| 欧美专区日韩专区| 日本人妖在线| 国产成人福利片| 亚洲国产精品久久久久婷婷软件| 老司机在线精品视频| 欧美日韩综合色| 国产视频网址在线| 国产99一区视频免费| 最近更新在线中文字幕一页| 精品欧美午夜寂寞影院| 欧美体内she精视频| 国外av在线| 国产91在线观看| 骚虎视频欧美| 精品欧美激情在线观看| 精品日本一线二线三线不卡| 中文字幕有码在线观看| 中中文字幕av在线| 国产ts人妖一区二区| 福利视频理论电影| 欧美女王vk| 精品国产乱码久久久久久夜甘婷婷 | 成年女人色毛片免费| 黑人一区二区三区四区五区| 视频直播国产精品| 免费成人黄色网| 狠狠色狠狠色综合日日小说| 一二三区在线视频| 国产一区二区伦理片| 欧美另类色图| 99精品美女| 亚洲最新av在线网站| 成人综合网站| 色哟哟国产精品免费观看| 蜜桃视频在线观看视频| 成人18视频日本| 你懂得视频网站| 夜夜嗨一区二区三区| 欧美日韩国产成人在线观看| 亚洲成人黄色| 91精品久久久久久蜜臀| 直接在线观看的三级网址| 国产精品福利一区二区| а√最新版天堂中文在线| 蜜臀久久久久久久| 性欧美videos精品| 天天揉久久久久亚洲精品| 中文字幕亚洲欧美日韩2019| 伊人久久大香| 欧美精品国产精品| 黄色污污视频在线观看| 夜夜精品视频一区二区| 真不卡电影网| 99国产精品久久久久久久久久| 黄色影片网站| 天堂精品中文字幕在线| 中文字字幕一区二区三区四区五区| 99国产**精品****| 久久精品国产一区| 国产伦精品一区二区三区免费优势| 91麻豆精品国产91久久久更新时间|