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.
著名经济学家和金融专家表示，中国必须加快改革措施，在未来五年加强资本市场的稳定和健康发展，作为转变国家经济增长模式的战略支点。
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.
他们表示，尽管周四出现了市场回调，但中国股市近期的反弹，以及正在实施的加强市场稳定的监管举措，仍突显出在外部不利因素的影响下，中国将资本市场定位为创新、消费和国内经济循环的核心驱动力的战略转变。
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.
他们补充说，展望第15个五年计划（2026-30）期间将展开的新一轮资本市场改革，当务之急应该包括更坚定地弥补为不正当利润留下空间的监管漏洞，确保散户投资者的市场公平，提高全球投资者的透明度。
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.
关于制定国民经济和社会发展第15个五年计划的建议将在定于10月在北京举行的中国共产党第二十届中央委员会第四次全体会议上进行研究。
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.
习近平，中国共产党中央委员会主席，在2023年的中央金融工作会议上，要求充分发挥资本市场的关键作用。
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.
7月30日习主持的中共中央政治局会议上，习指出要增强国内资本市场的吸引力和包容性，巩固资本市场向好企稳的态势。
"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.
清华大学国家金融研究院院长、中国人民银行金融学院副院长田轩表示：“A股的持续上涨反映出资本市场在中国经济议程中的战略地位正在显著上升。”
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.
田说，在即将到来的“十五”计划期间，资本市场的高质量发展不仅是解决结构性经济问题的关键途径，而且是转变国家增长模式的“中心支点”。
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.
田说，传统增长动力面临的瓶颈，创新的剩余融资困难以及加剧的全球技术竞争都需要资本市场稳定，健康的增长，以引导长期资本进入核心技术。他说，家庭对财富管理日益增长的需求也要求资本市场提供多样化的投资渠道。
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.
他补充说，中国应该进一步完善基本制度，以确保市场的可持续发展势头，呼吁更好地管理预期，提高政策透明度，及时发出积极信号来提振市场情绪，以及更严格的信息披露和完善的退市机制，以提高上市公司的质量。
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.
中国A股市场周四下跌，专家们认为这是获利了结的压力，而美联储周三降息25个基点的决定，没有达到一些投资者对更大胆举措的预期。
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.
尽管周四下跌了1.15%，但基准上证综合指数已经从4月份的低点上涨了近四分之一，收于3831.66点。美国投资银行高盛在周四的一份报告中表示，预计未来12个月a股市场将上涨8%。
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.
资本市场资深专家、中国政法大学商学院教授刘继鹏表示，进一步缩小监管空白，以维护市场公平和投资者利益，将是未来资本市场改革和市场稳定增长的关键。
"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.
“一个缓慢的牛市已经形成。目标应该是使其稳定和持久，以便资本市场可以作为共同繁荣的平台，大多数投资者可以分享回报，而不是只有少数人一夜暴富。”
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.
中国证券监督管理委员会主席吴清在最近的一次座谈会上承诺，将加快新一轮资本市场改革开放，巩固市场向好趋势，并强调市场正处于“十五”期间追求高质量发展的关键阶段。
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.
自去年4月发布高层指导意见以来，中国加大了资本市场改革力度，推出了促进资本市场高质量发展的九项措施。
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.
此后，国家出台了新的规则和措施，以更好地规范大股东减持，提高股东股息，鼓励长期资本进入，同时完善机制，以稳定市场流动性。
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.
刘将最近的反弹归因于这些改革措施，并表示必须做更多的工作来进一步增强市场公平，包括股票发行审查和定价，量化交易和大股东股权等领域。
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.
悦凯证券首席经济学家罗志恒表示，更严格地执行规定，加大对欺诈行为的惩罚力度，对于建立投资者的持久信任至关重要。
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.
随着A股市场呈现出改善和稳定的趋势，罗说，这可以提高家庭收入，抵消住房放缓的部分拖累，使人们更有信心消费，从而支持消费和整体经济活力。
The A-share rally has also enhanced the attractiveness of Chinese financial markets globally.
a股的上涨也增强了中国金融市场在全球的吸引力。
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.
投资银行瑞银（UBS）中国全球市场主管方德华（Thomas Fang）表示，全球投资者对中国金融资产表现出更大的兴趣，因为中国光明的经济前景有助于他们将资产配置从美元计价资产中分散出来。
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.
方赞扬了中国最近的开放政策，为全球投资者提供了更多投资中国的工具，促进了他们的风险管理，并帮助他们在中国占据更大的位置。
capital market reform
n.资本市场改革
/ˈkæpɪtl ˈmɑːkɪt rɪˈfɔːm/
A-share market
n.A股市场（中国内地股票市场）
/eɪ ʃeə ˈmɑːkɪt/
