The "Sina Finance 2025 Annual Conference & 18th Golden Kylin Forum" was held in Beijing on January 15, 2026, under the theme "The Start of the 15th Five-Year Plan, A New Economic Voyage—Reshaping Growth Paradigms, Co-creating Future Prosperity." Wu Xiaoqiu, former Vice President of Renmin University of China, President of the National Academy of Financial Research, and National First-Class Professor, attended and delivered a speech.
Wu Xiaoqiu discussed the need to contemplate how to drive reform and development in 2026. He cited issues like major shareholder减持 as examples that require serious study to determine if they are indeed problematic, cautioning against simplistically attributing market stagnation to such减持.
He noted that while relevant issues were addressed during the股权分置改革, specific agreements on major shareholder减持 were again made in 2024 to advance reforms, clarifying that减持 must meet basic, necessary, and sufficient conditions—expanding from just "necessary conditions" to include "sufficient conditions." Despite significant减持 activity under these rules during this period, he observed that the market has continued to grow.
Wu Xiaoqiu believes there are many seemingly plausible but potentially misleading issues in the market, emphasizing that the most critical task for China's market is reform—specifically, reforming the asset side to enhance its growth potential while continuously attracting capital inflows.
He also mentioned that in the AI era, China's small and medium investors face structural challenges, with some claiming they still aren't profitable even when the index is at 4100 points. If true, this might indicate a lack of fully independent investment capability. "We have created numerous assets and tools for selection, among which ETFs are an excellent choice due to their diversified structures and often outperforming gains compared to many individual investors," Wu Xiaoqiu said.
Regarding the notion that "everyone should make money," Wu Xiaoqiu advised a rational perspective, stating that while such a slogan gains popular approval, it remains just that—a slogan. He suggested that if people purchased ETFs, the number of those truly earning profits might actually increase.
Wu Xiaoqiu further pointed out that China's capital market suffers from a severe "mine-planting" phenomenon, where many listed companies have the motive and engage in behavior to "plant mines" (hide risks), and intermediaries even assist in this, which is the core problem. An market with "mines" is unsafe, and all other objectives become unattainable. He stressed that the most urgent task currently is to use legal means to restrain the motives of those who "plant mines" and those who assist them, making them afraid to do so, which is a crucial aspect of institutional reform.
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