CICC Chairman Chen Liang stated that promoting high-quality development of the capital market is crucial for better serving China's modernization efforts. This year's National People's Congress was held at a critical historical juncture, marking the successful conclusion of the 14th Five-Year Plan and the commencement of the 15th Five-Year Plan. The Government Work Report systematically summarized China's socio-economic achievements over the past year and the 14th Five-Year Plan period, while outlining the overall requirements, expected targets, and key tasks for this year's economic and social development. The report places greater emphasis on high-quality development, highlighting the need to "focus on promoting high-quality development," implement "more proactive and effective macroeconomic policies," and "develop new quality productive forces according to local conditions," while continuing to deepen comprehensive reforms in capital market investment and financing. These important arrangements address both immediate needs for stabilizing growth, preventing risks, and promoting reform, as well as the long-term goal of transforming China's economic development model, reflecting the systematic, continuous, and forward-looking nature of the policies.
From the perspective of the capital market, this year's Government Work Report provides a clearer positioning for the capital market. It not only reviews the positive outcomes achieved in the capital market's operation over the past year but also makes several important arrangements regarding financing for technological innovation, the construction of a venture investment system, and reforms in capital market investment and financing, further highlighting the vital role of the capital market in serving national strategies, promoting technological innovation, and optimizing resource allocation.
A stable and healthy capital market is an important source of economic confidence and a key support for high-quality development. The Government Work Report, in reviewing economic work in 2025, pointed out that "new quality productive forces have developed steadily, with abundant achievements in technological innovation, and R&D applications in artificial intelligence, biomedicine, robotics, and quantum technology leading the world." High-tech manufacturing and equipment manufacturing maintained rapid growth, while emerging industries continued to expand. Throughout this process, the capital market remained generally stable. The report explicitly stated that over the past year, "comprehensive measures were taken to stabilize the stock market, leading to a recovery, rebound, and active trading in the capital market." This statement fully demonstrates the important role of the capital market in stabilizing expectations and boosting confidence. The capital market serves as both a "barometer" of the macroeconomy and an important platform for resource allocation. The recovery and rebound of the capital market not only enhance corporate financing capabilities and improve the environment for household wealth allocation but also help stabilize market expectations and boost social confidence, thereby promoting a virtuous cycle in the financial system. On a deeper level, a stable and healthy capital market can continuously improve the efficiency of resource allocation, directing funds toward innovative fields and high-quality enterprises, providing crucial support for optimizing the economic structure and achieving high-quality development.
Looking ahead to this year's economic performance, the Government Work Report sets a growth target for 2026 of "4.5% to 5%, with efforts to achieve better results in practical work." From the perspective of macroeconomic trends, with the support of more proactive and effective macroeconomic policies, as domestic demand gradually recovers and price levels improve, China's economy is expected to maintain overall stable operation, with nominal growth projected to show a moderate recovery. At the same time, the Chinese economy remains in a critical phase of structural adjustment and动能转换. Traditional growth drivers are being adjusted, while new quality productive forces are accelerating their formation. Emerging industries represented by artificial intelligence, high-end manufacturing, and the digital economy are continuously expanding and gradually becoming new growth drivers. Overall, the fundamental trend of long-term improvement in the Chinese economy remains unchanged, and the trend of high-quality development will be further consolidated.
Technological innovation is the core driver of high-quality development, and the capital market is an important financial support for innovation-driven growth. The Government Work Report places the development of new quality productive forces in a prominent position and proposes to "develop new quality productive forces according to local conditions and accelerate the construction of a modern industrial system."
In terms of financial support for innovation, the report proposes to "strengthen financial services throughout the entire chain and lifecycle of technological innovation, and regularly implement a 'green channel' mechanism for listing financing and mergers and acquisitions for technology-based enterprises in key core technology areas, using科技金融 to support innovation and creation." This statement sends a very clear policy signal: the capital market will play an even more important role in supporting technological innovation.
Technological innovation often involves long investment cycles, high risks, and significant uncertainty in returns, requiring a more market-oriented and diversified financing system for support. Compared to traditional credit financing, the capital market has unique advantages in risk sharing, long-term capital allocation, and supporting enterprise growth.
Through various methods such as equity financing, venture capital, and mergers and acquisitions, the capital market can provide financing support covering the entire lifecycle for technology enterprises, while promoting the concentration of resources in innovative fields through market-oriented mechanisms. More importantly, the development of the capital market is not only about solving corporate financing problems but also about fostering the formation of innovation capital, stimulating entrepreneurial spirit and innovation vitality, thereby promoting a more efficient virtuous cycle among technology, industry, and finance. This cycle is of great significance for promoting industrial upgrading and cultivating new quality productive forces, and it will also help China seize opportunities in the new round of technological revolution and industrial transformation, accelerating its journey toward becoming a global innovation hub.
Developing patient capital is an important financial foundation for building an innovative nation. In this year's key tasks, the Government Work Report proposes to "efficiently utilize the National Venture Capital Guidance Fund, vigorously develop venture capital and angel investment, and government investment funds should take the lead in being patient capital." This arrangement is highly significant. Venture capital and angel investment are important sources of funding for technological innovation and crucial forces for cultivating emerging and future industries. Technological innovation often requires long cycles, making it difficult for short-term profit-seeking capital to support sustained corporate R&D investment. As the venture capital system continues to improve, China's mechanism for forming innovation capital will become more mature, providing a more solid financial支撑 for promoting technological innovation, cultivating emerging industries, and enhancing national competitiveness.
At the end of last year, the official launch of the National Venture Capital Guidance Fund marked a new stage in the construction of China's venture capital system. By guiding capital investment into early-stage innovation fields at the national level, it helps form a more完善的 innovation investment and financing ecosystem. As one of the management teams for the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, CICC Capital will leverage its professional capabilities to mobilize more patient capital, participate in promoting the construction of a regional venture capital system, and cultivate "little giants" and "unicorns" across various industries.
The key to deepening capital market reforms lies in enhancing the function of direct financing, particularly equity financing. The Government Work Report proposes to "continue to deepen comprehensive reforms in capital market investment and financing, further improve the mechanism for medium- and long-term funds to enter the market, enhance the investor protection system, expand exit channels for private equity and venture capital funds, and increase the proportion of direct financing and equity financing." Among these, "increasing the proportion of equity financing" is a noteworthy statement. This is the first time the Government Work Report has explicitly proposed increasing the proportion of equity financing, reflecting an important direction for further optimizing China's financial structure.
For a long time, China's financial system has been dominated by bank credit, with a relatively low proportion of equity financing. As capital market reforms deepen, the role of direct financing, especially equity financing, within the financial system will continue to increase, thereby better supporting the development of innovative enterprises. Simultaneously, this year's report specifically mentions "improving the investor protection system." This marks the first time in 14 years that "investor protection" has been explicitly included in the Government Work Report, demonstrating regulators' high regard for the long-term healthy development of the capital market. Investor protection is a crucial foundation for the stable operation of the capital market. By improving institutional construction and strengthening investor protection, market confidence can be further enhanced, the credibility of the capital market can be raised, and a more solid foundation can be laid for its long-term healthy development. As these reform measures are gradually implemented, the resource allocation efficiency of China's capital market will be further enhanced, and it will better support the cultivation of new quality productive forces.
Overall, this year's Government Work Report has made systematic arrangements for capital market reform and development, charting the course for high-quality development of the capital market. As reforms in capital market investment and financing continue to deepen, and systems for科技金融, venture capital, and long-term capital are不断完善, the capital market will play an increasingly important role in serving the real economy, promoting technological innovation, and fostering high-quality development. The securities industry should firmly grasp this historical opportunity, actively leverage its professional advantages, and play a more proactive role in supporting technological innovation, promoting industrial upgrading, and facilitating capital formation. As an important participant in the capital market, CICC will always adhere to its original aspiration of "being rooted in China and connecting the world," continuously enhance its financial service capabilities, work with all parties to promote the high-quality development of the capital market, and strive to contribute more significantly to China's modernization.
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