CICC's Liu Gang: How Japan's Stock Market Achieved Over a Decade of Bull Run? Key Factors Revealed

Deep News01-15

Theme: 2026 Global and China Capital Market Outlook Forum

On January 15, the 2026 Global and China Capital Market Outlook Forum was held, gathering numerous industry leaders to discuss the new logic of wealth creation and the future of capital markets in the AI era.

Liu Gang, Managing Director of the Research Department and Chief Analyst of Overseas and Hong Kong Stock Strategy at CICC, delivered a keynote speech.

Liu pointed out that Japan managed to escape its "Lost Two Decades" primarily due to a significant shift in fiscal policy direction: ① a major tilt towards social welfare, ② debt resolution, and ③ a focus on key technological sectors.

How did Japan's stock market achieve a bull run lasting over a decade since 2013, aside from the pandemic-induced dip? The answer lies in this fiscal policy shift. Entering the 21st century, Japan's policies increasingly favored social welfare, with its share of fiscal expenditure rising from 21.4% in 2000 to 32.7% during 2015-2019.

In contrast, back in 1993, Japan allocated nearly 20% of its expenditure entirely to infrastructure and public works. Beyond technological advancement, these two factors represent the policy directions Liu considers more crucial and effective for sustaining long-term, stable growth, and align with the current strategic emphasis on expanding domestic demand.

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The answer lies in this fiscal policy shift. Entering the 21st century, Japan's policies increasingly favored social welfare, with its share of fiscal expenditure rising from 21.4% in 2000 to 32.7% during 2015-2019.</p>\n<p>In contrast, back in 1993, Japan allocated nearly 20% of its expenditure entirely to infrastructure and public works. Beyond technological advancement, these two factors represent the policy directions Liu considers more crucial and effective for sustaining long-term, stable growth, and align with the current strategic emphasis on expanding domestic demand.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1147","symbol_name":"投资银行业与经纪业","start_time":0,"source_url":"","article_id":"1182401151","we_media_id":"1039043262","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1182401151","pubTimestamp":1768466184,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Deep News","introduction":"Global Stock Market Deep Analysis","home_visible":1,"id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"summary":"Theme: 2026 Global and China Capital Market Outlook Forum On January 15, the 2026 Global and China Capital Market Outlook Forum was held, gathering numerous industry leaders to discuss the new logic...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"601995":"中金公司","BK1147":"投资银行业与经纪业","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","BK1516":"腾讯概念","LU0359201612.USD":"贝莱德中国基金A2","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","BK0276":"资本市场","LU2663582299.SGD":"BSF BLACKROCK SYSTEMATIC ASIA PACIFIC EQUITY ABSOL \"A2\" (SGDHDG) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1508157978.USD":"BSF BLACKROCK SYSTEMATIC ASIA PACIFIC EQUITY ABSOLUTE RETURN \"A\" (USD) ACC","03908":"中金公司","BK1564":"中资券商股","BK1501":"阿里概念股","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H"},"translate_title":"中金公司刘刚：日本股市如何实现十多年牛市？关键因素揭晓","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601995":1,"03908":1},"content_text":"Theme: 2026 Global and China Capital Market Outlook Forum\nOn January 15, the 2026 Global and China Capital Market Outlook Forum was held, gathering numerous industry leaders to discuss the new logic of wealth creation and the future of capital markets in the AI era.\nLiu Gang, Managing Director of the Research Department and Chief Analyst of Overseas and Hong Kong Stock Strategy at CICC, delivered a keynote speech.\nLiu pointed out that Japan managed to escape its \"Lost Two Decades\" primarily due to a significant shift in fiscal policy direction: ① a major tilt towards social welfare, ② debt resolution, and ③ a focus on key technological sectors.\nHow did Japan's stock market achieve a bull run lasting over a decade since 2013, aside from the pandemic-induced dip? The answer lies in this fiscal policy shift. Entering the 21st century, Japan's policies increasingly favored social welfare, with its share of fiscal expenditure rising from 21.4% in 2000 to 32.7% during 2015-2019.\nIn contrast, back in 1993, Japan allocated nearly 20% of its expenditure entirely to infrastructure and public works. 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