大力促进“生产性金融”的发展

Group 1 - The US capital market remains active and resilient despite ongoing risks and challenges, with market indices consistently reaching new highs, including the Dow Jones approaching the 50,000 mark [1] - The Federal Reserve's quantitative easing (QE) measures since the 2008-2009 financial crisis have significantly boosted the stock market, with the S&P 500 index rising from approximately 676 points in March 2009 to nearly 6,500 points by 2025, reflecting a substantial increase [2] - The emphasis on capital market development is crucial for China's economic transformation, with a focus on "productive finance" to support real economic activities and promote growth, employment, and technological advancement [3][4] Group 2 - The concept of "productive finance" is defined as a financial model that directly or indirectly supports real economic activities, aiming to enhance overall economic vitality rather than merely seeking short-term financial gains [3][4] - China's economy is entering a "bond economy" phase, necessitating reliance on a robust capital market and financial tools to manage and offset debt, rather than conventional administrative methods [4] - The reform of state-owned enterprises (SOEs) should pivot towards becoming productive finance groups, focusing on asset preservation and value enhancement while supporting the development of the real economy and technology [5][6]