Core Viewpoint - The "15th Five-Year Plan" outlines a strategic direction for China's economic and social development, emphasizing long-term stability and growth in the capital market, with a focus on digital technology, space economy, high-end manufacturing, domestic consumption, and biotechnology [1][25]. Macro Environment - The "15th Five-Year Plan" is positioned as a crucial phase in achieving socialist modernization by 2035, with a target of doubling GDP per capita compared to 2020 levels, necessitating an average annual GDP growth rate of approximately 4.4% from 2026 to 2035 [2][3]. Key Changes in Development Environment - Significant changes from the "14th Five-Year Plan" include advancements in technological innovation, adjustments in financial cycles, and increased geopolitical tensions, leading to a greater emphasis on domestic demand and a more confident approach to opening up [3][4]. Industrial and Technological Focus - The plan prioritizes the construction of a modern industrial system, enhancing efficiency and security in supply chains, and emphasizes the importance of traditional industries while fostering emerging sectors such as renewable energy and quantum technology [4][5][20]. Consumer and Demand-Side Policies - The plan aims to boost consumer spending through supply-side and demand-side measures, including improving the quality of consumer goods and services, enhancing employment and income distribution, and removing unreasonable consumption restrictions [7][9][10]. Open Economy Strategy - The "15th Five-Year Plan" emphasizes proactive and autonomous opening up, with a focus on expanding market access, promoting balanced trade development, and enhancing financial openness to improve China's position in the global financial system [11][12][13]. Green Transition and Carbon Goals - The plan identifies the "15th Five-Year Plan" period as critical for achieving carbon peak goals, with a focus on controlling coal and oil consumption, implementing dual control of carbon emissions, and promoting green consumption [15][16][20]. Fiscal and Tax Reforms - Fiscal reforms during the "15th Five-Year Plan" will focus on enhancing sustainability and the effectiveness of active fiscal policies, with an emphasis on improving the tax system and increasing public service spending to support consumption [17][18][22]. Capital Market Outlook - The capital market is expected to exhibit a "long-term" and "steady" trend during the "15th Five-Year Plan," supported by government emphasis on market development and favorable economic conditions [25][26]. Investment Opportunities - Key sectors for investment during the "15th Five-Year Plan" include digital technology, space economy, high-end manufacturing, domestic consumption, and biotechnology, with specific focus areas such as AI, 6G, and innovative healthcare solutions [26].
中金：“十五五”规划建议明晰资本市场中长期建设方向 重点关注数字科技、空间经济、高端制造等领域
智通财经网·2025-10-29 00:29