专访滕泰｜两百万亿市场蓝图下，资本市场五大功能赋能“十五五”

Core Viewpoint - The Chinese economy is transitioning to a new phase that relies more on technological innovation and capital markets, with the "15th Five-Year Plan" being crucial for solidifying foundations and driving comprehensive efforts towards achieving modernization by 2035 [1][3]. Group 1: Capital Market Goals - The total market value of China's capital market is expected to exceed 200 trillion yuan by the end of the "15th Five-Year Plan," relying on endogenous market growth rather than new stock issuance [1][3][4]. - To align with the economic goals, the capital market's market value should increase to match GDP growth, aiming for a market-to-GDP ratio of 120% to 140% by 2030 [3][4]. Group 2: Strategic Functions of Capital Market - The capital market must enhance five strategic functions: supporting technological advancements, deepening financial reforms, promoting market-oriented reforms, boosting domestic demand, and improving social welfare [5][6][7]. - The capital market is essential for supporting the construction of a modern industrial system and narrowing the technology gap with the U.S. in areas like AI [5][6]. Group 3: Enhancing Consumer Spending - A rising stock market can amplify consumer spending through wealth effects, with projections indicating that an increase in market value could lead to additional consumer spending of several trillion yuan annually [8][9]. - Improving social security levels, particularly for rural elderly residents, is crucial for unlocking consumption potential, with proposals to transfer a higher percentage of state-owned equity to social security funds [9]. Group 4: Liquidity and Long-term Market Health - The capital market's health is supported by improved liquidity, with expectations for M1 growth to exceed 8%, which typically indicates a rising stock market [10][11]. - A significant reduction in interest rates is necessary to alleviate financial burdens on households and businesses, encouraging more funds to flow into consumption and investment [11][12]. Group 5: Market Ecosystem for Long-term Investment - A diverse investment ecosystem is needed to attract long-term capital, encouraging participation from various institutional investors while also accommodating speculative and quantitative investment strategies [12].