专访张晓晶：中国经济迈向科技驱动新范式 资本市场成战略棋眼

Core Insights - The Chinese economy is transitioning from a bank credit-driven industrialization phase to a technology innovation phase supported by venture capital and risk capital [1][3] - Strengthening the capital market is essential for driving technological breakthroughs and nurturing strategic emerging industries [1][3] - The capital market must fulfill a dual mission: supporting technological innovation and serving the well-being of the populace [1][3] Market Dynamics - Four key drivers are identified as providing solid support for the capital market: 1. Revaluation potential of technology assets due to the current undervaluation in the tech sector [5][6] 2. Clear policy guarantees for financial stability, with the central bank implementing a dual-pillar framework for monetary and macro-prudential policies [5][6] 3. Unique risk diversification value of the Chinese market, which allows it to hedge against overseas volatility [5][6] 4. The growth dividends of high-quality domestic enterprises, which are increasingly shared with local investors [5][6] Capital Market Development - The capital market's role in China's economic development will become more prominent, focusing on risk identification, pricing, and management [3][4] - The "Fifteen Five" plan emphasizes the importance of finance, mentioning it 17 times, highlighting its critical role in national development [4] Support for Innovation - Recent approvals for IPOs of companies like Moer Thread and Muxi demonstrate increasing support for technology innovation in the capital market [2] - A more inclusive capital market environment for tech companies is needed, focusing on risk-return relationships and adapting valuation methods for intangible assets [7][8] Enhancing Investor Experience - Improving the investor experience requires systematic enhancements in market infrastructure, including better information disclosure and a balanced financing and investment ecosystem [12][14] - Strategies to enhance investor satisfaction include strengthening the information disclosure system, improving market entry and exit mechanisms, and ensuring effective regulatory enforcement [14][15][16] Open Market Strategy - The "Fifteen Five" plan places greater emphasis on openness, which is crucial for optimizing market ecology and enhancing competitiveness [17][18] - A healthy, stable, and attractive capital market is essential for successful market opening, requiring robust institutional frameworks and regulatory measures [18]