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 China must accelerate reform measures to reinforce the stable and healthy development of the capital market in the coming five years as a strategic pivot in transforming the country's economic growth model, said leading economists and financial experts.

著名经济学家和金融专家表示，中国必须加快改革措施，在未来五年加强资本市场的稳定和健康发展，作为转变国家经济增长模式的战略支点。

Despite Thursday's market correction, they said the recent rally in Chinese equities, together with the ongoing regulatory initiatives to enhance market stability, still highlights a strategic shift toward positioning the capital market as a central driver of innovation, consumption and domestic economic circulation amid external headwinds.

他们表示，尽管周四出现了市场回调，但中国股市近期的反弹，以及正在实施的加强市场稳定的监管举措，仍突显出在外部不利因素的影响下，中国将资本市场定位为创新、消费和国内经济循环的核心驱动力的战略转变。

Looking at the new round of capital market reform to be unfolded in the 15th Five-Year Plan (2026-30) period, top priorities should include firmer determination to close regulatory loopholes that leave room for improper profits, ensure market fairness for retail investors, and improve transparency for global investors, they added.

他们补充说，展望第15个五年计划（2026-30）期间将展开的新一轮资本市场改革，当务之急应该包括更坚定地弥补为不正当利润留下空间的监管漏洞，确保散户投资者的市场公平，提高全球投资者的透明度。

Proposals for formulating the 15th Five-Year Plan for national economic and social development will be studied at the fourth plenary session of the 20th Communist Party of China Central Committee, scheduled to be held in Beijing in October.

关于制定国民经济和社会发展第15个五年计划的建议将在定于10月在北京举行的中国共产党第二十届中央委员会第四次全体会议上进行研究。

Xi Jinping, general secretary of the Communist Party of China Central Committee, called for giving full play to the pivotal role of the capital market at the Central Financial Work Conference in 2023.

习近平，中国共产党中央委员会主席，在2023年的中央金融工作会议上，要求充分发挥资本市场的关键作用。

At the CPC Central Committee Political Bureau meeting on July 30, which Xi chaired, it was pointed out that the attractiveness and inclusiveness of the domestic capital market should be boosted, in order to consolidate the improving and stabilizing trend of the capital market.

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