These capital market proposals are written into the 15th Five-Year Plan for the first time, with at least eight key areas to focus on

China Securities Journal, March 16 — Reporter Lin Jian The full “14th Five-Year Plan” has been released. What are the new references to the capital market included for the first time? What new ideas and highlights are there? What new opportunities will the capital market face? China Securities Journal has summarized these points.

It is clear that many of these new references were first proposed in recent years during Central Political Bureau meetings, Central Economic Work Conferences, and Central Financial Work Conferences. These new ideas will become key focuses over the next five years. Specifically, at least ten first-time mentions and new initiatives are noteworthy. The reporter has also organized new changes from eight perspectives, from funding to products, including technological finance and the accelerated development of the Shanghai International Financial Center.

1. Improve the functions of the capital market that coordinate investment and financing

2. Establish a long-term mechanism to enhance the intrinsic stability of the capital market

3. Cultivate top-tier investment banks and investment institutions

4. Increase the inclusiveness and adaptability of the capital market system

5. Expand patient capital

6. High-quality development of the bond market “Science and Technology Board”

7. Long-term capital: early investment, small investment, long-term investment, support for hard technology

8. Accelerate the construction of Shanghai International Financial Center

9. Develop diversified equity financing

10. Explore new regulatory approaches compatible with technological innovation and high-level opening-up

Core Positioning: First mention of coordinating investment and financing

Compared to the “14th Five-Year Plan,” which only emphasized “enhancing the financing functions of a multi-level capital market,” the “15th Five-Year Plan” explicitly states the goal to “continue deepening comprehensive reforms of investment and financing in the capital market, enhance the system’s inclusiveness and adaptability, and increase the proportion of direct financing.” This reflects a continuation and deepening of reforms, emphasizing reforms across the entire chain—from issuance, trading, delisting, to investor protection. Notably, this is the first time “inclusiveness and adaptability” are explicitly identified as core features of the capital market system.

Several investment banking professionals told the reporter that this concept will influence the positioning of various segments within the multi-level capital market:

STAR Market: During the 14th Five-Year Plan, focused on hard technology; during the 15th Five-Year Plan, maintaining focus on hard technology and optimizing the fifth standard.

ChiNext: During the 14th Five-Year Plan, emphasized “Three Innovations and Four New”; during the 15th Five-Year Plan, added more inclusive listing standards.

Beijing Stock Exchange: During the 14th Five-Year Plan, aimed to be the main platform; during the 15th Five-Year Plan, strengthen its role as a specialized, innovative main platform.

Institutional positioning: First mention of “cultivating top-tier investment banks and investment institutions”

This phrase originated from the October 2023 Central Financial Work Conference, which first proposed “cultivating top-tier investment banks.” Its inclusion in the “15th Five-Year Plan” marks a shift from policy advocacy to strategic implementation, becoming one of the core measures in building a financial powerhouse.

Sources believe that including this in the “15th Five-Year Plan” aligns with policies to deepen capital market reforms and improve financial services for the real economy. It signals a clear intention to strengthen and optimize intermediary institutions in the capital market and enhance core financial competitiveness, marking a significant policy deployment in the process of building a strong financial nation and high-quality development of the capital market.

Funding side: First mention of patient capital

“Expand patient capital and improve policies supporting medium- and long-term funds entering the market” is written into the five-year plan for the first time. This wording is more specific and systematic than the previous emphasis during the 14th Five-Year Plan on promoting medium- and long-term funds entering the market. It emphasizes establishing a long-term institutional environment where funds are willing to come, stay, and grow.

The core idea of “patient capital” is to guide long-term funds such as insurance funds, social security funds, enterprise annuities, and national team funds to participate more stably in the market, addressing some structural issues long present in the A-share market. From a funding perspective, the focus is on encouraging these institutions, especially medium- and long-term funds, to provide relatively stable incremental capital, supporting the long-term and steady development of the A-share market.

Basic system: First mention of systematic requirements for enhancing intrinsic stability

The “15th Five-Year Plan” mentions “establishing a long-term mechanism to enhance intrinsic stability,” echoing the construction of a “Chinese-style market stability mechanism.” It emphasizes improving institutional design rather than short-term interventions to enhance the market’s risk resistance, enabling cross-cycle and counter-cyclical adjustments.

Investor protection: First expansion of “trading regulation” and “investor protection” concepts

This is a key focus of regulation. The plan states that strengthening trading regulation and investor protection will be priorities. Compared to the “14th Five-Year Plan,” which only aimed to “improve investor protection systems” and “strengthen supervision of shareholder rights and related-party transactions,” the “15th Five-Year Plan” emphasizes full-chain regulation, especially enhancing transparent trading management, improving fairness for different investor types, and effectively protecting the legitimate rights and interests of small and medium investors.

Product side: First mention of building a high-quality bond market “Science and Technology Board”

The plan explicitly states the need to improve policies supporting early, small, long-term, and hard technology investments. The high-quality development of the bond market “Science and Technology Board” is mentioned for the first time, along with efforts to develop venture capital and diversify sources of medium- and long-term venture capital, leveraging national venture capital guidance funds and merger and acquisition funds.

Specifically, the “15th Five-Year Plan” explicitly sets out the task of high-quality construction of the bond market “Science and Technology Board,” elevating the policy launched in May 2025 to a national strategic level. It emphasizes differentiated institutional arrangements to support tech companies, financial institutions, and equity investors in issuing tech innovation bonds, forming an ecosystem supporting “early, small, long-term, hard tech” investments.

Additionally, steady development of futures, derivatives, and asset securitization is systematically included for the first time.

Tech Innovation Finance: First mention of policies supporting early, small, hard technology investments

The plan proposes to build a tech finance system compatible with technological innovation. It also emphasizes improving policies supporting early, small, long-term investments in hard technology.

Remarkably, the full document exceeds 50,000 words, with over 30 mentions of “artificial intelligence,” totaling more than 1,000 words. This signals a profound impact on the capital market. It highlights AI as a core new productive force, clearly guiding industrial development and influencing long-term investment themes, capital allocation, valuation of tracks, and the development of market participants.

At least 20 mentions focus on strengthening computing power algorithms and efficient data supply.

Overall, with the full release of the “15th Five-Year Plan,” many institutions believe that structural opportunities in digital technology, space economy, high-end manufacturing, new consumption, and biotech are worth long-term attention. Historically emphasized fields in five-year plans have performed well in the capital markets. The key policy directions highlighted—such as building a modern industrial system, developing new productive forces, expanding domestic demand, promoting consumption, improving people’s livelihoods, and green low-carbon initiatives—are areas to watch closely.

Opening-up and regulation: Accelerating the construction of Shanghai International Financial Center first included in the plan

The acceleration of Shanghai’s international financial center development is included in the five-year plan for the first time. Additionally, facilitating foreign investment in equity and venture capital in China is also included for the first time. Exploring new regulatory approaches compatible with technological innovation and high-level opening-up is similarly a new inclusion.

Three underlying logical shifts

China Securities Journal notes that the first mention of the “financial power” concept is the biggest change in the “15th Five-Year Plan,” setting a clear tone and laying the foundation for many new initiatives. Although the keyword “finance” appears 12 times less than in the “14th Five-Year Plan,” there is a greater focus on quality and institutional development, especially within the capital market. The emphasis on details—such as balancing investment and financing, expanding patient capital, serving new productive forces, and establishing feedback mechanisms—becomes more prominent.

Three fundamental logical shifts are gradually becoming clear:

1. Overall positioning change: The “14th Five-Year Plan” aimed to increase direct financing, improve basic systems, and serve the real economy. The “15th Five-Year Plan” upgrades this to focus on building a modern industrial system and technological self-reliance, with a core platform of a well-functioning investment and financing system.

2. Market intrinsic stability: The plan explicitly states the need to establish a long-term mechanism to enhance intrinsic stability, through improving the Chinese-style market stability system, fostering a “long-term funds and investments” ecosystem, enriching cross-cycle and counter-cyclical tools, and strengthening risk control and expectation management. This shifts market stability from passive responses to proactive shaping, solidifying the foundation for long-term healthy development.

3. Healthy cycle development: The plan emphasizes “drawing a blueprint and sticking to it,” guiding resource allocation across cycles. It supports technological innovation, new productive forces, and expanding high-level opening-up, while addressing domestic cyclical and structural issues like building a strong domestic market, expanding internal demand, promoting consumption, and improving livelihoods. This facilitates a virtuous cycle of policy, capital allocation, and market ecology, promoting high-quality development.

Regulatory actions are also clear. CSRC Chairman Wu Qing stated that during the “15th Five-Year Plan,” the CSRC will focus on achieving qualitative improvements and reasonable quantitative growth, with five new enhancements: making the market more resilient and stable; more inclusive and adaptable; higher-quality and better-structured listed companies; stronger enforcement and investor protection; and deeper, higher-level opening-up.

Many institutions believe that the “15th Five-Year Plan” will positively influence the capital market. Recently, Chinese assets have shown resilience amid global volatility. Despite sharp fluctuations in major markets, especially in Asia-Pacific, Chinese assets, particularly A-shares, have demonstrated strong resilience. Overall, the plan’s high-level stance and long-term focus help boost investor confidence and have a positive impact on the capital market.