China National Radio reported from Beijing on April 14 (Reporter Niu Guyue) that the capital market is taking key measures to boost consumption and cultivate new growth points. Recently, the China Securities Regulatory Commission (CSRC) issued the &#34;Opinions on Deepening the Reform of the ChiNext to Better Serve the Development of New Quality Productive Forces,&#34; clearly stating support for high-quality innovative enterprises in new consumption and modern service industries to list on the ChiNext. This move aligns closely with the national &#34;14th Five-Year Plan&#34; and a series of recent policies to boost domestic demand, and is seen as an important step in deepening the reform of the ChiNext and better serving national strategies.
Tian Lihui, a finance professor at Nankai University, commented that this arrangement &#34;is highly aligned with the national strategy to boost consumption and develop the service economy, which not only helps stimulate domestic demand and promote employment but also injects more high-quality assets with stable cash flow and brand moats into the ChiNext, optimizing market structure.&#34;
The policy background shows that the &#34;14th Five-Year Plan&#34; emphasizes vigorously boosting consumption, expanding effective investment, and promoting high-quality and efficient development of the service industry. The 2026 &#34;Government Work Report&#34; prominently places &#34;deepening the implementation of special actions to boost consumption&#34; and proposes expanding capacity and improving the quality of the service industry. The &#34;Special Action Plan for Boosting Consumption&#34; issued by the General Office of the CPC Central Committee and the General Office of the State Council, along with the &#34;Guiding Opinions on Financial Support for Boosting and Expanding Consumption&#34; from six departments including the People's Bank of China and the CSRC, all clearly support the development of new consumption and the issuance and listing of qualified high-quality enterprises.
From an economic fundamentals perspective, this reform has a solid foundation. In 2025, China's total retail sales of consumer goods will exceed 50 trillion yuan for the first time, with a year-on-year growth of 3.7%; the added value of the service industry will reach 81 trillion yuan, with a year-on-year growth of 5.4%. The &#34;Implementation Plan for Enhancing the Adaptability of Supply and Demand for Consumer Goods to Further Promote Consumption&#34; jointly issued by six departments of the State Council clearly states that by 2027, three trillion-level consumption fields and ten hundred-billion-level consumption hotspots should be formed. Currently, digital consumption (smart home, smart terminals), green consumption (green appliances, green building materials), and health consumption (high-end medical devices, wearable health devices) are becoming strong drivers of high-quality economic development.
Wang Shuguang, Deputy Secretary of the Party Committee, Vice Chairman, and President of China International Capital Corporation (CICC), pointed out from the perspective of the integration of industry and finance that new consumption and modern service industries are important carriers and core supports for high-quality consumption supply, playing a significant role in driving consumption demand and facilitating the circulation of the national economy. &#34;This reform releases the warm policy signals and market signals to support the consumption industry and stabilize domestic demand growth through capital infusion, while also focusing on the long term by smoothing financing channels in the capital market and strengthening support for high-quality innovative enterprises, continuously solidifying the foundation for industrial innovation and accumulating future development momentum.&#34;
The significance of supporting these enterprises to go public is substantial. These enterprises are at the intersection of cutting-edge technologies such as intelligent manufacturing, the Internet of Things, artificial intelligence, and biotechnology with end-user consumption, having a strong radiating and driving effect on upstream and downstream industries. For example, a successful smart home listed company can drive the entire industrial chain of upstream chip design, midstream AI algorithms and cloud platform services, and downstream installation, after-sales, and content ecology; a wearable health monitoring device company can empower multiple service sectors such as healthcare, rehabilitation, and elderly care, while also promoting technological advancements in upstream areas like biosensors and health data algorithms
The &#34;live water&#34; provided by the capital market will help enterprises increase R&amp;D investment and drive industrial transformation and upgrading.
From the perspective of the ChiNext's positioning, this reform further strengthens its function of serving innovation and entrepreneurship. The ChiNext is positioned for growth-oriented innovative and entrepreneurial enterprises, and it already covers consumer and service enterprises in terms of sector positioning and industry applicability, with no institutional barriers and successful cases in practice. Market participants have indicated that previously, the number of consumer and service sector enterprises listed on the A-share market was relatively low, and some enterprises and intermediary institutions adopted a wait-and-see attitude. This reform clearly supports and encourages high-quality innovative enterprises in related fields to go public, timely responding to market demands, which is conducive to leveraging the ChiNext's strong institutional inclusiveness to boost consumption and high-quality employment.
Tian Xuan, Dean of the Guanghua School of Management at Peking University and a distinguished professor, believes that this deepening of the ChiNext reform clearly supports the listing of high-quality innovative enterprises in new consumption and modern service industries, &#34;which is a key measure for the capital market to serve new productive forces and optimize the industrial ecosystem. It can help cultivate new growth points in consumption, promote innovation and upgrading in the modern service industry, and further strengthen the ChiNext's function of serving growth-oriented innovative enterprises, injecting strong capital momentum into the development of new productive forces.&#34;
It is important to emphasize that the Shenzhen Stock Exchange will adhere to the sector positioning, strictly implement listing standards, and focus on the innovation and growth potential of new consumption and modern service enterprises, effectively fulfilling the ChiNext's role in serving innovation and entrepreneurship and supporting high-quality economic development.
Wang Shuguang also stated that China International Capital Corporation (CICC) will fully implement the decisions and deployments of the Party Central Committee, adhere to financial services for the real economy, continuously leverage its advantages as an &#34;industrial investment bank,&#34; explore standout enterprises around the consumption and modern service industry chains, and recommend high-quality targets to the market; at the same time, it will serve as a &#34;startup partner&#34; and &#34;long-term partner&#34; for high-quality innovative enterprises, providing full-cycle, accompanying financial services, using investment banking expertise to standardize governance, empower development, and assist more high-quality innovative enterprises in entering the capital market, contributing to the acceleration of cultivating new productive forces and serving the construction of Chinese-style modernization

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The ChiNext reform is starting again, with the China Securities Regulatory Commission supporting the listing of high-quality innovative enterprises in new consumption and modern service industries, aiming to boost consumption and cultivate new growth points. This policy aligns with the national "14th Five-Year" plan and the policy to stimulate domestic demand, and is expected to optimize market structure, promote employment, and inject high-quality assets. Economic data shows that by 2025, the total retail sales of consumer goods will exceed 50 trillion yuan, the added value of the service industry will reach 81 trillion yuan, and digital, green, and health consumption will become the driving forces for high-quality economic development

腾讯新闻 - 财经

ChiNext

ChinaAMC ChiNext Composite ETF

Huaan SZSE ChiNext Composite 50 ETF

E Fund GEM ETF

CICC

ChiNext reform restarts | Supporting the listing of high-quality innovative enterprises in new consumption and modern service industries