<p>中国新五年规划中首次提出 “金融强国” 这一术语，将推动金融体系走向产业转型的前沿。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/26022703/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_26-2-2026_10250_thebambooworks.com_-1024x680.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="680" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/26022703/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_26-2-2026_10250_thebambooworks.com_-1024x680.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<p>中国的第十五个五年规划不仅仅是另一个五年路线图，而是实现到 2035 年基本现代化的关键起点。在地缘政治紧张局势上升、技术竞争加剧和国内经济放缓的背景下，政策优先事项正从稳定增长转向重塑发展模式。过去一年，上海、深圳和香港的股市均有所反弹，监管机构反复发出支持市场稳定的信号。然而，投资者越来越关注金融体系在最新转型中将扮演什么角色。</p>
<p>中国《第十五个五年规划建议》于去年底发布，首次提出建设 “金融强国” 的目标。该文件还呼吁提高直接融资的比重，加强多层次资本市场体系，发展科技和数字金融。这与习近平主席反复强调的金融服务实体经济、避免偏离生产性活动的呼声相呼应，标志着从以短期政策调整为特征的体系向金融体系本身的更广泛重构的转变。</p>
<p>事实上，“金融支持实体经济” 在中国并不新鲜。自 2017 年中央金融工作会议以来，这一观点就被反复强调，主要通过降低存款准备金率、再贷款计划和定向信贷等工具来稳定增长和控制风险。然而，整体金融结构从未经历根本性的变化。</p>
<p>清华大学 PBC 金融学院副院长田轩指出，截至 2025 年 6 月，直接融资仅占中国社会融资总额的约 31.1%，而银行资产仍占金融体系总资产的 90% 以上。在一些地区，政府引导基金的市场化融资比例甚至低于 20%。</p>
<p>在他看来，这表明中国仍然是一个高度依赖信贷的金融体系，市场真正承担风险和定价创新的能力有限。</p>
<h4><strong>市场的力量</strong></h4>
<p>随着人工智能、半导体、先进设备和新材料成为政策优先事项，资本需求显然正在发生变化。在第十五个五年规划建议中，“技术”、“创新” 和 “新质量生产力” 频繁出现，同时推出了 “AI+” 倡议。这将技术升级置于国家战略的核心，并将金融从单纯提供资金转变为建立长期创新的资本机制，表明市场机制和监管框架将变得更加重要，而不仅仅依赖行政指导。</p>
<h4><strong>那么，未来可能会发生什么变化？</strong></h4>
<p>首先，随着直接融资比重的提高成为明确的政策方向，新资本更有可能通过股市和债市流入实体经济。这应该改善股权融资环境，使资本市场在经济转型中发挥更中心的作用。</p>
<p>接下来是估值逻辑的转变。随着 “耐心资本” 和改善的风险投资及并购机制进入政策议程，市场在评估公司时可能会更加重视技术壁垒和规模能力。短期利润将不再是唯一的基准，而行业定位和与政策优先事项的一致性将越来越成为积极因素。这些变化可能不会立即反映在股价上，但很可能会影响中长期的资本配置。</p>
<p>与此同时，再融资和二次发行可能逐渐成为常态。股市被赋予了资助产业升级的任务，具有明确投资目的的配股和私募将预计获得更大的监管支持。</p>
<p>对于投资者而言，市场可能越来越接受一种模式，即公司在融资的同时实现增长，评估的重点将从短期每股收益转向融资是否与更广泛的行业优先事项一致。</p>
<p>在债券方面，科技公司对可转换债券和企业信用的需求预计将上升，而与新质量生产力相关的行业可能会受益于廉价融资。信用定价可能会越来越与行业特征相关，而不仅仅依赖于财务杠杆。</p>
<p>值得关注的是，随着技术和新质量生产力成为政策优先事项的核心，上海、深圳和香港的金融市场可能会对硬科技公司变得更加包容，包括那些尚未盈利但具有技术护城河和商业化潜力的公司。上市标准可能不会大幅放宽，但对人工智能、先进设备、半导体工具和新材料等行业的审批信号可能会变得更加明确。</p>
<h4><strong>监管变化也值得密切关注</strong></h4>
<p>第十五个五年规划建议还呼吁 “全面加强金融监管”，这意味着随着资本市场的扩展，信息披露、资金使用和内部控制的要求可能会同步收紧。未来，上市公司如何使用所筹集的资本可能比它们是否能够筹集资本更为重要，有助于遏制过去一些公司偏离核心业务或闲置资金或将其转向非生产性领域的做法。</p>
<p>金融监管机构也多次表示，产业并购应作为提高直接融资效率和推动结构调整的关键工具，鼓励上市公司围绕核心业务进行整合。这一推动背后是风险投资退出困难和科技公司融资链断裂的现实。</p>
<p>在这种背景下，发展 “耐心资本” 和改善并购重组机制被视为同一制度框架的两个方面——前者提供长期资金，后者则打开退出渠道。如果支持措施得以实施，资本可能会超越风险投资和首次公开募股，形成一个更完整的循环，以支持风险资金、公开上市、通过再融资扩张以及通过整合退出。</p>
<p>然而，成为金融强国并不是万灵药。投资、消费和出口仍然面临压力，国际货币基金组织总裁克里斯塔琳娜·乔治娃指出，中国需要加快向国内需求和消费的转型，强调金融改革必须与产业和需求侧政策协调进行。</p>
<p>从更广泛的角度来看，成为 “金融强国” 的努力代表了将金融体系与中国产业结构重新对齐的长期努力，资本市场将在这一过程中发挥更大作用。</p>
<p><em>这是五部分系列中的第四部分。要阅读之前的部分，请点击以下链接：</em></p>
<p><em>第十五个五年计划：太阳能和房地产等待下一个政策潮流</em></p>
<p><em>第十五个五年计划：技术自给自足下的机遇与权衡</em></p>
<p><em>第十五个五年计划：谁在主导海外上市？</em></p>
<p><em>要订阅 Bamboo Works 每周免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

上证指数

沪深300

国企指数

恒生综合指数

综合指数

恒生指数

<p>中国的第十五个五年计划引入了 “金融强国” 这一概念，旨在到 2035 年实现金融体系的现代化，以应对地缘政治紧张局势和经济放缓。该计划强调直接融资、多层次资本市场和技术驱动的金融。这标志着从短期调整向金融体系的根本重构转变，重点支持实体经济。投资者可以预期资本配置将发生变化，更加重视技术能力和长期增长，同时监管框架将适应以支持人工智能和先进材料等新兴领域</p>

<p><em>A debut of the term ‘financial powerhouse' in China's new five-year plan will push the financial system to the front lines of industrial transformation</em></p>
<div class="lb-trans"><p>中国新五年规划中首次提出 “金融强国” 这一术语，将推动金融体系走向产业转型的前沿。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/26022703/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_26-2-2026_10250_thebambooworks.com_-1024x680.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/26022703/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_26-2-2026_10250_thebambooworks.com_-1024x680.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><p>China's 15th Five-Year Plan is not just another five-year roadmap, but instead represents a critical starting point toward achieving basic modernization by 2035. Against a backdrop of rising geopolitical tensions, intensifying technology competition and a slowing domestic economy, policy priorities are shifting from stabilizing growth to reshaping the development model. Stock markets in Shanghai, Shenzhen and Hong Kong have all rebounded over the last year, with authorities repeatedly signaling support for market stability. Investors, however, are increasingly focused on what role the financial system will play in the latest transition.</p>
<div class="lb-trans"><p>中国的第十五个五年规划不仅仅是另一个五年路线图，而是实现到 2035 年基本现代化的关键起点。在地缘政治紧张局势上升、技术竞争加剧和国内经济放缓的背景下，政策优先事项正从稳定增长转向重塑发展模式。过去一年，上海、深圳和香港的股市均有所反弹，监管机构反复发出支持市场稳定的信号。然而，投资者越来越关注金融体系在最新转型中将扮演什么角色。</p>
</div><p>China's &#34;Recommendations for the 15th Five-Year Plan,&#34; released late last year, included the goal of building a &#34;financial powerhouse&#34; for the first time. The document also called for increasing the share of direct financing, strengthening the multi-tier capital market system, and developing technology and digital finance. This echoes President Xi Jinping's repeated calls for finance to serve the real economy and avoid drifting away from productive activities, signaling a shift from a system characterized by short-term policy adjustments toward a broader restructuring of the financial system itself.</p>
<div class="lb-trans"><p>中国《第十五个五年规划建议》于去年底发布，首次提出建设 “金融强国” 的目标。该文件还呼吁提高直接融资的比重，加强多层次资本市场体系，发展科技和数字金融。这与习近平主席反复强调的金融服务实体经济、避免偏离生产性活动的呼声相呼应，标志着从以短期政策调整为特征的体系向金融体系本身的更广泛重构的转变。</p>
</div><p>In fact, &#34;financial support for the real economy&#34; is nothing new in China. It has been repeatedly stressed since the Central Financial Work Conference in 2017, mainly through tools such as reserve requirement cuts, relending programs and targeted credit to stabilize growth and contain risks. Yet the overall financial structure has never undergone a fundamental change.</p>
<div class="lb-trans"><p>事实上，“金融支持实体经济” 在中国并不新鲜。自 2017 年中央金融工作会议以来，这一观点就被反复强调，主要通过降低存款准备金率、再贷款计划和定向信贷等工具来稳定增长和控制风险。然而，整体金融结构从未经历根本性的变化。</p>
</div><p>Tian Xuan, vice dean of Tsinghua University's PBC School of Finance, noted that as of June 2025, direct financing accounted for only about 31.1% of China's total social financing, while bank assets still represented more than 90% of the financial system's total assets. In some regions, the market-based fundraising share of government-guided funds is even below 20%.</p>
<div class="lb-trans"><p>清华大学 PBC 金融学院副院长田轩指出，截至 2025 年 6 月，直接融资仅占中国社会融资总额的约 31.1%，而银行资产仍占金融体系总资产的 90% 以上。在一些地区，政府引导基金的市场化融资比例甚至低于 20%。</p>
</div><p>In his view, this shows that China remains a highly credit-driven financial system, with limited capacity for markets to truly bear risk and price innovation.</p>
<div class="lb-trans"><p>在他看来，这表明中国仍然是一个高度依赖信贷的金融体系，市场真正承担风险和定价创新的能力有限。</p>
</div><h4><strong>The power of markets</strong></h4>
<div class="lb-trans"><h4><strong>市场的力量</strong></h4>
</div><p>As AI, semiconductors, advanced equipment and new materials become policy priorities, capital needs are clearly changing. In the 15th Five-Year Plan recommendations, references to &#34;technology,&#34; &#34;innovation&#34; and &#34;new quality productive forces&#34; appear frequently, alongside the launch of an &#34;AI+&#34; initiative. This places technological upgrading at the core of national strategy and shifts finance from simply supplying funds to building capital mechanisms for long-cycle innovation, signaling that market mechanisms and regulatory frameworks will take on greater importance, rather than relying solely on administrative guidance.</p>
<div class="lb-trans"><p>随着人工智能、半导体、先进设备和新材料成为政策优先事项，资本需求显然正在发生变化。在第十五个五年规划建议中，“技术”、“创新” 和 “新质量生产力” 频繁出现，同时推出了 “AI+” 倡议。这将技术升级置于国家战略的核心，并将金融从单纯提供资金转变为建立长期创新的资本机制，表明市场机制和监管框架将变得更加重要，而不仅仅依赖行政指导。</p>
</div><h4><strong>So, what changes may lie ahead?</strong></h4>
<div class="lb-trans"><h4><strong>那么，未来可能会发生什么变化？</strong></h4>
</div><p>First, with increasing the share of direct financing now an explicit policy direction, new capital is more likely to flow into the real economy through the equity and bond markets. This should improve the equity financing environment and allow capital markets to play a more central role in economic transformation.</p>
<div class="lb-trans"><p>首先，随着直接融资比重的提高成为明确的政策方向，新资本更有可能通过股市和债市流入实体经济。这应该改善股权融资环境，使资本市场在经济转型中发挥更中心的作用。</p>
</div><p>Next comes a shift in valuation logic. As &#34;patient capital&#34; and improved venture investment and M&amp;A mechanisms move onto the policy agenda, markets may place greater emphasis on technological barriers and scaling capabilities when assessing companies. Short-term profits will no longer be the sole benchmark, while industry positioning and alignment with policy priorities will increasingly become positive factors. These changes may not immediately show up in share prices, but they are likely to shape medium- and long-term capital allocation.</p>
<div class="lb-trans"><p>接下来是估值逻辑的转变。随着 “耐心资本” 和改善的风险投资及并购机制进入政策议程，市场在评估公司时可能会更加重视技术壁垒和规模能力。短期利润将不再是唯一的基准，而行业定位和与政策优先事项的一致性将越来越成为积极因素。这些变化可能不会立即反映在股价上，但很可能会影响中长期的资本配置。</p>
</div><p>At the same time, refinancing and secondary share offerings may gradually become the norm. Equity markets are being tasked with funding industrial upgrading, and rights issues and private placements with clearly defined investment purposes are expected to receive greater regulatory support.</p>
<div class="lb-trans"><p>与此同时，再融资和二次发行可能逐渐成为常态。股市被赋予了资助产业升级的任务，具有明确投资目的的配股和私募将预计获得更大的监管支持。</p>
</div><p>For investors, markets may increasingly accept a model in which companies grow while raising capital, with evaluation shifting from short-term earnings per share to whether fundraising aligns with broader industry priorities.</p>
<div class="lb-trans"><p>对于投资者而言，市场可能越来越接受一种模式，即公司在融资的同时实现增长，评估的重点将从短期每股收益转向融资是否与更广泛的行业优先事项一致。</p>
</div><p>On the bond side, demand from technology firms for convertible bonds and corporate credit is expected to rise, while sectors tied to new quality productive forces may benefit from cheap financing. Credit pricing is likely to become increasingly linked to industry characteristics, rather than relying solely on financial leverage.</p>
<div class="lb-trans"><p>在债券方面，科技公司对可转换债券和企业信用的需求预计将上升，而与新质量生产力相关的行业可能会受益于廉价融资。信用定价可能会越来越与行业特征相关，而不仅仅依赖于财务杠杆。</p>
</div><p>What bears watching is that as technology and new quality productive forces move to the center of policy priorities, financial markets in Shanghai, Shenzhen and Hong Kong are likely to become more accommodating toward hard-tech companies, including those not yet profitable but with technological moats and commercialization potential. Listing standards may not be broadly loosened, but approval signals could become clearer for sectors such as AI, advanced equipment, semiconductor tools and new materials.</p>
<div class="lb-trans"><p>值得关注的是，随着技术和新质量生产力成为政策优先事项的核心，上海、深圳和香港的金融市场可能会对硬科技公司变得更加包容，包括那些尚未盈利但具有技术护城河和商业化潜力的公司。上市标准可能不会大幅放宽，但对人工智能、先进设备、半导体工具和新材料等行业的审批信号可能会变得更加明确。</p>
</div><h4><strong>Regulatory changes also warrant close attention</strong></h4>
<div class="lb-trans"><h4><strong>监管变化也值得密切关注</strong></h4>
</div><p>The 15th Five-Year Plan recommendations also call for &#34;comprehensively strengthening financial regulation,&#34; meaning that as capital markets expand, requirements for disclosure, use of funds and internal controls are likely to tighten in parallel. Going forward, how listed companies use the capital they raise may matter more than whether they can raise it, helping curb past practices where some firms strayed from their core businesses or left funds idle or diverted them into non-productive areas.</p>
<div class="lb-trans"><p>第十五个五年规划建议还呼吁 “全面加强金融监管”，这意味着随着资本市场的扩展，信息披露、资金使用和内部控制的要求可能会同步收紧。未来，上市公司如何使用所筹集的资本可能比它们是否能够筹集资本更为重要，有助于遏制过去一些公司偏离核心业务或闲置资金或将其转向非生产性领域的做法。</p>
</div><p>Financial regulators have also repeatedly stated that industrial M&amp;A should serve as a key tool for improving the efficiency of direct financing and driving structural adjustment, encouraging listed companies to pursue consolidation around their core businesses. Behind this push lies the reality of difficult venture capital exits and fractured financing chains for technology firms.</p>
<div class="lb-trans"><p>金融监管机构也多次表示，产业并购应作为提高直接融资效率和推动结构调整的关键工具，鼓励上市公司围绕核心业务进行整合。这一推动背后是风险投资退出困难和科技公司融资链断裂的现实。</p>
</div><p>Against this backdrop, developing &#34;patient capital&#34; and improving M&amp;A restructuring mechanisms are seen as two sides of the same institutional framework — the former supplying long-term funding, and the latter opening exit channels. If supporting measures are implemented, capital may move beyond venture investment and IPOs to form a fuller cycle to support venture funding, public listing, expansion through refinancing, and exit via consolidation.</p>
<div class="lb-trans"><p>在这种背景下，发展 “耐心资本” 和改善并购重组机制被视为同一制度框架的两个方面——前者提供长期资金，后者则打开退出渠道。如果支持措施得以实施，资本可能会超越风险投资和首次公开募股，形成一个更完整的循环，以支持风险资金、公开上市、通过再融资扩张以及通过整合退出。</p>
</div><p>Still, becoming a financial powerhouse is no cure-all. Investment, consumption and exports remain under pressure, and IMF Managing Director Kristalina Georgieva has noted that China needs to accelerate its shift toward domestic demand and consumption, underscoring that financial reform must be coordinated with industrial and demand-side policies.</p>
<div class="lb-trans"><p>然而，成为金融强国并不是万灵药。投资、消费和出口仍然面临压力，国际货币基金组织总裁克里斯塔琳娜·乔治娃指出，中国需要加快向国内需求和消费的转型，强调金融改革必须与产业和需求侧政策协调进行。</p>
</div><p>From a broader perspective, the drive toward becoming a &#34;financial powerhouse&#34; represents a long-term effort to realign the financial system with China's industrial structure, with capital markets set to take on an expanded role in the process.</p>
<div class="lb-trans"><p>从更广泛的角度来看，成为 “金融强国” 的努力代表了将金融体系与中国产业结构重新对齐的长期努力，资本市场将在这一过程中发挥更大作用。</p>
</div><p><em>This is part 4 in a 5 part series. To read previous parts, click on the links below:</em></p>
<div class="lb-trans"><p><em>这是五部分系列中的第四部分。要阅读之前的部分，请点击以下链接：</em></p>
</div><p><em>15th Five-Year Plan: Solar and property wait for the next policy tide</em></p>
<div class="lb-trans"><p><em>第十五个五年计划：太阳能和房地产等待下一个政策潮流</em></p>
</div><p><em>15th Five-Year Plan: Opportunities and trade-offs under technological self-reliance</em></p>
<div class="lb-trans"><p><em>第十五个五年计划：技术自给自足下的机遇与权衡</em></p>
</div><p><em>The 15th Five-Year Plan: Who is leading offshore listings?</em></p>
<div class="lb-trans"><p><em>第十五个五年计划：谁在主导海外上市？</em></p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要订阅 Bamboo Works 每周免费通讯，请点击</em> 这里</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
</div>

15th Five-Year Plan: Inside China's push To Become A Financial Powerhouse

- 中国新五年规划首次提出 “金融强国” 目标，推动金融与产业转型结合。  
- 直接融资比重提升成为政策方向，促进资本市场中心地位。  
- 监管强化及行业整合将提高金融效率，协助开发新兴产业。

十五五计划：深入探讨中国推动成为金融强国的战略