<p>中國新五年規劃中首次提出 “金融強國” 這一術語，將推動金融體系走向產業轉型的前沿。</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>圖片來源：Bamboo Works</em></p>
<p>中國的第十五個五年規劃不僅僅是另一個五年路線圖，而是實現到 2035 年基本現代化的關鍵起點。在地緣政治緊張局勢上升、技術競爭加劇和國內經濟放緩的背景下，政策優先事項正從穩定增長轉向重塑發展模式。過去一年，上海、深圳和香港的股市均有所反彈，監管機構反覆發出支持市場穩定的信號。然而，投資者越來越關注金融體系在最新轉型中將扮演什麼角色。</p>
<p>中國《第十五個五年規劃建議》於去年底發佈，首次提出建設 “金融強國” 的目標。該文件還呼籲提高直接融資的比重，加強多層次資本市場體系，發展科技和數字金融。這與習近平主席反覆強調的金融服務實體經濟、避免偏離生產性活動的呼聲相呼應，標誌着從以短期政策調整為特徵的體系向金融體系本身的更廣泛重構的轉變。</p>
<p>事實上，“金融支持實體經濟” 在中國並不新鮮。自 2017 年中央金融工作會議以來，這一觀點就被反覆強調，主要通過降低存款準備金率、再貸款計劃和定向信貸等工具來穩定增長和控制風險。然而，整體金融結構從未經歷根本性的變化。</p>
<p>清華大學 PBC 金融學院副院長田軒指出，截至 2025 年 6 月，直接融資僅佔中國社會融資總額的約 31.1%，而銀行資產仍佔金融體系總資產的 90% 以上。在一些地區，政府引導基金的市場化融資比例甚至低於 20%。</p>
<p>在他看來，這表明中國仍然是一個高度依賴信貸的金融體系，市場真正承擔風險和定價創新的能力有限。</p>
<h4><strong>市場的力量</strong></h4>
<p>隨着人工智能、半導體、先進設備和新材料成為政策優先事項，資本需求顯然正在發生變化。在第十五個五年規劃建議中，“技術”、“創新” 和 “新質量生產力” 頻繁出現，同時推出了 “AI+” 倡議。這將技術升級置於國家戰略的核心，並將金融從單純提供資金轉變為建立長期創新的資本機制，表明市場機制和監管框架將變得更加重要，而不僅僅依賴行政指導。</p>
<h4><strong>那麼，未來可能會發生什麼變化？</strong></h4>
<p>首先，隨着直接融資比重的提高成為明確的政策方向，新資本更有可能通過股市和債市流入實體經濟。這應該改善股權融資環境，使資本市場在經濟轉型中發揮更中心的作用。</p>
<p>接下來是估值邏輯的轉變。隨着 “耐心資本” 和改善的風險投資及併購機制進入政策議程，市場在評估公司時可能會更加重視技術壁壘和規模能力。短期利潤將不再是唯一的基準，而行業定位和與政策優先事項的一致性將越來越成為積極因素。這些變化可能不會立即反映在股價上，但很可能會影響中長期的資本配置。</p>
<p>與此同時，再融資和二次發行可能逐漸成為常態。股市被賦予了資助產業升級的任務，具有明確投資目的的配股和私募將預計獲得更大的監管支持。</p>
<p>對於投資者而言，市場可能越來越接受一種模式，即公司在融資的同時實現增長，評估的重點將從短期每股收益轉向融資是否與更廣泛的行業優先事項一致。</p>
<p>在債券方面，科技公司對可轉換債券和企業信用的需求預計將上升，而與新質量生產力相關的行業可能會受益於廉價融資。信用定價可能會越來越與行業特徵相關，而不僅僅依賴於財務槓桿。</p>
<p>值得關注的是，隨着技術和新質量生產力成為政策優先事項的核心，上海、深圳和香港的金融市場可能會對硬科技公司變得更加包容，包括那些尚未盈利但具有技術護城河和商業化潛力的公司。上市標準可能不會大幅放寬，但對人工智能、先進設備、半導體工具和新材料等行業的審批信號可能會變得更加明確。</p>
<h4><strong>監管變化也值得密切關注</strong></h4>
<p>第十五個五年規劃建議還呼籲 “全面加強金融監管”，這意味着隨着資本市場的擴展，信息披露、資金使用和內部控制的要求可能會同步收緊。未來，上市公司如何使用所籌集的資本可能比它們是否能夠籌集資本更為重要，有助於遏制過去一些公司偏離核心業務或閒置資金或將其轉向非生產性領域的做法。</p>
<p>金融監管機構也多次表示，產業併購應作為提高直接融資效率和推動結構調整的關鍵工具，鼓勵上市公司圍繞核心業務進行整合。這一推動背後是風險投資退出困難和科技公司融資鏈斷裂的現實。</p>
<p>在這種背景下，發展 “耐心資本” 和改善併購重組機制被視為同一制度框架的兩個方面——前者提供長期資金，後者則打開退出渠道。如果支持措施得以實施，資本可能會超越風險投資和首次公開募股，形成一個更完整的循環，以支持風險資金、公開上市、通過再融資擴張以及通過整合退出。</p>
<p>然而，成為金融強國並不是萬靈藥。投資、消費和出口仍然面臨壓力，國際貨幣基金組織總裁克里斯塔琳娜·喬治娃指出，中國需要加快向國內需求和消費的轉型，強調金融改革必須與產業和需求側政策協調進行。</p>
<p>從更廣泛的角度來看，成為 “金融強國” 的努力代表了將金融體系與中國產業結構重新對齊的長期努力，資本市場將在這一過程中發揮更大作用。</p>
<p><em>這是五部分系列中的第四部分。要閲讀之前的部分，請點擊以下鏈接：</em></p>
<p><em>第十五個五年計劃：太陽能和房地產等待下一個政策潮流</em></p>
<p><em>第十五個五年計劃：技術自給自足下的機遇與權衡</em></p>
<p><em>第十五個五年計劃：誰在主導海外上市？</em></p>
<p><em>要訂閲 Bamboo Works 每週免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

上證指數

滬深300

國企指數

恆生綜合指數

綜合指數

恆生指數

<p>中國的第十五個五年計劃引入了 “金融強國” 這一概念，旨在到 2035 年實現金融體系的現代化，以應對地緣政治緊張局勢和經濟放緩。該計劃強調直接融資、多層次資本市場和技術驅動的金融。這標誌着從短期調整向金融體系的根本重構轉變，重點支持實體經濟。投資者可以預期資本配置將發生變化，更加重視技術能力和長期增長，同時監管框架將適應以支持人工智能和先進材料等新興領域</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>中國新五年規劃中首次提出 “金融強國” 這一術語，將推動金融體系走向產業轉型的前沿。</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>圖片來源：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>中國的第十五個五年規劃不僅僅是另一個五年路線圖，而是實現到 2035 年基本現代化的關鍵起點。在地緣政治緊張局勢上升、技術競爭加劇和國內經濟放緩的背景下，政策優先事項正從穩定增長轉向重塑發展模式。過去一年，上海、深圳和香港的股市均有所反彈，監管機構反覆發出支持市場穩定的信號。然而，投資者越來越關注金融體系在最新轉型中將扮演什麼角色。</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>中國《第十五個五年規劃建議》於去年底發佈，首次提出建設 “金融強國” 的目標。該文件還呼籲提高直接融資的比重，加強多層次資本市場體系，發展科技和數字金融。這與習近平主席反覆強調的金融服務實體經濟、避免偏離生產性活動的呼聲相呼應，標誌着從以短期政策調整為特徵的體系向金融體系本身的更廣泛重構的轉變。</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>事實上，“金融支持實體經濟” 在中國並不新鮮。自 2017 年中央金融工作會議以來，這一觀點就被反覆強調，主要通過降低存款準備金率、再貸款計劃和定向信貸等工具來穩定增長和控制風險。然而，整體金融結構從未經歷根本性的變化。</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>清華大學 PBC 金融學院副院長田軒指出，截至 2025 年 6 月，直接融資僅佔中國社會融資總額的約 31.1%，而銀行資產仍佔金融體系總資產的 90% 以上。在一些地區，政府引導基金的市場化融資比例甚至低於 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>在他看來，這表明中國仍然是一個高度依賴信貸的金融體系，市場真正承擔風險和定價創新的能力有限。</p>
</div><h4><strong>The power of markets</strong></h4>
<div class="lb-trans"><h4><strong>市場的力量</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>隨着人工智能、半導體、先進設備和新材料成為政策優先事項，資本需求顯然正在發生變化。在第十五個五年規劃建議中，“技術”、“創新” 和 “新質量生產力” 頻繁出現，同時推出了 “AI+” 倡議。這將技術升級置於國家戰略的核心，並將金融從單純提供資金轉變為建立長期創新的資本機制，表明市場機制和監管框架將變得更加重要，而不僅僅依賴行政指導。</p>
</div><h4><strong>So, what changes may lie ahead?</strong></h4>
<div class="lb-trans"><h4><strong>那麼，未來可能會發生什麼變化？</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，隨着直接融資比重的提高成為明確的政策方向，新資本更有可能通過股市和債市流入實體經濟。這應該改善股權融資環境，使資本市場在經濟轉型中發揮更中心的作用。</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>接下來是估值邏輯的轉變。隨着 “耐心資本” 和改善的風險投資及併購機制進入政策議程，市場在評估公司時可能會更加重視技術壁壘和規模能力。短期利潤將不再是唯一的基準，而行業定位和與政策優先事項的一致性將越來越成為積極因素。這些變化可能不會立即反映在股價上，但很可能會影響中長期的資本配置。</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>與此同時，再融資和二次發行可能逐漸成為常態。股市被賦予了資助產業升級的任務，具有明確投資目的的配股和私募將預計獲得更大的監管支持。</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>對於投資者而言，市場可能越來越接受一種模式，即公司在融資的同時實現增長，評估的重點將從短期每股收益轉向融資是否與更廣泛的行業優先事項一致。</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>在債券方面，科技公司對可轉換債券和企業信用的需求預計將上升，而與新質量生產力相關的行業可能會受益於廉價融資。信用定價可能會越來越與行業特徵相關，而不僅僅依賴於財務槓桿。</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>值得關注的是，隨着技術和新質量生產力成為政策優先事項的核心，上海、深圳和香港的金融市場可能會對硬科技公司變得更加包容，包括那些尚未盈利但具有技術護城河和商業化潛力的公司。上市標準可能不會大幅放寬，但對人工智能、先進設備、半導體工具和新材料等行業的審批信號可能會變得更加明確。</p>
</div><h4><strong>Regulatory changes also warrant close attention</strong></h4>
<div class="lb-trans"><h4><strong>監管變化也值得密切關注</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>第十五個五年規劃建議還呼籲 “全面加強金融監管”，這意味着隨着資本市場的擴展，信息披露、資金使用和內部控制的要求可能會同步收緊。未來，上市公司如何使用所籌集的資本可能比它們是否能夠籌集資本更為重要，有助於遏制過去一些公司偏離核心業務或閒置資金或將其轉向非生產性領域的做法。</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>金融監管機構也多次表示，產業併購應作為提高直接融資效率和推動結構調整的關鍵工具，鼓勵上市公司圍繞核心業務進行整合。這一推動背後是風險投資退出困難和科技公司融資鏈斷裂的現實。</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>在這種背景下，發展 “耐心資本” 和改善併購重組機制被視為同一制度框架的兩個方面——前者提供長期資金，後者則打開退出渠道。如果支持措施得以實施，資本可能會超越風險投資和首次公開募股，形成一個更完整的循環，以支持風險資金、公開上市、通過再融資擴張以及通過整合退出。</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，成為金融強國並不是萬靈藥。投資、消費和出口仍然面臨壓力，國際貨幣基金組織總裁克里斯塔琳娜·喬治娃指出，中國需要加快向國內需求和消費的轉型，強調金融改革必須與產業和需求側政策協調進行。</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>從更廣泛的角度來看，成為 “金融強國” 的努力代表了將金融體系與中國產業結構重新對齊的長期努力，資本市場將在這一過程中發揮更大作用。</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>這是五部分系列中的第四部分。要閲讀之前的部分，請點擊以下鏈接：</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>第十五個五年計劃：太陽能和房地產等待下一個政策潮流</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>第十五個五年計劃：技術自給自足下的機遇與權衡</em></p>
</div><p><em>The 15th Five-Year Plan: Who is leading offshore listings?</em></p>
<div class="lb-trans"><p><em>第十五個五年計劃：誰在主導海外上市？</em></p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要訂閲 Bamboo Works 每週免費通訊，請點擊</em> 這裏</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
</div>

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

- 中國新五年規劃首次提出 “金融強國” 目標，推動金融與產業轉型結合。  
- 直接融資比重提升成為政策方向，促進資本市場中心地位。  
- 監管強化及行業整合將提高金融效率，協助開發新興產業。

十五五計劃：深入探討中國推動成為金融強國的戰略