The Business Times
business-time-50
SUBSCRIBERS

中国的“慢牛”市场能否成功？

北京希望建立一个混合型资本市场，以促进技术自给自足和金融自主。

google-preferred-sourceAdd BT as a preferred source
    • 北京希望股市能随着时间推移逐步上涨，而非出现快速的投机性飙升，从而产生稳定的股息收入并鼓励长期投资行为。
    • 北京希望股市能随着时间推移逐步上涨，而非出现快速的投机性飙升，从而产生稳定的股息收入并鼓励长期投资行为。 图片来源：EPA

    Tan Kong Yam

    Published Mon, Mar 16, 2026 · 09:00 AM

    本文由AI辅助翻译

    查看原文

    中国正在进行现代金融领域一项最不寻常的实验：建立一个庞大的资本市场，既服务于国家发展目标，又能为投资者带来可靠的回报。

    与美国不同，美国的股票市场主要是为了最大化股东价值，并通过去中心化的市场力量有效配置资本而发展起来的。相比之下，中国的股市在历史上一直扮演着国家主导的融资平台角色，旨在支持产业政策、改革国有企业和维护宏观经济稳定。

    如今，北京正试图将该体系转变为一种更复杂的模式——一个能够创造长期家庭财富、为技术自给自足提供资金，并增强中国地缘政治金融自主权的混合型资本市场。

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    此翻译对您是否有帮助？

    ChinaHong KongChina economyFinancial marketsChinese equities

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    Thailand’s target is to export seven million tonnes of rice globally in 2026, but the Middle East war has turned the world topsy-turvy with supply disruptions, high oil prices and economic uncertainty.

    Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why

    US President Donald Trump (left) with Chinese President Xi Jinping in Busan in October 2025. The most plausible outcome of US-China rivalry is not a clean transition from one hegemon to another, but a fragmented order.

    US-China rivalry and the Kindleberger Trap: Why inaction – not escalation – is the biggest risk

    The fourth Amity Circle retreat was hosted by Temasek Foundation from Apr 8 to 10 in Hanoi.

    Middle East-linked energy supply shocks put Asean Power Grid back in focus

    Indonesian President Prabowo Subianto and Russian President Vladimir Putin met at the Kremlin in Moscow on April 13.

    As more Asean states turn to Russia for fuel, will Moscow boost its influence in the region?

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More