On July 30, CNR reported that the Political Bureau of the CPC Central Committee held a meeting on July 30, emphasizing 'deepening comprehensive reforms in capital market investment and financing, and enhancing the resilience and confidence of the capital market.' This top-level deployment sets a steady tone for the A-share market. Tian Lihui, a finance professor at Nankai University, believes that this Political Bureau meeting clearly set the capital market goal as 'enhancing resilience and confidence,' marking a key leap in governance logic from short-term stability maintenance to long-term mechanism construction. The introduction of the term 'resilience' is not merely a rhetorical change but points directly to the institutionalized construction of the market's endogenous stability capability. The meeting incorporated the capital market into the macro security barrier system, highlighting its strategic position as an economic stabilizer. This deployment not only responds to the market's urgent need for institutional certainty but also demonstrates governance wisdom that breaks new ground through reform. 'Capital market resilience' is not a new concept. The Central Economic Work Conference held in December 2018 first proposed: 'The capital market plays a pivotal role in financial operations, and through deepening reforms, we should create a standardized, transparent, open, vibrant, and resilient capital market.' This was the first time 'resilience' was written into the central government's positioning of the capital market. Before this Political Bureau meeting, the market had already taken action. Corresponding measures have been implemented one after another, building a stable expectation for the A-share market. On one hand, cancellation-type share buybacks are being promoted in batches; on the other hand, shareholders of listed companies are intensively issuing lock-up commitments. The two-way efforts of 'buying and holding' effectively solidify the market bottom and boost investment confidence. According to data already in place, as of the time of publication on July 30, more than 900 listed companies have completed share buybacks this year. Share buybacks have now shed the nature of short-term stock price support by individual companies and have been upgraded to a normalized and standardized important method of market value management in the A-share market. In addition, shareholders of many listed companies have voluntarily issued non-dilution commitments, further stabilizing the market's floating shares and investor expectations.
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