Chief Investment Officer of CMB Fund, Li Gang: There is still room for improvement in the scale and depth of China's bond market and stock market.

On January 16, the "2026 Bond Market Annual Forum" hosted by the National Financial and Development Laboratory of the First Entrepreneurship and organized by the Shenzhen First Entrepreneurship Bond Research Institute was held in Beijing. Li Gang, Chief Investment Officer of China Merchants Fund, believes that driven by financial disintermediation and interest rate marketization, the domestic bond market has achieved rapid development. As of September 30, 2025, the total stock of the bond market exceeded 19 trillion yuan, and the Shanghai and Shenzhen stock markets exceeded 10 trillion yuan. In terms of the proportion of economic aggregate, the market value of Chinese bonds is close to 130% of nominal GDP, and the market value of stocks accounts for nearly 80%. In comparison, in recent years, the proportion of the market value of US bonds to GDP has consistently exceeded 150%, and the proportion of market value of stocks has consistently exceeded 200%. There is still significant room for improvement in the scale and depth of China's bond market and stock market, and there is great potential for future development. In addition, Li Gang stated that during the two previous rounds of low interest rate periods in China, public bond funds quickly laid out the "fixed income +" track, pursued thickening returns through multi-asset investments, and achieved rapid product expansion; against the background of market volatility and stock market gains in 2025, the scale of "fixed income +" once again saw significant growth, with a year-on-year growth rate of 39.5% by the end of the third quarter.