The "15th Five-Year Plan" first proposed the cultivation of first-rate investment banks and investment institutions.

The full text of the "Outline of the 15th Five-Year Plan for National Economic and Social Development of the People's Republic of China" was announced on March 13th. It is noted that the new wording "cultivate first-class investment banks and investment institutions" has been added to the full text, marking the first time this proposal has been included in the national five-year plan. The proposal to "cultivate first-class investment banks and investment institutions" was first put forward at the Central Financial Work Conference in October 2023, and has been mentioned by the government several times over the past two years. Interviewees believe that including this proposal in the "15th Five-Year Plan" is in line with the policy orientation of deepening capital market reforms and improving the quality and efficiency of financial services to the real economy. It has become a landmark policy deployment in the construction of China's financial power and the high-quality development of capital markets, sending a strong signal to strengthen and improve the intermediary institutions in the capital market and enhance the core competitiveness of finance.