Can China’s ‘slow bull’ market succeed?

In a commentary, Tan Kong Yam, emeritus professor of economics at NTU, said that unlike the US, China’s equity market has historically served as a state-directed financing platform to support industrial policy, reform state-owned enterprises, and maintain macroeconomic stability. Beijing is now trying to transform it into a hybrid capital market that can build long-term household wealth, fund tech self-sufficiency, and strengthen China’s geopolitical financial autonomy. This will require deep reforms, including greater institutional investor participation, improved corporate governance, deeper foreign involvement, and credible regulatory stability.

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