On January 7, the China Galaxy Securities 2025 annual strategy meeting was held in Shenzhen. Chief economist and head of the research institute Zhang Jun stated, "Since September 2024, a series of policies have been introduced intensively, and the central economic work conference at the end of last year further boosted market confidence. It should be noted that the underlying logic behind this round of policy introduction reflects a shift in the domestic and international political economic landscape." Zhang Jun believes that the global economy is on the brink of the fourth technological revolution led by AI, which has significantly heightened the urgency for domestic economic transformation. The economic transformation period of any major power typically comes with high risks and uncertainties; therefore, this round of policy shifts aims to provide more safety nets for economic transformation. Zhang Jun indicated that as a series of risk prevention policies are gradually implemented, China's future economic growth will require more substantial breakthroughs in the Technology sector, and the development of Technology transformation will inevitably require a shift in the financing system from relying mostly on indirect financing to more direct financing. The development approach of local governments will also transition from "land finance" to "equity finance," moving from investment-oriented governance to service-oriented governance. Currently, we should embrace global economic uncertainties with domestic policy certainties and welcome a new round of technological revolution through economic transformation and structural reform.
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银河证券章俊:未来我国经济增长需要更多依靠科技领域的实质性突破
China Galaxy Securities' Zhang Jun: In the future, China's economic growth needs to rely more on substantial breakthroughs in the Technology sector.
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