Beijing's stock exchange values policy over liquidity
Feb 19, 2026
Beijing [China], February 19: As the Beijing Stock Exchange (BSE) completed its fourth year in September 2025, its total market capitalisation exceeded 900 billion yuan ($129.1 billion), reflecting China's attempts to restructure capital markets to support innovation-led growth amid mounting economic pressure. This reveals a deeper feature of China's political economy - capital markets function less as liquidity-driven than as policy instruments that prioritise strategic industrial objectives.
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