A-share has been systematically

However, the capital return pathway faces significant distortions in China. The technology sector in A-share has been systematically overvalued in terms of price-to-earnings ratios, and although the registration system reform has accelerated the IPO process, the market’s focus on “financing over investment” has resulted in capital being unable to effectively nourish the real economy. This highlights that the activation of the technology coefficient relies not only on the intensity of research and development investment, with China’s R&D expenditure as a share of GDP in 2024 is 2.7%, but also on accompanying institutional reforms to streamline the transformation chain from “laboratories – capital markets – industrial applications”. สล็อตเว็บตรง