中國證券行業(yè)調(diào)查報告

1、Mainland China Securities Survey 2020調(diào)查報告二中零國二證零券年業(yè)金融服務(wù)Financial services01Introduction引言0102Market overview市場回顧03Industry trends行業(yè)趨勢0529Contents 目錄0444Business dynamics 業(yè)務(wù)動態(tài)05Conclusion結(jié)語06Appendices附錄6266Appendix 1附錄1Appendix 2附錄2Appendix 3附錄3Appendix 4附錄4Appendix 5附錄5Appendix 6附錄6Appendix 7附錄7App

2、endix 8附錄8Appendix 9附錄9Appendix 10附錄10Appendix 11附錄11Appendix 12附錄12Financial highlights財務(wù)摘要二零一九年行業(yè)排名Sector ranking for 2019中外合資證券公司一覽Overview of Sino-foreign joint venture securities company年證監(jiān)會對證券公司的評級2020 rating of securities companies by the CSRC 2020合格境外機(jī)構(gòu)投資者Qualified Foreign Institutional Inve

3、stors (QFII)人民幣合格境外機(jī)構(gòu)投資者RMB Qualified Foreign Institutional Investors (RQFII)合格境內(nèi)機(jī)構(gòu)投資者Qualified Domestic Institutional Investors (QDII)內(nèi)地期貨公司名單Mainland Futures Companies內(nèi)地基金公司名單Mainland Fund Management Companies內(nèi)地基金公司子公司名單Subsidiaries of Mainland Fund Management Companies設(shè)立香港子公司的證券公司Securities compa

4、nies with Hong Kong subsidiaries外商投資私募基金管理公司Foreign-funded enterprises that offer private fund management business671571641671711841942012082152212231二零二零年中國證券業(yè)調(diào)查報告01引言IntroductionIntroductionMainland China Securities Survey 20202While the effects of the COVID-19 pandemic have been felt across globa

5、l and local markets throughout 2020, the impact on the securities industry in China has been limited compared to other sectors. Chinas capital markets rebounded in 2019, and the implementation of a number of policies and reforms including the launch of the Sci-Tech Innovation Board (STAR Market), th

6、e lifting of foreign shareholding caps, the reform of the New Third Board and amendments to the Securities Law continues to drive significant growth opportunities for the securities industry.According to the audited annual reports of securities companies in China issued by the Securities Association

7、 of China (SAC), the securities industry realised operating income of RMB 360 billion and net profit of RMB 119.5 billion (based on financial statements at the parent company level) in 2019, representing year- on-year increases of 37 percent and 92 percent, respectively. As at 31 December 2019, the

8、total assets of the 132 securities companies that were included stood at RMB 7.3 trillion, representing a year-on-year.increase of 16 percent. Net assets amounted to RMB 2 trillion, a year- on-year increase of 5 percentIn terms of income composition, income from the proprietary trading segment stood

9、 at RMB141.8 billion (including profit or losses arising from changes in fair value and investment income), up 64 percent from the RMB 86.7 billion recorded in 2018. This segment remained the biggest source of income for the industry, accounting for 39 percent of the industrys total operating income

10、. Supported by a market rebound, net income from the brokerage segment increased by 25 percent year-on-year to RMB 84.3 billion, representing the second largest source of income for the industry. As a result of the STAR Markets IPO registration system and the new regulations on refinancing, net inco

11、me from the investment banking segment increased by 31 percent to RMB 48.1 billion. Net income from the asset management segment stayed flat from the previous year.From a regulatory perspective, regulators continue to focus on risk management and compliance. In 2020, some securities companies began

12、pilotingconsolidated supervision mechanisms to improve overall risk management and compliance at the group level. Furthermore, the STAR Market was launched faster than expected, and restrictions on foreign shareholding and refinancing have been relaxed earlier than expected. These developments have

13、opened a new chapter in the reform and opening-up of the domestic capital markets. In addition, the convergence of asset management regulation as well as fierce competition have led to greater requirements on securities companies ability to conduct active management and offer differentiated services

14、.Securities companies have been exploring their market positioning and transformation to gain a long- term competitive edge. In this regard, M&A and cross-industry integration are starting to emerge in the industry. First-tier securities companies have sought to partner with technology leaders in or

15、der to leverage the latters customer base and capital to reform and optimise their business. Small and medium-sized securities companies are also seeking to differentiate themselves for long- term development.3Mainland China Securities Survey 2020Regarding the development of financial technology (fi

16、ntech) and digital transformation, the introduction of a series of market- oriented reforms and the removal of ownership restrictions for foreign investors present the securities industry with unprecedented opportunities as well as challenges. In light of these changes, securities companies need to

17、explore differentiated growth strategies, accelerate business and digital transformation, develop featuredbusinesses, develop the right talent, and strengthen risk management in order to grow and be successful in the long term.This report is the 14th annual Mainland China Securities Survey published

18、 by KPMG China. It was prepared based on the 2019 financial statements of 132 securities companies in mainland China, which were released by SAC on its official website ().二零二零年中國證券業(yè)調(diào)查報告4引言2020 年爆發(fā)的新型冠狀病毒肺炎（“新冠肺炎”）席卷全球和中國， 但其對中國證券行業(yè)的影響相對有限。中國資本市場2019年回暖，科 創(chuàng)板正式落地、外資股比限制放開、新三板改革啟動、中華人民共和國證券法的修訂等一系列政策和

19、改革措施的落地為資本市場的發(fā)展帶來活力和潛能，證券行業(yè)積極抓住市場機(jī)會，迎來新的發(fā)展機(jī)會和業(yè)務(wù)增長點。根據(jù)中國證券業(yè)協(xié)會各家證券公司經(jīng)審計的年報數(shù)據(jù)匯總，經(jīng)營業(yè)績方面，2019年證券行業(yè)實現(xiàn)營業(yè)收入和凈利潤分別為人民幣3,600億元 和人民幣1,195 億元（母公司財務(wù) 報表口徑，下同），較2018年分別 上升了37%和92%；資產(chǎn)規(guī)模方面， 截止2019年12月31日，132家證券公司資產(chǎn)總額人民幣7.3萬億元，較 上年末增加16%；凈資產(chǎn)人民幣2.0 萬億元，較上年末增加5%。收入結(jié)構(gòu)方面，除資產(chǎn)管理業(yè)務(wù)凈收入與上年持平外，2019年證券公司其他業(yè)務(wù)條線收入較上年均有不同程度的增長。其中，

20、自營業(yè)務(wù)全年實現(xiàn)收益（公允價值變動損益與投資收益合計） 人民幣1,418億元, 較2018年的人民幣867億元增加了64%，占營業(yè)收入總額的39%，為 證券公司最大收入來源。由于科創(chuàng)板注冊制和再融資新規(guī)的紅利影響， 投行業(yè)務(wù)凈收入較上年增加31%， 全年實現(xiàn)凈收入人民幣481億元。 作為僅次于自營業(yè)務(wù)的收入來源， 經(jīng)紀(jì)業(yè)務(wù)受市場交易回暖的影響， 全年實現(xiàn)凈收入人民幣843億元， 較上年增加25%。監(jiān)管方面，“風(fēng)控”和“合規(guī)”仍是監(jiān)管機(jī)構(gòu)關(guān)注的重點，特別在集團(tuán)化管控方面，強(qiáng)調(diào)境內(nèi)外一體化的管控；2020年以來，部分券商開始試點并表監(jiān)管，以提升集團(tuán)整體的風(fēng)控合規(guī)水平。另一方面，科創(chuàng)板的超預(yù)期快速落

21、地、提前對外資全部放開以及再融資新政的松綁， 中國資本市場迎來改革開放的新篇章。同時，大資管行業(yè)的全面監(jiān)管趨同，各大機(jī)構(gòu)同臺競技，競爭激烈，對資管機(jī)構(gòu)的主動管理和差異化特色服務(wù)的能力提出更高要求。行業(yè)發(fā)展方面，券商進(jìn)一步探索轉(zhuǎn)型定位，以尋求長遠(yuǎn)的競爭優(yōu)勢； 同業(yè)兼并、混業(yè)融合的行業(yè)生態(tài)已初步顯現(xiàn)。頭部券商紛紛與科技龍頭“牽手”，希望借助對方的流量和資本優(yōu)勢，對現(xiàn)有業(yè)務(wù)進(jìn)行改造和優(yōu)化。中小券商尋求差異化的定位，謀求長遠(yuǎn)發(fā)展。在大力發(fā)展金融科技和數(shù)字化轉(zhuǎn)型的大背景下，隨著一系列市場化改革措施的出臺和外資股比限制全面放開，證券行業(yè)將迎來空前的市場機(jī)遇和挑戰(zhàn)，券商應(yīng)積極應(yīng)對這一歷史性的大變局，在把握風(fēng)

22、險的前提下，探索差異化的發(fā)展定位、加速業(yè)務(wù)轉(zhuǎn)型、加強(qiáng)數(shù)字化建設(shè)、深耕特色業(yè)務(wù)、培育人才梯隊，定能厚積薄發(fā)，行穩(wěn)致遠(yuǎn)。本報告是畢馬威中國發(fā)表的第十四份年度中國證券業(yè)調(diào)查報告，是根據(jù)中國證券業(yè)協(xié)會（ “ 證券業(yè)協(xié)會”）官方網(wǎng)站 ()公布的132家內(nèi)地證券公司2019年財務(wù)報表而編制的。5二零二零年中國證券業(yè)調(diào)查報告02市場回顧Market overview6二零二零年中國證券業(yè)調(diào)查報告In 2019, 132 securities companies in Chinas securities industry recorded a total operating income of RMB 360

23、 billion, representing a year-on-year increase of 37 percent, and net profit after tax of RMB 119.5 billion, a significant increase of 92 percent year-on-year (Chart 1). The sharp rise in net profit was attributable to an improved operating environment, with all business lines in the sector posting

24、growth. In 2019, rebounding stock and bond markets drove the strong performance of securities companies proprietary trading business. Coupled with increased financing in the bond market and the launch of the STAR Market, net income from investment banking business increased. Furthermore, the A-share

25、 stock markets in Shanghai and Shenzhen were more active in 2019, recording a combined turnover of RMB 127 trillion, representing a year-on-year increase of 41 percent (Chart 2). The average brokerage commission rate decreased further in 2019, though by a smaller percentage, to 0.0288 percent (Chart

26、 2). A significant increase in trading volume and a slightly lower average commission rate resulted in higher net income for brokerage business.Total net profit of securities companies in mainland China (RMB billion)Chart 1244.0128.9123.0112.0119.593.494.978.450.062.524.638.9 32.9 43.06.5(3.7) (9.4)

27、 (15.0)(11.4)Source: Financial statements of securities companies and KPMG China analysisMarket turnover and average brokerage commission ratesChart 2300,000250,000200,000150,000100,00050,000-兩市股票總交易額(單位：人民幣十億元)行業(yè)平均傭金率（單位：萬分之一）2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201914.0255,05412.

28、6 127,384127,416112,46390,29654,56374,39153,59942,16546,87326,71131,464.04.812.010.08.06.04.02.00.0Average brokerage commission rates (per 10,000)Total stock turnover of SSE and SZSE (RMB billion)Source: Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), SAC,

29、 industryresearch reports and KPMG China analysis2019年，全行業(yè)132家證券公司合計實現(xiàn)營業(yè)收入3,600億元，同比增長37%；實現(xiàn)稅后凈利潤人民幣1,195億元，同比增長92%（見圖表1）。行業(yè)凈利潤的大幅增長得益于2019年經(jīng)營環(huán)境的整體優(yōu)化，2019年券商各業(yè)務(wù)條線迎來全面增長。2019年股債市場反彈驅(qū)動券商自營業(yè)務(wù)業(yè)績顯著提升，同時受科創(chuàng)板開市疊加債券市場融資規(guī)模增加的影響，投行業(yè)務(wù)凈收入增長；此外，2019年A股滬深兩市交易活躍度較2018年改善，滬深兩市全年股票總成交額為人民幣127萬億元，同比2018年大幅增長41%（見圖表2）

30、。行業(yè)經(jīng)紀(jì)平均傭金率萬分之2.88，整體延續(xù)下滑趨勢、但降幅較小，在交易量顯著提升、平均傭金率小幅下降的綜合影響下，2019年經(jīng)紀(jì)業(yè)務(wù)凈收入整體上行。歷年中國證券公司實現(xiàn)的凈利潤（人民幣十億元） 圖表1 244.0128.9123.0112.0119.593.494.978.462.524.638.9 32.9 43.06.550.0(3.7) (9.4) (15.0)(11.4)數(shù)據(jù)來源：證券公司財務(wù)報表，畢馬威分析圖表2市場交易額與經(jīng)紀(jì)業(yè)務(wù)平均傭金率的變動300,000250,000200,000150,000100,00050,000-2008 2009 2010 2011 2012 2

31、013 2014 2015 2016 2017 2018 201914.0255,05412.6 127,384127,416112,46390,29654,56374,39153,59942,16546,87326,71131,4674.84.012.010.08.06.04.02.00.0兩市股票總交易額 (單位：人民幣十億元)行業(yè)平均傭金率（單位：萬分之一）數(shù)行業(yè)據(jù)研來究源報：告上，海畢證馬券威交分易析所(以下簡稱“上交所”)，深圳證券交易所(以下簡稱“深交所”)，中國證券業(yè)協(xié)會，Income composition of dome

32、stic securities companiesChart 3Based on an analysis of core businesses contribution to the total operating income of domestic securities companies (Chart 3), net income from the proprietary trading business increased significantly, accounting for 39 percent of the total operating income. Proprietar

33、y trading business remained the biggest source of income for securities companies as a result of a rebound in the market. Brokerage commission rates slipped further, falling to below 0.03 percent for the first time in 2019, and consequently, the share of brokerage business as a proportion of total o

34、perating income declined by 3 percentage points year-on-year. New Asset Management Regulations1(NAMR) prohibited principal-guaranteed and fund-pooling operation, and required net value management on asset management products and introduced more stringent criteria of qualified investors. Therefore, f

35、inancial institutions have been required to meet these more stringent provisions for offering new products, and existing asset management plans issued before the NAMR announcement have been required to complete rectification or liquidation by the end of 2021. As a result, the Asset Under Management

36、(AUM) and income of the asset management business declined by 19 percent and 1 percent, respectively, from 2018. As a result, asset management business income accounted for 8 percent of total operating income in 2019, a decrease of 3 percentage points compared with the previous year.9%6%3%13%9%10%16

37、%16%14%12%12%14%14%15%16%6%5%6%12%9%11%12%32%8%1%14%16%14%15%17%21%13%1%36%19%22%26%14%29%1%2%2%26%22%32%35%4%5%39%1%5%2%9%72%71%10%11%58%57%52%8%48%49%48%39%42%34%28%26%23%100%90%80%70%60%50%40%30%20%10%0%經(jīng)紀(jì)業(yè)務(wù)資產(chǎn)管理業(yè)務(wù)2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019BrokerageAsset

38、managementProprietary trading and other investmentsInvestment bankingOthers (including interest income from margin financing and securities lending)自營及其他投資投資銀行業(yè)務(wù)其他（包括融資融券利息收入）Source: Financial statements of securities companies and KPMG China analysis1. Guiding Opinions on Regulating the Asset Manag

39、ement Business of Financial Institutions (Yin Fa 2018 No. 106), Peoples Bank of China (PBOC) & China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC) and State Administration of Foreign Exchange (SAFE), effective since 27 April 2018; Administrative M

40、easures for Privately Offered Asset Management Services of Securities and Futures Institutions (CSRC Decree No.151), CSRC, effective since 22 October 2018 (together referred to as the “New Asset Management Regulations”)破萬三，1致使經(jīng)紀(jì)業(yè)務(wù)占營業(yè)收入的比例進(jìn)一步減少，較上年下降3個百分點。從各項主要業(yè)務(wù)占總營業(yè)收入的比重來看（見圖表3)，自營業(yè)務(wù)受行情回升影響，自營業(yè)務(wù)凈收入大

41、幅增加，其在證券公司的收入來源中占比為39%，延續(xù)上一年成為證券公司的第一大收入來源。行業(yè)傭金率持續(xù)下滑，2019年首次跌資管新規(guī) 禁止剛性兌付和資金池業(yè)務(wù)，并提出了產(chǎn)品凈值化管理和更嚴(yán)格的合格投資者門檻等規(guī)定。因此，金融機(jī)構(gòu)發(fā)行新產(chǎn)品需要滿足更為嚴(yán)格的規(guī)定， 新規(guī)前的存量產(chǎn)品需要在2021年前完成整改或清算。受此影響，資產(chǎn)管理規(guī)模 較上年減少19%，資管業(yè)務(wù)收入較上年減少1%，2019年資管業(yè)務(wù)收入占營業(yè)收入比例僅為8%，較上年減少3個百分點。國內(nèi)證券公司歷年收入結(jié)構(gòu)分析圖表39%6%3%9%13%10%16%16%14%12%12%14%14%15%16%6%5%6%12%9%11%12%

42、8%14%16%14%32%15%17%21%13%1%1%36%19%22%26%14%29%1%2%26%2%22%32%35%4%5%39%1%5%2%9%72%71%10%11%58%57%52%8%48%49%48%39%42%34%28%26%23%100%90%80%70%60%50%40%30%20%10%0%2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019經(jīng)紀(jì)業(yè)務(wù)資產(chǎn)管理業(yè)務(wù)自營及其他投資投資銀行業(yè)務(wù)其他（包括融資融券利息收入）10月22日生效（統(tǒng)稱“資管 新規(guī)”）數(shù)據(jù)來源：證券公司財務(wù)

43、報表，畢馬威分析委關(guān)員于會規(guī)(范證金監(jiān)融會機(jī))、構(gòu)國資家產(chǎn)外管匯理管業(yè)理務(wù)局的，指2導(dǎo)01意8年見04(月銀2發(fā)7日生20效18；10證6號券)期，貨中經(jīng)國營人機(jī)民構(gòu)銀私行募、資中產(chǎn)國管銀理行業(yè)保務(wù)險管監(jiān)理督辦管法理委(員證會監(jiān)會(銀令保第監(jiān)1會51)號、)，中證國監(jiān)證會券，監(jiān)2督01管8年理From 2016 to 2019, the operating income of the top 10 securities companies as a proportion of the industrys total operating income increased from 40 perc

44、ent to 44 percent, before slightly decreasing to 42 percent in 2019 (Chart 4). This decrease in 2019 was mainly due to small and medium-sized securities companies rebounding higher in 2019 on the background of market recovery and policy reforms. Nonetheless, the top 10 securities companies operating

45、 income as a proportion of the industry total remained firmly above 40 percent over the past three years indicates that the large securities companies continue to maintain strong market position. With deepening capital market reforms and the CSRC move to develop mega-sized securities companies, this

46、 proportion may increase in the long run.Proportion of the top 10 securities companies operating income to the total operating income of the securities industryChart 445%44%44%42%42%40%43%42%41%40%39%38%2016201720182019Source: Financial statements of securities companies and KPMG China analysis2016至

47、2019年間，營業(yè)收入行業(yè)前十的大型券商，其營業(yè)收入占全行業(yè)營業(yè)收入的比例從40%上升至44%，并于2019年下降至42%（見圖表4）。行業(yè)集中度于2019年有所回落，主要是由于中小券商在2019年市場回暖和政策改革的背景下展現(xiàn)出更高的業(yè)績增速反彈。但近三年來，大券商的營業(yè)收入占全行業(yè)營業(yè)收入比例穩(wěn)定維持在40%以上，體現(xiàn)出大券商強(qiáng)大的市場地位。隨著資本市場改革的不斷深化，證監(jiān)會大力打造航母級券商等舉措，長期來看，行業(yè)呈現(xiàn)頭部券商集中化的趨勢。前十大券商營業(yè)收入占全行業(yè)營業(yè)收入的比例圖表 445%44%44%42%42%40%43%42%41%40%39%38%2016201720182019

48、The Shanghai and Shenzhen A-share stock markets experienced increasing transactions in 2019, despite a correction in the second quarter. The SSE Composite Index and the SZSE Component Index closed at 3,050 points and 10,431 points at year end, representing year-on-year increases of 22 percent and 44

49、 percent, respectively.In 2019, the trading market was more active compared to 2018 due to the mitigation of stock pledge risks and the easing of Sino-American relations. Moreover, increasing risk appetite together with continuous improvements in liquidity encouraged market activity. The combined tu

50、rnover of SSE and SZSE stood at RMB 127 trillion in 2019, representing year-on-year growth of 41 percent. SSE contributed RMB 54 trillion in turnover, and SZSE contributed RMB 73 trillion (Chart 5), 35 percent and 46 percent higher than the previous year, respectively.Market turnover and stock indic

51、esChart 516,000300,00014,000A-share indices12,00010,000250,000Turnover (RMB billion)200,0008,000150,0006,0004,0002,000100,00050,000-上交所成交額（十億）上證指數(shù)深交所成交額（十億）深證成指2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Turnover of SSE (RMB billion)Turnover of SZSE (RMB billion)SSE Composite IndexSZS

52、E Component IndexSource: SSE and SZSE2019年A股滬深兩市各指數(shù)市場行情全年整體維持上漲趨勢，僅二季度出現(xiàn)回調(diào)。年末上證指數(shù)和深證成指分別報收于3,050點和10,431點，較上年末漲幅高達(dá)22%和44%。2019年，隨著股票質(zhì)押風(fēng)險的逐步緩解以及中美關(guān)系的逐步緩和，資本市場的風(fēng)險偏好逐漸提升，疊加市場流動性的持續(xù)改善，市場成交活躍度較上年顯著提升。2019年，滬深兩市全年總成交額為人民幣127萬億元，同比2018年大幅增長41%。其中，上交所全年總交易額54萬億元，深交所全年總成交額為人民幣73萬億元（見圖表5），同比分別增長了35%和46%。股票成交額

53、及市場指數(shù)圖表 516,000300,00014,00012,000A股指數(shù)10,000250,000成交額(人民幣十億元)200,0008,000150,0006,0004,0002,000100,00050,000-2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019上交所成交額（十億）深交所成交額（十億） 上證綜指深證成指Total fundraising through the domestic stock exchanges reached RMB 4,447.6 billion in 2019, increasing

54、 by 49 percent year-on-year. Of this amount, RMB 3,237.2 billion, or 73 percent, was raised through bond issuances (Chart 6), an increase of 60 percent from the previous year. Additionally, RMB 957.2 billion was raised through follow-on equity offerings, a year-on-year increase of 17 percent. With t

55、he implementation of the STAR Markets IPO registration system and a higher approval rate for IPO applications in 2019, 203 companies raised a total of approximately RMB 253.2 billion through IPOs on the A-share market, an 84 percent increase in the fund raised from the previous year. The number of c

56、ompanies that went public increased by 97 percent year-on-year, and the amount raised accounted for 6 percent of total fundraising through the domestic stock exchanges.Fundraising in domestic stock exchangesChart 66,000RMB billion5,0004,0003,0002,0001,000-首次發(fā)行籌資額增發(fā)籌資額債券籌資額2004 2005 2006 2007 2008 20

57、09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019IPOsFollow-onofferingsBond issuancesSource: CSRC and Wind Information2019年國內(nèi)證券交易所籌資額為人民幣44,476億元，較2018年度增長49%?；I 資額中的73%為通過交易所市場債券融資（見圖表6），總額為人民幣32,372 億元，較2018年上漲60%。通過股票增發(fā)融資人民幣9,572億元，較2018年增 加17%。2019年由于科創(chuàng)板注冊制改革以及IPO過會率提高，全年共有203家 企業(yè)在A股完成IPO，上市家數(shù)

58、同比增幅97%，總募資規(guī)模約人民幣2,532億元，同比增幅84%，占國內(nèi)證券交易所市場融資總額的6%。國內(nèi)交易所市場籌資統(tǒng)計圖表 6單 6,000位 5,000：人 4,000民十幣 3,000億 2,000元 1,000-2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019首次發(fā)行籌資額增發(fā)籌資額債券籌資額數(shù)據(jù)來源：證監(jiān)會，wind資訊Funds raised from the securities market in 2019 were equivalent to around4.5

59、percent of Chinas gross domestic product (GDP) (Chart 7), 1.2 percentage points higher than the previous year.As at the end of 2019, A-share market capitalisation stood at RMB 59 trillion, up 36 percent year-on-year. Tradable A-shares accounted for approximately RMB 48 trillion in market value, or 4

60、8.8 percent of Chinas GDP in 2019, representing year-on-year growth of 9.5 percentage points. This indicates that Chinas capital markets were much more active in 2019 and that there is still significant growth potential.A-share market capitalisation and stock exchange fundraising as a proportion of