At the Boao Forum for Asia Annual Conference 2026, held from March 24 to 27 in Boao, Hainan, JD.com Vice President and Chief Economist Shen Jianguang emphasized during a roundtable titled "Creating a Favorable Market Environment and Promoting Long-Term Value Investment" that strengthening the capital market is crucial. He stated that the wealth effect generated by the capital market serves as a significant driver for boosting consumption.

Shen pointed out that stimulating domestic demand is currently China's most critical task. A key aspect of boosting consumption is increasing incomes, particularly wealth-based income. He shared observations from Hong Kong, noting that when its capital and property markets are active, the overall economic outlook improves substantially. Comparing this to the A-share market, he highlighted positive developments: "In the past, we aimed to defend the 3,000-point level, but now we are at 4,000 points—a remarkable achievement."

Regarding changes in the structure of Chinese household income, Shen mentioned that among the four major income sources, property income has experienced the fastest decline in growth. He stressed that strengthening consumption is not only vital for stabilizing the domestic economy but also holds significant implications for international relations. "Increasing consumption and imports are not just domestic policies; they are very important in the context of international relations," he added.

Shen expressed confidence that China currently possesses favorable conditions for developing a robust capital market. Citing the "five-layer cake theory" discussed at this year's Davos Forum, he noted that the foundational layer is energy. China's past large-scale investments in the energy sector have created a unique strategic advantage: "This is why, despite low returns in many new energy projects for long-term capital, looking ahead—especially amid geopolitical risks in the Middle East—China is best positioned to withstand shocks." Furthermore, he observed that numerous new enterprises are emerging in the field of artificial intelligence.

Finally, Shen emphasized the importance of effectively communicating China's narrative within the capital market. Reflecting on his previous role as chief economist at a Swiss securities firm before joining JD.com, he recalled a period when the market fluctuated between 10,000 and 20,000 points before breakthroughs were achieved through capital market reforms. He concluded that the vigorous development of the digital economy is creating excellent opportunities for China's stock market.