Abstract:
The capital market, as the core hub of social resource allocation, serves as a critical component in value distribution within international economic circulation. This study constructs a triadic analytical framework of "commodity-capital-technology" and compiles the China International Economic Circulation Index (IECI) based on macro-economics and micro listing firm data from 2000 to 2024 to empirically examine the effectiveness of capital markets in serving international economic circulation. The findings reveal that China's international economic circulation exhibits an overall fluctuating upward trend, with the circulation structure evolving from a commodity trade-dominated model to a high-quality circulation pattern characterized by technology leadership, capital empowerment, and commodity support. Through mechanisms including optimized resource allocation, deepened institutional opening-up, and strengthened innovation incentives, the capital market has significantly enhanced the level of international economic circulation and demonstrated positive promoting effects on all three sub-circulations: commodity, capital, and technology. Looking ahead to the 15th Five-Year Plan period, China's expansion of international economic circulation may face challenges including global trade pattern restructuring, cross-border capital flow barriers, and core technology blockades, necessitating strengthened capital market support in areas such as commodity pricing power, depth of opening-up, and patient capital supply. This study provides a quantitative analytical tool for dynamically assessing international economic circulation levels and offers references for enhancing the service quality and effectiveness of capital markets.
下载:
