with the coming of 2020, the majority of investors are full of expectations for the capital market in the new year. in 2019, the capital market experienced major events such as the economic downturn, trade frictions between china and the united states, the implementation of 11 financial liberalization measures, the opening of the board of science and innovation and the pilot registration system, and the implementation of 12 measures to deepen the reform of the capital market. all these have further strengthened investor confidence and market resilience. recently, the 15th session of the standing committee of the 13th national people's congress is deliberating the draft amendment to the securities law, which will give new impetus to the market's lawful and sound development.
objectively speaking, china's economy has the conditions to support the sustained and healthy development of the capital market. in 2019, in the face of the complex and volatile internal and external situation, we have maintained an active and aggressive posture, stayed focused on deepening supply-side structural reform, and achieved steady progress and positive progress. in the first three quarters of this year, gdp grew by 6.2% year on year, and the contribution of final consumption expenditure and the service sector to economic growth remained above 60%. investment in high-tech industries rose 14.1 percent year on year from january to november. the pmi rebounded to 50.2 per cent in november, returning to expansion six months later, indicating that demand had picked up.
good economic momentum does not come easily or in a year. since the 18th national congress of the communist party of china (cpc), the central committee with comrade xi jinping at its core has faced up to the complex situation in the post-financial crisis era, defied floating clouds, judged the situation calmly and maintained strategic focus. we will firmly defend economic globalization and multilateralism, and firmly focus on supply-side structural reform. in terms of macro policies, we have not adopted indiscriminate policies. instead, we have constantly adjusted the focus of supply-side structural reform to enrich its implications in light of the changing situation. these decisions and implementation have played a key role in promoting economic rebalancing, improving operational quality and promoting risk convergence. it should be said that we have overcome difficulties by staying focused and deepening reform.
comparatively speaking, although china's capital market has become the second largest market in the world, it is still far from the need for high-quality development of the real economy because some institutional deficiencies have not been made up and the investment and financing ecology is not sound enough. to build a good capital market, we also need to be calm and determined. in recent years, the capital market has introduced a series of institutional measures in accordance with the requirements of complete financing functions, solid basic institutions, effective market supervision and effective protection of investors' legitimate rights and interests. in the screening of risks, accurate bomb disposal at the same time, increase the system supply. the opening up of the board of science and innovation, the trial registration system, and the improvement of the law enforcement and credit punishment mechanisms are prominent highlights of "invigorating the market" and "improving supervision".
as a part of the market economy, the capital market should also implement the policy of "consolidation, enhancement, promotion and smooth flow", further optimize the institutional environment, improve the market-based pricing mechanism, and promote the survival of the fittest. guided by the board of science and innovation, we will improve the basic system of markets at all levels and in all segments of the market, and make the market more inclusive, adaptable and beneficial to all. we will encourage competitive listed companies to increase investment in scientific research, participate in mergers and acquisitions, and make them bigger, stronger, and better. we will support qualified listed companies to play a positive role in improving the overall industrial chain. we need to unblock the flow of capital markets, attract more long-term capital into the market, and strengthen the power of rational capital.
the relationship between capital market and real economy is zhoushui, flesh and blood relationship, is the relationship of mutual integration and development. by further improving institutions and mechanisms, we will make the capital market a force that supports steady growth, structural improvement and open development of the real economy, and the real economy a force that supports fair pricing, orderly operation and survival of the fittest. the two forces "score" each other, is the best goal we pursue.
source: securities daily