中国突破模仿式发展模式下重复建设的瓶颈,鼓励“全民创新”需要有活跃的资本市场作为支持。资本市场被看作是实体经济的晴雨表,但自2014年7月起,资本市场却几乎对持续下行的实体经济不管不顾,一意孤行地上涨。从2025点到5000多点,上证综合指数上涨了144%,创业板和新三板更是表现出强劲上涨的势头,这与“股市是实体经济的晴雨表”的说法几乎完全不相符。但笔者认为,本轮资本市场牛市与中国经济转型升级并且明确未来发展方向具有 China has broken the bottleneck of repeated construction under the mode of development with imitation, and encouraged “all innovation” to need an active capital market as its support. Capital markets are seen as a barometer of the real economy, but as of July 2014, the capital market has been on the move in ways that have been largely ignored by the persistent downward spiral of the real economy. From 2025 points to more than 5000 points, the Shanghai Composite Index rose 144%, the GEM and the new board is showing strong upward momentum, which is “the stock market is a barometer of the real economy,” almost completely does not match. But I believe that the current round of capital markets bull market and China’s economic restructuring and upgrading and clearly the future direction of development with