A | 개인 거래대금 비중 79%→65% 감소외인 24%·기관 9%로 거래 비중 확대 ETF AUM 14.2조, 작년말比 3.8배 ↑단일종목 레버리지 규제 뒤 대거 이동상장사 영업익 전년비 68% 증가 전망 개인 투자자의 전유물로 여겨졌던 코스닥 시장의 수급 지형이 달라지고 있다. 전체 거래대금에서 개인이 차지하는 비중이 2년 새 10%포인트 넘게 낮아진 반면 외국인과 기관의 거래 비중은 나란히 확대됐다. 최근엔 상장지수펀드(ETF)를 통한 자금 유입까지 늘어나는 등 개인투자자 중심의 코스닥 투자 주체가 점차 다변화되고 있다는 평가이다.26일 한국거래소에 따르면 올해 들어 이달 25일까지 코스닥 전체 거래대금에서 개인이 차지한 비중은 65.6%로 집계됐다. 2024년 79.31%에 달했던 개인 거래 비중은 지난해 73.8%로 낮아진 데 이어 올해 60%대 중반까지 떨어졌다. 매년 추세적으로 하락세가 뚜렷하다.외국인과 기관의 거래대금 비중은 높아졌다. 외국인 비중은 2024년 14.92%에서 지난해 19.4%, 올해 24.3%로 확대됐다. 기관 비중도 같은 기간 4.61%에서 5.4%, 8.8%로 상승했다. 외국인과 기관의 참여가 동시에 확대되고 있다는 점에서 코스닥시장의 수급 구조가 변화하고 있는 셈이다.유가증권시장과 비교하면 코스닥의 개인 비중은 여전히 높은 수준이다. 25일 기준 코스피의 외국인과 기관의 거대래금 비중은 각각 24%, 35%를 차지했다. 개인 거래대금 비중은 39%에 불과했다. 코스닥(65.6%)보다 크게 낮은 수준이다. 코스닥이 향후 개인 투자자 비중이 더 낮아질 여력이 크다는 의미로도 해석할 수 있다.ETF를 통한 자금 유입도 코스닥 수급의 새로운 주체로 부각되고 있다. 점차 코스닥 내 기관 투자 비중이 늘어나는 이유 중 하나이다. 미래에셋증권에 따르면 16일 기준 코스닥 지수를 추종하거나 코스닥 종목 비중이 70% 이상인 ETF는 총 42종목이다. 순자산총액(AUM)은 14조2000억원으로, 지난해 말 3조8000억원과 비교하면 3.8배 확대됐다.윤재홍 미래에셋증권 연구원은 “코스닥 ETF 상장 및 자금 유입이 지속 중이며, 코스닥 지수 추종 ETF 외 ETF에서도 코스닥 종목의 편입을 늘리고 있다”고 설명했다.최근 코스닥은 코스피를 크게 웃도는 상승세를 보이고 있다. 이달 들어 25일까지 코스닥 지수는 14.92% 상승했다. 같은 기간 코스피 상승률은 2.23%에 그쳤다. 코스닥 지수는 4월 1200선을 돌파한 뒤 가파른 조정을 거치며 지난달 640선까지 주저앉았다. 이후 반등에 나서며 낙폭을 빠르게 만회하고 있다.최근 반등의 배경으로는 수급 환경의 변화가 꼽힌다. 단일종목 레버리지 ETF 규제 시행으로 코스피 대형주에 집중됐던 수급 쏠림이 완화되면서 상대적으로 소외됐던 코스닥으로 자금이 이동하면서다.증권가는 실적 측면에서도 코스닥에 대한 관심이 유효하다고 평가한다. 금융정보업체 에프앤가이드에 따르면 코스닥 상장사의 올해 영업이익 컨센서스는 전년 대비 68.21% 증가한 14조1827억원으로 집계됐다. 내년 영업익은 19조1347억원으로 늘어날 것으로 전망된다.나승두 SK증권 연구원은 “올해 상반기 코스닥 상장사 전체 합산 영업이익은 전년 동기 대비 62.4% 증가했다”면서 “그동안 코스닥이 소외되었던 것은 실적의 문제가 아니라 수급과 투자자들의 관심의 문제였고, 이익이 숫자로 증명되고 있는 만큼 막연하게 외면할 필요는 없을 것으로 판단된다”고 말했다.허재환 유진투자증권 연구원은 “코스피 영업이익 증가율은 올해 226%를 정점으로 내년 34%로 둔화될 것으로 예상된다”면서 “반면 코스닥 영업이익 증가율은 올해 82%에서 내년 38%로 둔화되나 코스피보다 높다”고 설명했다.이어 “내년 실적 기대가 높은 IT가전, 화학, 유틸리티, 화장품에 대한 관심이 유효하다”고 덧붙였다. 문이림 기자。
"Building an ecological civilization concerns the well-being of the people and the future of the nation."
Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, once pointed out: "Respecting, adapting to, and protecting nature is essential for building China into a modern socialist country in all respects."
In the 15th Five-Year Plan (2026-2030) for national economic and social development, securing major breakthroughs in strategic tasks of overall importance to Chinese modernization and making major new progress in the Beautiful China Initiative are key objectives.
The Global Times is launching a series of articles titled "BeautifulChinaING." From the perspectives of the beauty of nature, the beauty of systems and the beauty of lifestyles, the series uses both Chinese and international cases as entry points. Through field reporting and video storytelling, it explores how green development has become a defining feature of Chinese modernization while showcasing China's role as a responsible major country providing global public goods.
In this installment, we turn our focus to China's Ecological and Environmental Code and the changes it may bring to everyday life. From neighborhood noise and restaurant fumes to ecological conservation and green development, this article examines how the code brings scattered environmental rules into a unified framework, strengthens public participation and turns the vision of a Beautiful China into concrete rules for environmental governance.
A power drill starts in a neighboring apartment just as someone is trying to sleep. Cooking fumes from the restaurant downstairs drift through an open window. A modified car roars past a residential compound, while a food delivery arrives wrapped in layers of plastic. According to China's new Ecological and Environmental Code, these seemingly minor, everyday frictions - closely tied to how people live, sleep, cook, commute and consume - are precisely where environmental governance begins.
The code will take effect on Saturday. Spanning 1,242 articles across five books, it is China's second law to be formally titled a "code," following the Civil Code. It brings pollution control, ecological conservation and green and low-carbon development under one legal framework, while incorporating 10 existing laws.
Speaking at a press conference held on Thursday, Minister of Ecology and Environment Li Gao said that the Ecological and Environmental Code is of major and far-reaching significance for safeguarding the public's ecological and environmental rights and interests in accordance with the law, consolidating the legal foundation for building a Beautiful China, and accelerating modernization characterized by harmony between humanity and nature.
As China puts the vast environmental code into force, a practical question arises: How will it make daily life quieter, cleaner and easier to navigate - and turn the vision of a Beautiful China into rules that people can see, use and help enforce?
From doorsteps to ecosystems
In Mengla county, Southwest China's Yunnan Province, elephant ranger Li Shengqian once walked through a large area of flattened cornfields. While local rangers were attending training, more than 40 wild Asian elephants descended from the mountains, ate the ripe sweet corn, rolled in a mineral-rich pond and then retreated into the forest to sleep.
A local forestry official told the Global Times that an insurance company would assess the damage and compensate the villagers.
Yunnan has gradually turned such compensation from an improvised response into an institutional arrangement. Under its wildlife-damage public liability insurance system, governments pay the premiums, affected farmers do not contribute, and insurers assess and compensate their losses.
By August 2024, Xishuangbanna had invested 225 million yuan ($33.3 million) in the scheme and paid 215 million yuan in compensation for wildlife damage, including 188 million yuan for losses caused by Asian elephants.
The code gives such practices a clearer legal foundation. Article 828 requires local governments in areas seriously affected by wildlife damage to combine compensation with preventive measures, including protective barriers, warning signs and monitoring and early-warning systems. It also stipulates compensation for deaths, injuries and losses to crops or other property resulting from the protection of specified wildlife. In this way, the cost of conservation is not left solely to those living closest to protected animals.
For environmental volunteers, the change may be felt in a different way. Yun Jianli founded the Green Hanjiang environmental group in Central China's Hubei Province in 2002 and has spent more than two decades investigating pollution along the Hanjiang River.
Yun said volunteers previously often had difficulty dealing with legal matters. "When dealing with some environmental issues, we often had to search across different laws to find a legal basis," she told the Global Times. "The new code integrates these systems, providing clearer and more authoritative legal support for environmental actions."
That support extends beyond a general recognition of participation. The code requires public consultations in environmental planning, standard-setting and impact assessments; mandates accessible reporting channels and feedback for real-name reports; and prohibits employers from retaliating against workers who report pollution by their own organizations.
For volunteers such as Yun, public participation is therefore no longer only an appeal to civic responsibility. It is positioned as a legally protected part of environmental governance.
After Saturday, the code's practical effect will be tested in equally concrete ways.
From blueprint to reality
Turning this wide breadth of laws into a single code requires more than collecting existing statutes. Lawmakers first had to decide which rules should be fully integrated, which specialized laws should remain in place and where new legal foundations were needed.
Compilation formally began on November 3, 2023. A leadership group coordinated major issues, a drafting task force handled the text, and an expert committee provided specialist input. The draft was reviewed twice as a whole and twice in separate books before it was adopted on March 12, 2026, completing a process of nearly two and a half years.
The approach was described as "moderate codification." Huang Wei, a deputy director of the Legislative Affairs Commission of the National People's Congress (NPC) Standing Committee and coordinator of the drafting task force, told the People's Daily that the aim was not to absorb every environmental law into one volume. Instead, different groups of laws were treated differently.
Ten laws covering environmental protection, environmental impact assessment, cleaner production and major forms of pollution control were revised and incorporated in full, and will no longer remain as separate statutes once the code takes effect. Core provisions from more than 20 other laws involving forests, grasslands, major river basins, national parks, energy and resource conservation were included while those laws were retained. For newer fields such as climate governance and the carbon-peaking and carbon-neutrality goals, the code establishes guiding principles while leaving room for more detailed legislation.
The code was also shaped outside meeting rooms in Beijing. In May 2025, Chinese and international students at a vocational university in Southwest China's Chongqing Municipality discussed the draft, with their suggestions sent to the national legislature through a grassroots legislative contact point, according to the Xinhua News Agency.
Ma Jun, director of the Institute of Public and Environmental Affairs, also took part in seminars organized by the Legislative Affairs Commission of the NPC Standing Committee and other departments during the code's drafting. His organization later submitted detailed proposals when the draft was released for public comment, he told the Global Times.
"The open legislative process was significant in itself, as it prompted broad public discussion of decades of environmental legislation and the major issues of our time," Ma said. "It has enabled the code to engage with cutting-edge international legislative theories while remaining grounded in the practical challenges China faces," Ma said.
During the four rounds of public consultation, more than 7,000 people participated and submitted over 20,000 comments. The drafting team conducted research in more than 30 localities and held 17 seminars in Beijing with national legislators, government departments, companies, social organizations and scholars, the People's Daily reported.
Suggestions from the public and grassroots contact points helped shape rules on emerging pollutants, urban greening, climate governance and legal liability. Following deliberations at the final NPC session, more than 200 additional changes were made, including over 100 substantive revisions, Xinhua reported.
Passing the code, however, did not automatically align the many rules beneath it. The Ministry of Ecology and Environment said it was reviewing more than 500 related documents, including over 30 administrative regulations, more than 80 departmental rules and over 400 normative documents. Provisions that conflict with, fail to connect with or no longer fit the code will be revised or repealed, while supporting rules and technical standards are being updated.
Innovative tools have also been used in preparation for the code's implementation. An AI-assisted system has been developed to address the difficulties and high costs involved in assessing ecological and environmental damage. The system has been piloted free of charge in 28 provincial-level regions and applied in more than 300 cases, reducing average assessment time by over 80 percent, according to the ministry.
Wider legal practice
Environmental codification is not unique to China. Sweden adopted its Environmental Code in 1998 and brought together rules previously contained in 15 acts. It then entered into force on January 1, 1999. France issued the legislative part of its Environmental Code in September 2000. Germany also attempted to establish a unified environmental code, but the project stalled in 2009.
In terms of the Ecological and Environmental Code of China, an article published in the international journal Carbon Research described it as a systemic response to the interconnected crises of pollution, biodiversity loss and climate change, while also identifying incomplete supporting rules, uneven legal coordination and limited public awareness as implementation challenges.
An editorial by the People's Daily published on Thursday noted that the enactment of the Ecological and Environmental Code signifies a major transformation in China from a participant to a leader in global environmental governance, providing a legislative model that can be studied by countries around the world, especially developing countries.
Lu Weifu, a researcher at the University of Science and Technology of China, wrote in an article published by China Environment News that the code's distinctive feature lies in combining systematic integration with an open structure. Unlike environmental codes primarily shaped around conventional pollution control, China's code places pollution prevention, ecological conservation and green and low-carbon development within the same framework. Its separate book on green and low-carbon development also brings climate change and economic transformation into the core structure of environmental law.
Ma said that conventional air-pollution control and climate governance had long operated in relatively separate legal systems. By connecting the control of conventional pollutants with reductions in greenhouse-gas emissions, he said, the code could support more coordinated regulation and reduce duplicated systems and administrative work.
The larger shift is from dealing with environmental harm only after it occurs to addressing how energy, industry and consumption generate that harm in the first place, he said.
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