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at the same time, the capital market, as an important force in society, is also facing new challenges and opportunities. the liquidity of medium and long-term funds is the key to the stable development of the market, and policy support is the key to ensuring its continued activity. recently, a meeting of the political bureau of the central committee of the communist party of china put forward clear goals for promoting the high-quality development of the capital market, and formulated specific strategic plans to guide medium- and long-term funds into the market and how to achieve a positive interaction between the capital market and social welfare.

from a policy perspective, policy measures mainly focus on the following aspects:

1. improve the "long-term money, long-term investment" environment and promote the entry of medium- and long-term funds into the market: the government will continue to support market development by improving the environmental system of "long-term money and long-term investment", improving the regulatory inclusiveness of medium- and long-term capital equity investments, and fully implementing long-term assessments of more than three years. at the same time, policies also need to guide the positive interaction between the multi-level and multi-pillar pension security system and the capital market at the institutional level, such as improving the national social security fund and basic pension insurance fund investment policies and systems, and encouraging enterprise annuity funds to be based on the different ages and risk preferences of holders. by exploring different types of differentiated investments, it is expected that in the future an account management system will be established based on investors’ risk preferences and investment flexibility will be improved.

2. focus on promoting rebound opportunities in the stock market and stabilize the bond bull market: the introduction of policies has provided new impetus to the market, especially in the stock market. policy support will also bring a positive boost to stock prices. at the same time, there is still a certain space in the bond market. it is expected that the 10-year government bond yield will show an overall downward trend after the shock. however, it is necessary to pay close attention to the introduction of large-scale fiscal stimulus policies to stimulate aggregate demand in order to form a logical reversal in the bond market. otherwise, it is difficult for interest rates to rise beyond expectations during the year.

3. explore new development directions and build a more diversified economic system: from an overall perspective, the development of the real estate industry needs to be deeply integrated with the capital market and combined with the needs of social development to find new development directions. government support and policy guidance will promote the integration of the real estate market and capital market and promote economic growth and social progress.