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Under the effect of "combination boxing", the pace of long-term capital entering the market is accelerating. According to the latest data from the State Financial Supervision and Administration, as of the end of the third quarter, the balance of stock allocation of life insurance companies was 2.18 trillion yuan, accounting for 7.55% of the balance of capital utilization of life insurance companies, up 17.24% year-on-year; The balance of stock allocation of property insurance companies was 150.6 billion yuan, accounting for 7.05% of the balance of capital utilization of property insurance companies, up 14.89% year-on-year. In addition, institutional data show that social security funds and basic endowment insurance funds are also increasing the long-term layout of the capital market.On the other hand, multi-departments should strengthen the joint efforts of law enforcement and build a three-dimensional disciplinary restraint system of civil compensation, administrative punishment and criminal investigation. Lv Chenglong, an associate professor at the Law School of Shenzhen University, said that taking financial fraud as an example, the CSRC and relevant departments have further established a comprehensive punishment and prevention system, strengthened penetrating supervision, encouraged whistleblowers to report, and tightened the "gatekeeper" responsibilities of investment banks, auditors and other intermediaries, bringing together the joint efforts of inter-ministerial coordination and coordination between the central and local governments, and continuously improving the three-dimensional closed loop of accountability.Increase the medium and long-term capital entering the market, and improve the expected management mechanism ... Recently, measures to stabilize the capital market and boost investors' confidence have continued to be introduced, and more attention has been paid to system integration and coordination.

On the one hand, multi-departments exert joint efforts to ensure good laws and good governance in the capital market from the system. In June, the Basic Rules of Administrative Punishment Discretion of China Securities Regulatory Commission (Draft for Comment) was publicly solicited for comments; In July, the General Office of the State Council forwarded the Opinions of the CSRC and other departments on Further Improving the Comprehensive Punishment and Prevention of Financial Fraud in the Capital Market; In August, the Economic Crimes Procuratorate of the Supreme People's Procuratorate issued the Answers to Relevant Questions on Handling Financial Fraud Crimes and the Provisions of the State Council on Regulating Intermediaries to Provide Services for the Company's Public Offering of Stocks (Draft for Comment) for public comments.Focusing on accelerating the improvement of the policy system of "long money and long investment", all relevant departments are making classified policies and making concerted efforts to open up the blocking points of various medium and long-term funds to increase the intensity of entering the market. The Central Financial Office and the China Securities Regulatory Commission recently jointly issued the Guiding Opinions on Promoting Medium and Long-term Funds to Enter the Market. Previously, the State Council issued "Several Opinions on Strengthening Supervision and Preventing Risks to Promote the High-quality Development of the Capital Market", and put forward such measures as "vigorously developing equity Public Offering of Fund", "improving the supervision system of equity investment of insurance funds" and "improving the investment policies of national social security funds and basic endowment insurance funds".Xinhua News Agency, Beijing, December 10th, china securities journal published an article on December 10th, titled "Strengthening Synergy and Cohesion to Boost Stock Market Confidence". According to the article, the the Political Bureau of the Communist Party of China (CPC) Central Committee meeting held on December 9th proposed to "stabilize the property market and stock market". Market participants believe that the key to stabilizing the stock market is to enhance the internal stability of the market, enhance the investment value of listed companies, crack down on securities crimes, strengthen investor protection, and effectively boost investor confidence. This is a systematic project, involving many aspects, which needs to be exerted in the same direction and form a joint force. The emphasis on coordination, grasping the key, will help to better cohesion and create good conditions for the healthy development of the capital market.

Liu Chen, a researcher at China Banking Research Institute, believes that stock repurchase and refinancing have opened up a new path for listed companies or major shareholders to maintain the company's value and carry out market value management. The convenience of exchange has improved the ability of market institutions to obtain funds and increase their stock holdings. The use of these tools will help to enhance the inherent stability of the capital market and boost market confidence.It is also an important measure to improve the expected management mechanism and incorporate the impact assessment of major economic or non-economic policies on the capital market into the framework of macro-policy orientation consistency assessment, so as to exert the joint efforts of many parties and enhance the internal stability of the capital market. Tian Xuan, president of Tsinghua University National Finance Research Institute, suggested that in the stage of macro-policy-making, we should establish and improve the communication mechanism between policymakers and relevant parties to prevent policy misinterpretation from the source; At the same time, pay attention to market information, establish a long-term policy consultation feedback mechanism between the government and enterprises, and improve policy predictability.(Profile picture, issued by Xinhua News Agency)