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Zhang Yuewen, director and researcher of the Capital Market Research Office of the Institute of Finance, China Academy of Social Sciences, believes that measures should be taken to enhance the attractiveness of the capital market, increase the strength of long-term capital entering the market, and strengthen the incentive and guidance of long-term value investment behavior from the perspective of facilitating long-term investors.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.Improve the policy system of "long money and long investment"

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.Strict supervision and management are consistent.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.

In the long run, to boost the confidence of investors in the capital market, it is necessary to ensure the supply of high-quality listed companies, encourage listed companies to buy back and increase their holdings, strengthen market value management, and better return investors.Revise the securities investment fund law, introduce the regulations on supervision and management of listed companies, revise the regulations on supervision and management of securities companies, and speed up the formulation of regulations on corporate bonds ... It can be expected that a series of laws, regulations and judicial interpretations expected by the market will be studied and introduced. "In the next step, the Supreme Law will continue to focus on the improvement of the judicial rules system of the capital market and the trial of related cases, thoroughly study the civil accountability of insider trading and market manipulation, and issue relevant judicial interpretations in due course." Zhou Lunjun, vice president of the Supreme People's Court Second People's Court, said.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.