The Fourth Plenary Session of the 20th CPC Central Committee adopted the "Suggestions of the CPC Central Committee on the Formulation the 15th Five-Year Plan for National Economic and Social Development" (hereinafter referred to as the "Suggestions"), proposing to improve the inclus and adaptability of the capital market system, and to improve the functions of the capital market that are coordinated with investment and financing. This is a major strategic deployment made by the Party Committee with Comrade Xi Jinping at its core, which has made a scientific judgment and has accurately grasped the domestic and international situation during the "15th Five- Plan" period, focused on the goal of basically realizing socialist modernization, and made a major strategic deployment from a global perspective, which has pointed out the direction for the reform,, and stability of the capital market, and provided fundamental guidance. We must study it in depth, understand it carefully, and resolutely implement it

I. Deeply understand the importance of improving the inclusiveness and adaptability of the capital market system
Since the 8th National Congress of the Communist Party of China, General Secretary Xi Jinping has attached great importance to the capital market, and has made a series of important instructions and comments. 2023 Central Financial Work Conference proposed to accelerate the construction of a safe, standardized, transparent, open, dynamic and resilient capital market. The 2024 Economic Work Conference pointed out that we should deepen the comprehensive reform of capital market financing, connect the blockages and blockages of long-term capital entering the market, and enhance inclusiveness and adaptability of the capital market system. The meeting of the Political Bureau of the Central Committee of the Communist Party of China on July 30, 225 emphasized that we should enhance the attractiveness and inclusiveness of the domestic capital market and consolidate the upward trend of the capital market. The "Several Opinions the State Council on Strengthening Supervision, Preventing Risks and Promoting High-Quality Development of the Capital Market" (hereinafter referred to as the "National Nine Articles") also makes arrangements for enhancing the competitiveness of the capital market system and improving the inclusiveness of new industries, new forms and new technologies. During the14th Five-Year Plan" period, the scale of the capital market has steadily expanded, the system has been continuously improved, the function has been continuously played, and important have been taken to serve high-quality development. At present, the new journey of building a socialist modern country in an all-round way has achieved a good start, and's high-quality development has been steadily promoted. However, we should also see that the world's unprecedented changes in a century are accelerating, and the internal and external development is undergoing complex and profound changes. All these put forward new tasks and new requirements for the role of the capital market, and it is of great significance to improve the inclusiveness adaptability of the capital market system.