In order to cope with the huge challenges brought about by the new Coronavirus pneumonia epidemic, it is now the highlight of the work to do a good job of "Six stabilities" and "Six guarantees". As far as "Six stability" is concerned, whether it is to stabilise employment, finance, foreign trade, foreign investment, investment, and expectations, these are closely related to the capital market. Moreover, four of them—finance stability, foreign investment stability, investment stability, and expectations stability — are more closely related to the capital market. At the same time, in the "Six guarantees", "guaranteeing the employment of residents, ensuring the main body of the market, and ensuring the stability of the supply chain of the industrial chain" are also closely linked to the capital market. Therefore, the capital market that "leads the whole body and activates the whole body" plays an important role in helping the "Six stabilities" and "Six guarantees" work to achieve a new chapter in the capital market and stabilise the fundamentals of the Chinese economy. For this reason, the mention of the Science and Technology Board, the first mention of the reform of the Growth Enterprise Board and the pilot registration system, and the mention of the registration system in the government work report for two consecutive years have become the highlights of this year’s government work report involving the capital market.

In particular, the opening of the capital market is progressing steadily. On 9 April, the programmatic document of factor marketization reform, the "Opinions on Constructing a More Perfect Factor Market Allocation System and Mechanism", proposed the reform direction of five major factor areas. When talking about promoting the market-oriented allocation of capital factors, the opinion calls for improving the basic system of the stock market, accelerating the development of the bond market, increasing the supply of effective financial services, and actively and orderly expanding the opening up of the financial industry. The opening to the outside world requires steadily advancing the internationalization of RMB and the convertibility of RMB capital projects; gradually promoting the two-way opening up of the securities and fund industries internally and externally, and promoting the opening of the futures market in an orderly manner; gradually relaxing the access conditions for foreign financial institutions and promote the participation of domestic financial institutions in international financial market transactions. It can be seen that the reform and opening up of the "dual capital" system between my country's capital account and the capital market has begun, and it will become a reality to provide global investors with financial products and services such as stocks, bonds and other RMB-denominated securities. On 7 May, the promulgation of the "Regulations on the Management of Domestic Securities and Futures Investment Funds by Foreign Institutional Investors" and the further expansion and opening of six major aspects of the financial industry have facilitated the participation of foreign investors in the Chinese financial market. On 18 May, Xinhua News Agency was authorized to publish the 11,000-word "Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Improvement of the Socialist Market Economic System in the New Era". The opinion puts forward that we must continue to speed up opening up to the outside world, and will promote the transformation from the opening of commodities and factors to the opening of rules and other institutions. It can be said that the door of China's reform and opening up is opening wider and wider, and at the same time, it has begun to gradually integrate with the international capital market in terms of institutions. Of course, the opening of high-level and high-quality capital markets is also the logic of high-quality economic development.

If at the national level, the “six guarantees” are the focus of this year’s “six stability” work, then the inclusion of “Reform the Growth Enterprise Market and pilot the registration system” into the government work report this time means that the pilot registration system for the Growth Enterprise Market will become the focus of reform at the level of my country’s capital market this year. As the chairman of the China Securities Regulatory Commission, Yi Huiman, said at the "5·15 National Investor Protection Publicity Day" in 2020, "registration reform is the general outline of this round of capital market reform." Once the key link is grasped, everything falls into place. After the baptism of major reforms and opening up, China's capital market will surely develop healthily along the track of rule of law, marketization and internationalization, and seek a new chapter in the capital market to help the "six guarantees" and "six stability" work.