The new "nine national initiatives" have been implemented for two years, leading to "three changes" in the capital market.

Shareholder returns for the first time significantly exceeded the scale of financing, driving the gradual formation of the "long money, long-term investment" system environment, and continuously increasing the ability to serve new productive forces... In the two years since the implementation of the new "Guidelines for National Treatment of Foreign Investment", the capital market has undergone deep changes in terms of ecology, structure, and functions, achieving reasonable growth in quantity and effective improvement in quality. In the view of industry insiders, in the future, the capital market will further deepen reforms towards "orderly financing, wise investment, balanced trading, and effective supervision", becoming a "core hub" connecting technological innovation, industrial upgrading, and social capital, and ultimately serving the high-quality development of the real economy.