On April 12, the State Council issued “Certain Opinions on Strengthening Supervision and Risk Prevention and Promoting High-Quality Development of the Capital Market”, and the capital market ushered in the third “National Nine Rules”. In the future, a “1+N” policy system will be formed around the “National Nine Rules” and corresponding system rules will be supported one after another. Gao Ruidong, chief economist of Everbright Securities and director of the Research Institute, said that the new “National Nine Rules” set out clear plans for the future development of China's capital market, including short-term 5-year goals and long-term goals for 2035 and mid-century. The content covers multiple dimensions such as investor protection, quality of listed companies, industry institutional development, regulatory capacity and governance system construction, which fully reflects the country's great importance on capital market development, as well as the expectation that the capital market serves the country's major strategies and economic and social development as a whole, provides strong policy guarantees and systems for the high-quality development of the capital market support.