The Central Economic Work Conference was held from December 11 to 12 in Peking. Everbright's chief economist and director of the research institute Gao Ruidong stated in an interview that the conference determined the overall tone of macro-control for 2025 and a period beyond, highlighting that fiscal and monetary policies will be stronger, Real Estate policies will be further strengthened, and Capital Markets will more effectively serve new productive forces. "Capital Markets will more powerfully serve new productive forces," said Gao Ruidong. On one hand, it is necessary to improve the multi-tiered financial service system, expand patient capital, attract social capital for venture capital more vigorously, and gradually cultivate innovative enterprises; on the other hand, comprehensive reforms in investment and financing in Capital Markets should be deepened, exploring the expansion of the central bank's macro-prudential and financial stability functions, innovating financial instruments, stabilizing financial markets, and better serving the development of new productive forces. (Shanghai Securities Journal)