Pan Gongsheng announced at the press conference that the central bank will soon cut the deposit reserve ratio by 0.5 percentage points, providing approximately 1 trillion yuan of long-term liquidity to the financial markets; guiding commercial banks to lower the interest rates of existing housing loans to be close to the interest rates of new home loans, with an average expected reduction of about 0.5 percentage points. Pan Gongsheng mentioned a significant increase in the ability to obtain funds and hold stocks, creating special refinancing to guide banks to provide loans to listed companies and major shareholders, supporting repurchases, and increasing shareholding.

Pan Gongsheng: The central bank policy interest rate will be reduced, with the 7-day reverse repurchase operation rate lowered by 0.2 percentage points.

At the press conference, Pan Gongsheng announced that the central bank will soon cut the deposit reserve ratio by 0.5 percentage points, providing approximately 1 trillion yuan of long-term liquidity to the financial markets.

Pan Gongsheng: lowering the central bank policy rate, with the 7-day reverse repurchase operation rate being cut by 0.2 percentage points.

Pan Gongsheng announced at the press conference that the central bank will soon cut the deposit reserve ratio by 0.5 percentage points.

Pan Gongsheng stated that the Central Banks policy interest rate will be lowered, with the 7-day reverse repurchase operation rate reduced by 0.2 percentage points from the current 1.7% to 1.5%, guiding the loan market quote rate and deposit rate to move down simultaneously to maintain the stability of commercial banks' net interest margins.

Pan Gongsheng: Creating new monetary policy tools to support the stable development of the stock market.

Pan Gongsheng announced the establishment of securities, funds, and insurance companies swap facilities to support eligible securities, funds, and insurance companies in obtaining liquidity from the Central Bank through asset pledges, significantly enhancing their funding and stock holding capabilities. Introducing special refinancing to guide banks to provide loans to listed companies and major shareholders, supporting buybacks and stock holdings.

Pan Gongsheng: Lowering existing housing loan interest rates, with an average expected reduction of approximately 0.5 percentage points.

Pan Gongsheng stated that in terms of housing loans, the existing housing loan interest rates will be reduced and the minimum down payment ratio for housing loans will be unified. Specifically, guiding commercial banks to lower existing housing loan rates to near new housing loan rates, with an average expected reduction of about 0.5 percentage points. The nationwide minimum down payment ratio for second home loans will be reduced from 25% to 15%, unifying the minimum down payment ratio for first and second home loans.

Pan Gongsheng: The decrease in the 7-day reverse repurchase rate will drive the adjustment of the domestic market benchmark interest rate.

At the meeting, Pan Gongsheng stated that the open market 7-day reverse repo rate is a key policy of the central bank. This reduction of 20 basis points, from 1.7% to 1.5%, under the market-oriented rate mechanism, will drive the adjustment of domestic market benchmark interest rates, leading to a 0.3% decrease in the medium-term lending facility, with an expected 0.2% to 0.25% decrease in loan market quote rates and deposit rates.

Pan Gongsheng: Depending on the situation, there may be a further lowering of the deposit reserve ratio by 0.25-0.5 percentage points by the end of the year.

Pan Gongsheng stated that, depending on the situation, the reserve requirement ratio will be further reduced at the end of the year. It is possible to further lower the reserve requirement ratio by 0.25-0.5 percentage points.

Pan Gongsheng: The impact of this round of interest rate cuts on banks' net interest margin is overall neutral.

Pan Gongsheng stated that this interest rate reduction has an overall neutral impact on banks' net interest margins and income. The central bank's reserve reduction directly provides banks with low-cost, long-term funds, and the mid-term lending facility and open market operations lowering interest rates will also reduce banks' funding costs. It is expected that loan market quote rates and deposit rates will symmetrically decline. Pan Gongsheng revealed that in the design of this interest rate adjustment plan, the People's Bank of China's technical team conducted multiple rounds of careful quantitative analysis evaluations, and the policy changes have a neutral impact on bank income, and the banking sector's net interest margins will remain relatively stable.

Pan Gongsheng introduced multiple considerations during the process of monetary policy adjustment.

Pan Gongsheng stated that there are several considerations in the process of monetary policy adjustment: firstly, to support the development of the Chinese economy; secondly, to promote a moderate rise in price levels; thirdly, to balance economic growth and the health of the banking industry and achieve a middle ground; fourthly, to maintain the RMB exchange rate at a reasonable equilibrium level. In addition, monetary policy also emphasizes coordination with fiscal policy to support an active fiscal policy.

Pan Gongsheng: Support risk management and healthy development of the real estate market from a financial perspective.

At the meeting, Pan Gongsheng stated that mainly from a financial perspective, the People's Bank of China continuously improves the macro monetary policy of the real estate market to support risk management and healthy development.

Pan Gongsheng: The reduction of existing house loan interest rates is expected to benefit around 0.15 billion people, reducing average annual family interest expenses by about 150 billion yuan.

Pan Gongsheng stated that the expected average reduction in interest rates for existing housing loans this time is 0.5 percentage points, benefiting an estimated 50 million households, 0.15 billion people, with an average annual reduction in household interest expenses of around 150 billion yuan.

Pan Gongsheng: will improve the mortgage loan mechanism of commercial banks.

Pan Gongsheng stated at the meeting that for adjustments to mortgage rates, banks need some time for technical preparations. Subsequently, they will improve the mortgage loan mechanism of commercial banks, and both banks and customers will dynamically adjust based on market principles through independent negotiations.

Pan Gongsheng: The minimum down payment ratio for the first and second homes nationwide is unified at 15%. Local authorities can independently determine differentiated down payment ratio arrangements based on city-specific policies on this basis.

Pan Gongsheng stated that nationwide, there will no longer be a distinction between first and second home purchases, with a unified minimum down payment ratio of 15% for all. Local authorities can then formulate differentiated down payment ratios based on city-specific conditions. Commercial banks will determine specific down payment ratios based on customer risk profiles and preferences.

Pan Gongsheng: The proportion of central bank fund support for the refinancing of affordable housing has been increased from 60% to 100%.

Pan Gongsheng stated that the People's Bank of China will optimize the policy for refinancing of affordable housing. The central bank's funding support ratio in the previously established 300 billion yuan refinancing for affordable housing will be increased from 60% to 100%, enhancing market incentives for banks and acquiring entities.

Pan Gongsheng: Research allows policy banks and commercial banks to support conditional enterprise market-oriented acquisition of real estate by housing enterprises.

Pan Gongsheng stated that the People's Bank of China will support the acquisition of existing land by real estate companies. Based on using some local government special bonds for land reserves, they are studying allowing policy banks and commercial banks to provide loans to support conditionally market-oriented acquisition of real estate companies' land, revitalize existing land use, and alleviate the financial pressure on real estate companies. When necessary, the People's Bank of China can provide policy support.

Pan Gongsheng: Extend the deadline of two real estate financial policy documents to 2026.

Pan Gongsheng stated that the deadline for extending two real estate financial policy documents has been extended. Previously, the People's Bank of China and the Banking and Insurance Regulatory Commission issued the Financial 16 Measures and Operational Property Loan policies. The expiration date of these two policies has been extended from December 31, 2024, to December 31, 2026.

Pan Gongsheng: Convergence of domestic and foreign mmf policy cycles, external pressure on the RMB exchange rates significantly eased.

Pan Gongsheng stated that recent adjustments have been made to the monetary policies of major economies, and the depreciation pressure on the renminbi exchange rate has significantly eased. The 50 basis point rate cut by the Fed is the first rate cut after several years of rate hikes, marking major economies' entry into a rate-cut cycle, and the momentum of the US dollar appreciation has weakened. As the domestic and foreign monetary policy cycles converge, external pressure on the renminbi exchange rate has significantly eased, stabilizing its foundation.

Pan Gongsheng: This relatively strong monetary policy introduced this time will help support the economy.

Pan Gongsheng stated that factors influencing the exchange rate are diverse. From external factors, uncertainties remain due to economic divergence, US elections, and geopolitical changes affecting the external environment and the US dollar trend. Looking at the domestic situation in China, the renminbi exchange rate still has a stable and solid foundation. At the macro level, as the economy stabilizes and improves, the strong monetary policy recently introduced by the People's Bank of China will support the economy, promote consumption, and investment.

Pan Gongsheng: Rationally view exchange rate fluctuations.

Pan Gongsheng stated that market participants should view forex fluctuations rationally, enterprises should focus on their core business, the People's Bank of China has a clear and transparent position on forex policy, adhering to the decisive role of the market in the forex market, strengthening expectation guidance, forming a unilateral consistent expectation in the forex market, and maintaining the RMB exchange rate at a reasonable and balanced level.

Pan Gongsheng: Intensify the investigation of illegal activities in the bank bonds market.

Pan Gongsheng stated that in response to recent manipulation of prices, lending accounts, and interest transmission in the bonds market, the People's Bank of China will increase the investigation of illegal activities in the bank bonds market and timely disclose them to the public.

Pan Gongsheng: The central bank gradually matures the conditions for the issuance of the base currency through the secondary market trading of government bonds.

Pan Gongsheng said that the central bank, through the secondary market, gradually matured the conditions for buying and selling treasury bonds and injecting base money. The central bank, together with the Ministry of Finance, will research and optimize the pace and maturity structure of treasury bond issuances.

Li Yunze stated at the State Council Information Office press conference that they will enhance the core Tier 1 capital of 6 large commercial banks in a coordinated and orderly manner. Li Yunze also revealed three optimization policies for the renewal of small and micro-business loans: phased expansion to medium-sized enterprises.

Li Yunze: Strive to create a stable, transparent, and predictable regulatory environment.

Li Yunze mentioned that the China Banking and Insurance Regulatory Commission is striving to create a stable, transparent, and predictable regulatory environment, exerting continuous and enhanced efforts, continually improving the quality and efficiency of serving the real economy.

Li Yunze: Will enhance the core Tier 1 capital of 6 large commercial banks, and implement it in stages and in an orderly manner.

Li Yunze stated that large commercial banks are the main force of China's financial system serving the real economy. The main regulatory indicators of large commercial banks are in a healthy range. In recent years, they have mainly increased capital through retained profits. However, as the banks increase the scale of interest concessions, profit growth has slowed down. This will prompt the strengthening of the core Tier 1 capital of six large commercial banks in an orderly and phased manner. This will continue to urge large commercial banks to enhance their precision management level and strengthen their high-quality development capacity under capital constraints.

Li Yunze: Plans to expand the pilot scope of bank-owned financial asset investment companies' equity investments to 18 cities.

Li Yunze stated that the financial asset investment companies set up by large commercial banks in the previous period have conducted equity investment trials in Shanghai. Now they have the conditions to expand the pilot program. In accordance with the relevant deployments of the State Council, in order to effectively play the leading role of the pilot program, the following measures are planned: First, expand the pilot city scope, study the expansion of the pilot scope to 18 large and medium-sized cities with active technological innovation such as Beijing; Second, appropriately relax the equity investment amount and restrictions, increase the proportion of on-balance sheet equity investments from 4% to 10%, and raise the proportion of investments in a single private equity fund from 20% to 30%. Third, optimize the assessment mechanism and establish a long-term differentiated performance evaluation.

Li Yunze: Supports eligible insurance institutions to establish private equity investment funds.

Li Yunze stated that the China Banking and Insurance Regulatory Commission will continue to support the continued stable and healthy development of the capital market. The next step will mainly focus on the following three aspects: First, expand the reform pilot of long-term investment of insurance funds, support other eligible insurance institutions to establish private equity investment funds, and further increase investment in the capital market. Second, urge and guide insurance companies to optimize the assessment mechanism, encourage and guide insurance funds to engage in long-term equity investments. Third, encourage securities companies and trust companies to enhance their equity investment capabilities, issue more long-term equity products.

Li Yunze: The optimization policy for three types of small and micro enterprise refinancing will be temporarily expanded to medium-sized enterprises.

Li Yunze stated that the China Banking and Insurance Regulatory Commission will optimize the refinancing policy in three aspects: First, the refinancing target will be expanded from some small and micro enterprises to all small and micro enterprises. Small and micro enterprises with genuine financing needs after the loan expires, and facing financial difficulties, can all apply for refinancing support if they meet the conditions. Second, the refinancing policy will be phased into medium-sized enterprises, with a tentative term of 3 years. All liquidity loans for medium-sized enterprises expiring before September 30, 2027 can refer to the refinancing policy for small and micro enterprises. Third, adjust the risk classification standards. Enterprises that operate in accordance with the law, compliance, have good credit, can apply for refinancing for loans, without lowering the risk classification solely due to an extension.

Li Yunze: With the gradual resolution and alleviation of the three major risks of real estate local debt and small and medium-sized financial institutions, financial risks are steadily converging.

Li Yunze stated that the regions with a high concentration of high-risk institutions have already formulated specific reform and resolution plans, and are steadily and orderly implementing them in accordance with a tailored approach for each province. At the same time, guiding banks and insurance institutions to actively cooperate in resolving risks related to real estate and local government debt. Currently, China's financial industry, especially large financial institutions, operates prudently and with controllable risks. Along with the gradual resolution and alleviation of risks related to real estate, local government debt, and small and medium-sized financial institutions, financial risks are steadily converging, and the China Banking and Insurance Regulatory Commission will resolutely guard against the occurrence of systemic financial risks.

Li Yunze: In the first 8 months, the insurance industry has cumulatively paid out 1.55 trillion yuan, an increase of 26.1% year-on-year.

Li Yunze stated that in the first 8 months of this year, the insurance industry has cumulatively paid out 1.55 trillion yuan, an increase of 26.1% year-on-year; as of August this year, loans for high-tech industries and medium- to long-term loans for manufacturing have increased by 13.2% and 15.9% respectively compared to the same period last year.

Li Yunze: Strengthening the core Tier 1 capital of six large commercial banks will be implemented in an orderly and phased manner.

Li Yunze stated that large commercial banks are the main force of China's financial system serving the real economy. The main regulatory indicators of large commercial banks are in a healthy range. In recent years, they have mainly increased capital through retained profits. However, as the banks increase the scale of interest concessions, profit growth has slowed down. This will prompt the strengthening of the core Tier 1 capital of six large commercial banks in an orderly and phased manner. This will continue to urge large commercial banks to enhance their precision management level and strengthen their high-quality development capacity under capital constraints.

Li Yunze: Plans to expand the pilot scope of bank-owned financial asset investment companies' equity investments to 18 cities.

Li Yunze revealed that the financial asset investment companies subsidiary to large commercial banks have already conducted equity investment pilots in Shanghai. They now have the conditions to expand the pilot program. According to the relevant deployment of the State Council, to effectively play the leading role of the pilot, the following measures are proposed: first, expanding the pilot city scope, considering expanding the pilot scope to 18 large and medium-sized cities with active technological innovation like Beijing; second, appropriately relaxing the amount and restrictions of equity investments, increasing the proportion of on-balance-sheet equity investments from 4% to 10%, and the proportion of investment in a single private equity fund from 20% to 30%; and third, optimizing the evaluation mechanism and establishing a long-cycle differential performance evaluation.

Li Yunze revealed three optimization policies for micro and small business loan renewal: phased expansion to medium-sized enterprises.

Li Yunze stated that the China Banking and Insurance Regulatory Commission will optimize the refinancing policy in three aspects: First, the refinancing target will be expanded from some small and micro enterprises to all small and micro enterprises. Small and micro enterprises with genuine financing needs after the loan expires, and facing financial difficulties, can all apply for refinancing support if they meet the conditions. Second, the refinancing policy will be phased into medium-sized enterprises, with a tentative term of 3 years. All liquidity loans for medium-sized enterprises expiring before September 30, 2027 can refer to the refinancing policy for small and micro enterprises. Third, adjust the risk classification standards. Enterprises that operate in accordance with the law, compliance, have good credit, can apply for refinancing for loans, without lowering the risk classification solely due to an extension.

Li Yunze: Commercial banks have approved over 5700 projects on the whitelist.

Li Yunze stated that the financial regulators and the Ministry of Housing and Urban-Rural Development have established a coordination mechanism for urban real estate investment. As of now, commercial banks have approved over 5700 projects on the whitelist, with approved financing amounts reaching 1.43 trillion, supporting the timely delivery of over 4 million housing units. To support the rigid and improvement-oriented housing demand, the financial regulators will actively cooperate with the People's Bank of China to promote interest rate reductions on existing housing loans, reduce residents' housing loan expenditures, enhance the people's sense of gain, further implement urban financing coordination mechanisms effectively, win the battle to deliver housing as scheduled, and promote the stable and healthy development of the real estate market.

Li Yunze: Commercial banks have approved over 5700 projects on the whitelist.

Li Yunze expressed at the meeting that the financial regulators and the Ministry of Housing and Urban-Rural Development have established a coordination mechanism for urban real estate investment. As of now, commercial banks have approved over 5700 projects on the whitelist, with approved financing amounts reaching 1.43 trillion, supporting the timely delivery of over 4 million housing units. To support the rigid and improvement-oriented housing demand, the financial regulators will actively cooperate with the People's Bank of China to promote interest rate reductions on existing housing loans, reduce residents' housing loan expenditures, enhance the people's sense of gain, further implement urban financing coordination mechanisms effectively, win the battle to deliver housing as scheduled, and promote the stable and healthy development of the real estate market.

Wu Qing stated at a State Council Information Office press conference that the China Securities Regulatory Commission will release opinions to promote the entry of medium and long-term funds into the market and six measures to promote mergers and reorganizations. Wu Qing also mentioned that the China Securities Regulatory Commission will further support China Investment Corporation to increase shareholdings and expand the scope of investment arrangements, as well as promote various types of medium and long-term funds, including China Investment Corporation, to enter the market.

Wu Qing: Since the new "国九条", the market ecology has further improved.

Chairman Wu Qing of the CSRC stated at the meeting that since the introduction of the new "Nine Articles on State-owned Enterprises" and the 1+N policy system of the capital market, the market ecology has further improved, maintaining a sharp and effective regulatory framework. By the end of August, there were 577 cases of illegal securities and futures activities, forming a strong deterrent. The market's basic system is accelerating its improvement, with listed companies' cash dividends reaching 2.2 trillion yuan in 2023, hitting a historical record. At the same time, enhancing algorithmic trading management. The market's functions continue to be effectively carried out, with new stock issuances and refinancing maintaining an appropriate pace. The reform and innovation of the capital market are firmly advancing, with the introduction of 16 measures for market technology services and 8 measures to better play the role of mergers and acquisitions. Since May this year, there have been 50 significant cases of mergers and acquisitions.

Wu Qing: Will release opinions to promote the entry of medium and long-term funds into the market and six measures to promote mergers and acquisitions.

Wu Qing stated at a press conference at the State Council Information Office that the CSRC will release opinions to promote the entry of medium and long-term funds into the market and six measures to promote mergers and acquisitions.

Wu Qing: Will release measures to promote mergers and acquisitions.

Wu Qing stated that the CSRC will take multiple measures to invigorate the mergers and acquisitions market. They will release measures to promote mergers and acquisitions, making efforts to ensure smooth private equity, venture capital funds fundraising, management, and exit processes.

Wu Qing: Resolutely crack down on financial fraud, market manipulation and other illegal activities.

Wu Qing stated that the CSRC will prioritize the protection of the legitimate rights and interests of small and medium investors, decisively combat illegal activities such as financial fraud and market manipulation, and strive to implement more exemplary cases in representative litigation and advance compensation.

Wu Qing: Develop guidelines to promote the entry of medium and long-term funds into the market.

Wu Qing stated at the meeting that the total amount of long-term funds in the capital markets is insufficient, the guiding role is not fully adequate, the long-term investment system has not been fully formed, the CSRC and other departments have formulated guiding opinions to promote the entry of medium and long-term funds into the market, deploying a series of arrangements supporting the entry of medium and long-term funds into the market, focusing on more long-term capital, longer-term capital, better returns, and promoting the entry of medium and long-term funds into the market.

Wu Qing: Further optimize the registration of equity fund products and vigorously promote the innovation of broad-based fund products.

Wu Qing stated that the CSRC will vigorously develop equity public fund products, focusing on urging fund companies to further correct their business philosophy, adhere to an investment return-oriented approach, focus on enhancing investment research and service capabilities, and create more products that meet the needs of ordinary people. Further optimize the registration of equity fund products and vigorously promote the innovation of broad-based fund products.

Wu Qing: Improve the institutional environment for long-term and long-lasting investment.

Wu Qing stated that improving the system environment of long-term investment and long-term capital, enhancing the regulatory inclusiveness of long-term capital equity investments, fully implementing a comprehensive assessment of periods exceeding three years, promoting insurance institutions to make resolute long-term investments, improving the national social security fund investment policy, encouraging enterprise annuities to explore different types of differentiated arrangements based on holders' different ages and risk preferences.

Wu Qing: Taking multiple measures to improve the quality of listed companies and the investment value of listed companies.

Wu Qing stated that the CSRC will continue to improve the ecosystem of the capital markets, take multiple measures to enhance the quality of listed companies and the investment value of listed companies, improve a series of institutional arrangements such as the participation of institutional investors in the corporate governance of listed companies, shaping a good market ecosystem where medium and long-term funds are willing to come, stay, and develop well.

Wu Qing: Significantly simplifying the review process to encourage listed companies to strengthen industry integration.

Wu Qing stated that actively encouraging listed companies to strengthen industrial integration, where some industries are large but not strong, numerous but not superior. While the capital markets support the development of emerging industries, they will continue to assist traditional industries in increasing industrial concentration reasonably, enhancing resource allocation efficiency, and providing substantial support through streamlining the review process.

Wu Qing: Strongly support listed companies in conducting cross-industry mergers and acquisitions with the goal of transformation and upgrading, and the acquisition of non-profitable assets.

Wu Qing stated that mergers and acquisitions are significant events in the capital markets. By promoting corporate mergers, the capital markets further facilitate efficient resource allocation. Given the accelerated global industrial transformation and the fast-tracked structural upgrade of the Chinese economy, it is imperative to leverage the key role of corporate mergers and acquisitions. The New Nine Regulations have made important deployments to activate the M&A market vitality. Building on extensive prior research, the CSRC has formulated the "6 M&A Guidelines" to stimulate M&A restructuring, emphasizing a market-oriented approach to better leverage the role of the capital markets. It will strongly support listed companies in transitioning to new high-quality production forces, engaging in cross-industry mergers with the goal of transformation and upgrade, as well as the acquisition of non-profit assets that contribute to upgrading the supply chain, enhancing critical technological levels.

Wu Qing: Increase regulatory tolerance based on actual circumstances for matters such as restructuring valuation and performance commitments.

Wu Qing mentioned that in supporting mergers and acquisitions, the CSRC will increase regulatory tolerance, respecting market rules, economic laws, and innovation laws while complying with regulations. It will demonstrate greater tolerance in matters such as restructuring valuation, performance commitments, industry competition, and related party transactions based on actual circumstances, optimizing resource allocation in the market.

Wu Qing: Significantly simplifying the review process for listed companies that meet the conditions.

Wu Qing mentioned that to invigorate the M&A market, the CSRC will establish a simplified review mechanism for restructuring. For qualifying listed companies, the review process will be substantially streamlined, reducing review time, and enhancing efficiency.

Wu Qing: Listed companies should use methods such as dividends and buybacks to reward investors.

Wu Qing stated that the China Securities Regulatory Commission supports listed companies in improving operational sales, enhancing profitability. Listed companies must increase the transparency of information disclosure, strengthen the normative corporate governance, and comprehensively utilize methods including dividends and buybacks to reward investors.

Wu Qing: Companies trading below net asset value in the long term need to develop a plan to enhance value.

Wu Qing stated that the guidelines for market value management will soon be publicly solicited for opinions. Long-term companies trading below net worth are required to develop value enhancement plans, evaluate the implementation results, and disclose them publicly. It is necessary to establish some market constraints, take responsibility effectively, and formulate good market value management systems. At the same time, listed companies need to enhance compliance awareness, and cannot carry out illegal activities such as market manipulation and insider trading in the name of market value management.

Wu Qing: Will release guidelines for the market value management of listed companies, and will soon solicit opinions.

Wu Qing stated that the China Securities Regulatory Commission will release guidelines for the market value management of listed companies and will soon solicit opinions. The guidelines require listed companies to manage market value in accordance with the law, with the board of directors paying high attention to investor protection and returns. Listed companies should actively use tools such as mergers and acquisitions, and long-term companies trading below net worth must develop plans to enhance value, evaluate the implementation effects, and disclose them. Main index constituent companies should establish market value management systems.

Wu Qing: Supports China Investment Corporation to increase shareholding in the capital markets.

Wu Qing stated that this fully reflects the recognition of the country's investment institutions towards the capital markets, playing an important role in market stability. The China Securities Regulatory Commission will further support China Investment Corporation in increasing shareholding, expand the arrangements for broadening the investment scope, and also promote various types of medium and long-term funds, including China Investment Corporation, to enter the market, providing a better environment for medium and long-term funds to enter the market, further enhancing strategic reserves, and jointly promoting the stability and healthy development of the capital markets.