The lessons of previous financial crises warn us that every crisis is a crisis of credit and confidence. Finance is the core of the modern economy, the financial system is an important part of the political and economic system, and financial security is an important core of national security. It must be admitted that under the current economic situation, the risks of the financial system represented by the capital market cannot be underestimated.Over the past 20 years, China's stock market has had too many lessons worth remembering. Especially in the past three years, we should deeply remember that excessive intervention by administrative means have distorted the market, and that "immature market, immature investors and immature supervision" have caused great harm to the market.To prevent the failure of the capital market from causing an overall financial disaster, we must be determined to carry out a thorough reform of the market. This requires all parties in the market to firmly establish a bottom-line thinking and overall situation awareness. On the road of adhering to marketization and legal reforms, we should comprehensively implement policies, and clearly adopt positive policies conducive to the stable development of the capital market, such as proactive stock market policies including large-scale tax reduction.
