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Strengthening synergy and cohesion to boost stock market confidenceRecently, the CSRC has strengthened inter-ministerial coordination and actively cooperated with the implementation of relevant monetary policy tools such as facilitating the exchange of securities fund insurance companies, stock repurchase and special refinancing. According to Wind data, as of December 9, 182 A-share listed companies disclosed that their companies and important shareholders were supported by repurchase and increased holdings of loans, with a total amount of about 38.94 billion yuan.Increase the medium and long-term capital entering the market, and improve the expected management mechanism ... Recently, measures to stabilize the capital market and boost investors' confidence have continued to be introduced, and more attention has been paid to system integration and coordination.

Liu Chen, a researcher at China Banking Research Institute, believes that stock repurchase and refinancing have opened up a new path for listed companies or major shareholders to maintain the company's value and carry out market value management. The convenience of exchange has improved the ability of market institutions to obtain funds and increase their stock holdings. The use of these tools will help to enhance the inherent stability of the capital market and boost market confidence.Liu Chen, a researcher at China Banking Research Institute, believes that stock repurchase and refinancing have opened up a new path for listed companies or major shareholders to maintain the company's value and carry out market value management. The convenience of exchange has improved the ability of market institutions to obtain funds and increase their stock holdings. The use of these tools will help to enhance the inherent stability of the capital market and boost market confidence.On the one hand, multi-departments exert joint efforts to ensure good laws and good governance in the capital market from the system. In June, the Basic Rules of Administrative Punishment Discretion of China Securities Regulatory Commission (Draft for Comment) was publicly solicited for comments; In July, the General Office of the State Council forwarded the Opinions of the CSRC and other departments on Further Improving the Comprehensive Punishment and Prevention of Financial Fraud in the Capital Market; In August, the Economic Crimes Procuratorate of the Supreme People's Procuratorate issued the Answers to Relevant Questions on Handling Financial Fraud Crimes and the Provisions of the State Council on Regulating Intermediaries to Provide Services for the Company's Public Offering of Stocks (Draft for Comment) for public comments.

From the CSRC, SASAC to local governments, many parties have also shown strong consistency in promoting mergers and acquisitions. After the release of "Six Articles on M&A" by CSRC, the policy clarion call of M&A and reorganization was blown in Shanghai, Shenzhen, Beijing, Jiangxi, Sichuan and other places. "Innovative ways and means in various places will further enhance the motivation of mergers and acquisitions and provide rich project resources for mergers and acquisitions." Tian Lihui, dean of the Institute of Financial Development of Nankai University, said.(Profile picture, issued by Xinhua News Agency)It is also an important measure to improve the expected management mechanism and incorporate the impact assessment of major economic or non-economic policies on the capital market into the framework of macro-policy orientation consistency assessment, so as to exert the joint efforts of many parties and enhance the internal stability of the capital market. Tian Xuan, president of Tsinghua University National Finance Research Institute, suggested that in the stage of macro-policy-making, we should establish and improve the communication mechanism between policymakers and relevant parties to prevent policy misinterpretation from the source; At the same time, pay attention to market information, establish a long-term policy consultation feedback mechanism between the government and enterprises, and improve policy predictability.