（经济观察）中国打出政策“组合拳” 持续稳定和活跃资本市场

Core Viewpoint - The Chinese government is implementing a series of financial policies aimed at stabilizing and invigorating the capital market, as highlighted by the recent press conference attended by top financial regulators [1][2]. Group 1: Market Stability Measures - The China Securities Regulatory Commission (CSRC) is committed to consolidating the market's recovery momentum by enhancing market monitoring and risk assessment, and supporting the Central Huijin Investment Ltd. to act as a stabilizing fund [1]. - The People's Bank of China announced the merging of two monetary policy tools aimed at supporting the capital market, expanding the range of participating institutions and collateral, while also reducing fees [1][2]. Group 2: Reform Initiatives - The CSRC plans to introduce reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance institutional inclusivity and adaptability, alongside revising the major asset restructuring management measures [2]. - These reforms are expected to optimize resource allocation through mergers and acquisitions and improve financing channels for technology enterprises [2]. Group 3: Funding Injections - The National Financial Regulatory Administration intends to expand the pilot program for long-term insurance investments, injecting an additional 60 billion yuan into the market [3]. - Adjustments to solvency regulations will lower risk factors for stock investments, encouraging insurance companies to increase their market participation [3]. Group 4: Market Impact - Following the announcement of these policies, the A-share market experienced consecutive gains, with major indices rising over 1% in two trading days [3][4]. - The combination of liquidity support and long-term capital inflow is expected to stabilize market sentiment and reduce volatility, laying the groundwork for a sustained bullish market [4].