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in order to implement the spirit of the third plenary session of the 20th cpc central committee and the central financial work conference, implement the arrangements of the political bureau of the cpc central committee meeting on september 26, vigorously guide medium- and long-term funds to enter the market, clear the bottlenecks for social security, insurance, wealth management and other funds to enter the market, and strive to boost the capital market, recently, with the approval of the central financial committee, the central financial office and the china securities regulatory commission jointly issued the "guiding opinions on promoting the entry of medium- and long-term funds into the market" (hereinafter referred to as the "guiding opinions").

the guiding opinions are guided by xi jinping thought on socialism with chinese characteristics for a new era, thoroughly implement the decisions and arrangements of the cpc central committee and the state council, adhere to the party's overall leadership over the work of the capital market, adhere to the goal-oriented and problem-oriented approach, strengthen top-level design, form a joint work force, and achieve a virtuous interaction between the steady operation of the capital market and the stable return of medium- and long-term funds. the main measures include: first, build and cultivate a capital market ecology that encourages long-term investment. take multiple measures to improve the quality of listed companies, encourage qualified listed companies to repurchase and increase their holdings, and effectively enhance the investment value of listed companies. severely crack down on all kinds of illegal activities in the capital market and continue to shape a healthy market ecology. improve the basic system of the capital market that is suitable for long-term investment, improve the supervision of medium- and long-term fund transactions, improve the supporting mechanism for institutional investors to participate in the governance of listed companies, and promote the establishment of long-term and virtuous interactions with listed companies. second, vigorously develop equity public funds and support the steady development of private securities investment funds. strengthen the construction of the core investment and research capabilities of fund companies, formulate a scientific, reasonable, fair and effective investment and research capability evaluation indicator system, guide fund companies to shift from scale orientation to investor return orientation, and strive to create long-term and stable returns for investors. enrich the types of investable assets of public funds, establish a fast approval channel for etf index funds, and continuously increase the scale and proportion of equity funds. steadily reduce the comprehensive fee rate of the public fund industry and promote the transformation of the public fund investment advisory pilot to a routine one. encourage private securities investment funds to enrich product types and investment strategies, promote securities, funds and futures operating institutions to increase the proportion of equity private asset management business, and adapt to the differentiated wealth management needs of residents. third, focus on improving the supporting policies and systems for various types of medium- and long-term funds entering the market. establish and improve a long-term assessment mechanism of more than three years for medium- and long-term funds such as commercial insurance funds and various pension funds, and promote the establishment of a long-term performance orientation. cultivate and expand patient capital such as insurance funds, remove institutional barriers that affect the long-term investment of insurance funds, improve the assessment and evaluation mechanism, enrich the long-term investment model of commercial insurance funds, improve the equity investment supervision system, urge and guide state-owned insurance companies to optimize the long-term assessment mechanism, promote insurance institutions to be firm value investors, and provide stable long-term investment for the capital market. improve the investment policy system of the national social security fund and basic pension insurance fund, support qualified employers to open up personal investment options for enterprise annuities, and encourage enterprise annuity fund managers to explore and carry out differentiated investment. encourage bank wealth management and trust funds to actively participate in the capital market, optimize the incentive assessment mechanism, smooth the market entry channels, and increase the scale of equity investment.

the main goal of the guiding opinions is to promote a significant increase in the scale and proportion of medium- and long-term capital investment, a more reasonable structure of capital market investors, comprehensive strengthening of the long-term nature of investment behavior and the inherent stability of the market, steady improvement of investor returns, and a deep penetration of the concept of medium- and long-term value investment, so as to form a new situation in which medium- and long-term funds can better play a leading role, the development of both investment and financing can be more balanced, and the functions of the capital market can be better exerted. in the next step, under the overall coordination of the central financial office, the china securities regulatory commission will work with relevant ministries and commissions to strengthen policy coordination and information sharing, strengthen work synergy, and ensure the implementation of various measures of the guiding opinions.