CCTV News: According to the official account of "China Securities Regulatory Commission Release", in order to implement the important decisions and deployments of the Central Economic Work Conference and the Central Financial Work Conference to "stabilize the stock market and clear the bottlenecks between medium and long-term funds entering the market" and "promote professional institutional investors to establish a long-term assessment mechanism for more than three years and increase the proportion of equity investment", recently, after review and approval by the Central Financial Committee, the Central Financial Office, the China Securities Regulatory Commission, the Ministry of Finance, the Ministry of Human Resources and Social Security, the People's Bank of China, and the State Administration for Financial Regulation jointly issued the "Implementation Plan for Promoting the Marketing of Medium and Long-term Funds" (hereinafter referred to as the "Plan").

The "Plan" is guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implements the decisions and deployments of the CPC Central Committee and the State Council, adheres to the Party's overall leadership over the work of the capital market, adheres to goal-oriented and problem-oriented, strengthens top-level design, and forms a working synergy. It is based on the present and more on the long-term, and focuses on guiding medium- and long-term funds such as commercial insurance funds, national social security funds, basic pension insurance funds, enterprise (vocational) annuity funds, public funds, etc. to further increase the efforts to enter the market.

The main measures include: First, improve the proportion and stability of A-share investment in commercial insurance funds. On the basis of the current situation, guide large state-owned insurance companies to increase the investment scale and actual proportion of A-shares (including equity funds). The operating performance of state-owned insurance companies will be fully implemented for more than three years. The weight of the return on net assets in that year shall not be higher than 30%, and the weight of the three-year to five-year cycle indicator shall not be lower than 60%. We will speed up the implementation of the second batch of long-term stock investment pilot projects for insurance funds, and gradually expand the scope of participating institutions and fund scale in the future. The second is to optimize the national social security fund and basic pension insurance fund investment management mechanism. Steadily increase the proportion of national social security fund stock assets investment, and promote areas with conditions to further expand the scale of entrusted investment in basic pension insurance funds. Refine and clarify the long-term performance evaluation mechanism for the national social security fund for more than five years and basic pension insurance fund for more than three years, and support the National Social Security Fund Council to give full play to its professional investment advantages. The third is to improve the market-oriented investment operation level of enterprise (vocational) annuity funds. Accelerate the issuance of guidance opinions on long-term performance assessment of enterprise (vocational) annuity funds for more than three years. Gradually expand the coverage of corporate annuities. Support qualified employers to explore the relaxation of personal investment options for corporate pensions. Encourage corporate annuity fund managers to carry out differentiated investments. Fourth, increase the scale and proportion of equity funds. Strengthen the constraints on classified supervision and evaluation, optimize the product registration mechanism, and guide and urge public fund managers to steadily increase the scale and proportion of equity funds. Firmly establish the investor-oriented development concept, establish a interest binding mechanism between fund managers, fund managers and investors, and enhance investors' sense of gain. Promote the implementation of the operation rules of private equity securities investment funds and expand the product types and investment strategies of private equity securities investment funds in accordance with the law. Fifth, optimize the investment ecology of the capital market. Guide listed companies to increase their share repurchase efforts and implement dividend policies multiple times a year. Promote listed companies to increase the use of re-lending tools for share repurchase, increase holdings and re-lending. Public funds, commercial insurance funds, basic pension insurance funds, enterprise (vocational) annuity funds, bank wealth management, etc. are allowed to participate in the private placement of listed companies as strategic investors. In terms of participating in the application of new stocks, private placement of listed companies, and identification standards for licensing, bank wealth management, insurance asset management and public funds will be given the same policy benefits. Further expand the scale of convenient swap operations for securities, funds and insurance companies.