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To sum up, the full implementation of the individual pension system will have a far-reaching impact on the capital market. This move will provide a long-term stable source of funds for the capital market, promote product innovation in the capital market, and help the capital market develop with high quality. At the same time, we also need to pay attention to the possible challenges and take corresponding measures to deal with them.

I. Providing a long-term and stable source of funds for the capital marketFourth, the potential challenges to the capital market

Third, help the high-quality development of the capital marketI. Providing a long-term and stable source of funds for the capital marketThe personal pension system is expected to be fully implemented, which means that China's old-age security system will be further improved, and it will also have a far-reaching impact on the capital market. The following are my views on the impact of this move on the capital market: