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Major positive! Personal pension system is expected to be fully implemented.Fourth, the potential challenges to the capital marketFourth, the potential challenges to the capital market

I. Providing a long-term and stable source of funds for the capital marketSecond, promote product innovation in the capital marketI. Providing a long-term and stable source of funds for the capital market

After the personal pension system is fully implemented, more funds will flood into the capital market. These funds are usually long-term and stable, which helps to provide a steady stream of "living water" for the capital market. These long-term stable funds will contribute to the healthy development of the capital market, reduce short-term fluctuations in the market and enhance market stability.