The stock market often serves as a barometer of the economy, acting as a reservoir for the wealth of citizens and providing a crucial funding channel for businesses. When the stock market remains stable and trading activities are robust, a sense of confidence envelops investors, prompting them to inject more medium-to-long-term funds into the market. This influx enhances resource allocation, supports the improvement and effectiveness of the real economy, and ultimately empowers high-quality economic development.

Stabilizing the stock market requires a solid foundation. A comprehensive package of policies aimed at adding new capital to the markets has been introduced, including lowering the reserve requirement ratio, reducing existing mortgage interest rates, and creating new monetary policy tools. These measures have been strategically implemented, leading to an unprecedented boost in market confidence. Social expectations have significantly improved, convincing both domestic and international investors to adopt a more optimistic stance. As a result, the enthusiasm for opening new investment accounts has surged, and trading volume has seen substantial growth, reflecting early successes in stabilizing the stock market. Now is indeed an opportune time to sustain this momentum of stability.

Support for stock market stability is driven by continuous improvements in the economic fundamentals. Currently, China's economy is operating smoothly, with stabilizing factors gathering momentum while bright spots of progress frequently emerge. In the first three quarters, production and consumption have shown steady growth. Employment and prices remain stable, social welfare policies are robust, and new productive forces are gradually developing. In September, most production and demand indicators improved, augmenting the positive factors that drive economic recovery. The recent stabilization and improvement of the capital market are fundamentally a reappraisal of the value of Chinese assets, a reappraisal that has every justification to continue.

There is a shared consensus among various stakeholders that the determination to stabilize the stock market must be matched with the conditions to achieve that stability. The key question now is how to maintain this stability effectively, thereby leveraging the steadiness of the stock market to invigorate the financial economy.

In stabilizing the stock market, the primary focus should be on bolstering investor confidence. Recently, the stock market has seen increased activity, with investors gaining a more optimistic outlook toward economic improvement and corporate profitability. Stakeholders are hopeful that the stock market can play a pivotal role in further stabilizing the economy and maintaining growth. This expectation will only translate into a sustained positive feedback loop if it is reinforced by favorable economic signals. Going forward, it is essential to enhance the proactiveness, relevance, and effectiveness of macroeconomic policies. All regions and departments must swiftly implement the clearly defined policy measures, solidly driving economic upward trends, optimizing structures, and creating a continuous positive development pattern that boosts confidence and supports a virtuous cycle of a robust economy.

For the stock market to stabilize effectively, it is vital to improve the quality of listed companies. These companies are the cornerstone of the market and the source of investment value. High-quality development of listed enterprises is essential for the robust operation of the stock market. Efforts should be focused on both the entry and exit points of companies, purifying new entrants and reinforcing existing ones while enhancing overall quality. On one side, it is imperative to enhance the inclusiveness, adaptability, and precision of market regulations to support and encourage more high-quality technology firms through public offerings and mergers or acquisitions. On the other side, it is critical to continue deepening reforms related to delisting practices, intensifying efforts to withdraw "zombie" and shell companies, thereby creating an orderly mechanism for market entrants and exits that favors efficient competition.

To additionally support the stability of the stock market, cultivating 'patient capital' is essential. The stable and long-term characteristics of patient capital help in reducing market volatility and speculative behaviors, thereby enhancing the inherent stability of capital markets. Future efforts should focus on a coordinated push for reforms on both the financing and investment sides. This includes clearing the pathways for medium and long-term funds from insurance, wealth management, and social security into the markets while continuously refining the investment environment, thus paving a long-term runway for patient capital. Moreover, harnessing the role of institutional investors is critical. By establishing long-term assessment and evaluation systems, fostering a culture of long-term investment, and enhancing professional investment research standards, the aim should be to guide these investors to adopt a long-term vision while becoming active discoverers and companions in value investment.

As we move into the next year, prioritizing stability while seeking progress remains crucial. This involves implementing a more proactive fiscal policy along with moderately loose monetary policies. Augmenting the range of policy tools will ensure effective counter-cyclical adjustments, showcasing the determination to stabilize economic growth. Under a more proactive policy response, the capital markets are likely to experience broader development prospects, providing stronger support for the realization of modernization with Chinese characteristics.