On January 17, China Securities Regulatory Commission held the 2022 system working meeting. Yi Huiman, Secretary of the Party committee and chairman of the CSRC, delivered a work report entitled "upholding stability, deepening reform, tackling tough problems and striving to build a modern capital market with Chinese characteristics". The meeting stressed that the 20th CPC National Congress will be held this year, and it is very important to do a good job in the capital market. First, adhere to the principle of stability and earnestly maintain the steady and healthy development of the capital market. Strengthen macro research and policy coordination, and improve the accountability system for risk prevention, early warning and disposal. Steadily promote the entry of medium and long-term funds into the market and promote the overall balance and coordinated development of investment and financing. We will improve the expected guidance mechanism of the capital market and create a good environment for the smooth operation of the market. Second, with the full implementation of the stock issuance registration system as the main line, we will further promote the reform of the capital market. Further improve the registration system arrangement with information disclosure as the core, highlight the top priority of the reform of the main board, accelerate the transformation of issuance supervision, and further compact the "gatekeeper" responsibility of intermediaries. At the same time, we will comprehensively improve the multi-level market system, simultaneously promote the reform of the basic system and the self construction of the CSRC system, and continuously deepen the reform of the capital market. Third, highlight "steady growth" and constantly improve the high-quality development capacity of the service economy. Actively integrate into major national development strategies, identify the positioning and driving point of the capital market, and study and introduce more policies and measures conducive to stable growth and expectations. Continue to maintain the normalization of IPO and refinancing, adhere to the positioning of "hard technology" of the science and innovation board, build the gem, run the Beijing stock exchange, standardize the development of private equity and venture capital funds, and promote the expansion of the pilot scope of public offering REITs of infrastructure. Guide listed companies to focus on the main business and become better and stronger, and continue to steadily promote the liquidation of risk companies. Fourth, make overall plans for opening up and security, and unswervingly promote institutional opening up. Steadily expand the high-level two-way opening of markets, institutions and products, and deepen the interconnection of domestic and foreign markets. Create conditions to promote greater progress in China US audit and regulatory cooperation, accelerate the implementation of regulatory systems and policies for overseas listing of enterprises, and continue to firmly and orderly support qualified enterprises to list overseas in accordance with laws and regulations. Fifth, promote the standardized and healthy development of capital and steadily promote risk resolution and disposal in key areas. Adhere to the thinking of the rule of law, promote the forward movement of the regulatory gate, and jointly establish and improve the institutional mechanism to strengthen the standardized guidance of capital with relevant parties. We will address both the symptoms and root causes, steadily resolve the risk of bond default, and improve the market-oriented and legal bond default disposal mechanism. Steadily promote the classified rectification of private fund risks. We will thoroughly carry out the rectification of "pseudo private placement" and "pseudo Gold Exchange", strengthen division of labor and cooperation, and eliminate the regulatory vacuum. Sixth, deepen the combination of release and management and accelerate the transformation of supervision. Adapt to the profound changes brought about by major reforms such as the registration system, adhere to the problem orientation, accelerate the transformation of all-round functions of company supervision, institutional supervision, inspection and punishment, scientifically grasp the balance between "release" and "management", strengthen the supervision during and after the event, highlight the clear orientation of supporting the good and limiting the bad, vigorously improve the digital and intelligent level of supervision, and constantly improve supervision services, Improve the efficiency of capital market governance. Seventh, continue to strengthen the rule of law supply in the capital market and protect the legitimate rights and interests of investors. We will promote legislation on futures and derivatives laws and regulations on the supervision of listed companies. Systematically sort out regulatory laws and regulations, simplify them and improve their systematization and transparency. We will give full play to the role of mechanisms such as the coordination working group on combating illegal activities in the capital market, strengthen the connection between execution and further enhance the deterrence of law enforcement. We will steadily promote the normalization of representative litigation and continuously improve the insurance system. (outlook new era)