Fang Xinghai proposed that we should give full play to our advantages, face difficulties, and promote the opening of the capital market to a new level. First, we should attract more domestic and foreign medium and long-term funds through high-quality development of the capital market. Second, we welcome high-quality overseas capital market institutions to invest in China. Third, we will continue to promote high-level institutional opening of the capital market. Fang Xinghai, vice chairman of the CSRC, said at the sub forum of the 5th Hongqiao International Economic Forum entitled "High Quality Opening up of China's Capital Market" that the CSRC will continue to improve relevant institutional arrangements, further facilitate cross-border investment by domestic and foreign investors, and better support the development of cross-border financing of enterprises. We will improve the market connectivity mechanisms such as GDR and CDR issuance, promote the implementation of the reform of enterprises' overseas listing system, and support all kinds of enterprises to go overseas for listing according to law and regulations. In addition, he disclosed that China and Singapore ETF interworking products will soon be launched. Fang Xinghai said that the high-level institutional opening measures of the capital market have been gradually implemented in recent years, effectively promoting the high-quality development of the capital market. Specifically, the combination of "bringing in" and "going out" has continuously improved the openness of the industry. The convenience of foreign-funded institutions to come to China for business development has been constantly improved, and the scope of business and regulatory requirements have achieved national treatment. At the same time, the CSRC has actively supported the "going global" of China's securities, fund and futures operating institutions with certain strength, standardized operation and high management level, expanding the scope of cross-border business and enhancing their ability to participate in international competition. Various measures were taken to expand cross-border investment and financing channels, and market opening continued to deepen. Five A-share companies have issued Global Depositary Receipts (GDRs) in the UK and seven A-share companies have issued GDRs in Switzerland, raising more than US $8.5 billion in total; At present, there are 3 A-share companies issuing GDR, and 16 companies have announced to issue GDR. The international product system has been continuously enriched, and the product opening has taken a solid step. China Japan, Shenzhen Hong Kong, Shanghai Hong Kong ETF interworking has been opened successively, 11 China Japan ETF interworking products have been launched, 6 mainland and Hong Kong ETF interworking products have been launched, and the ETF interworking products between China and Singapore will be launched soon. We strengthened bilateral and multilateral exchanges and dialogues, and made important progress in cross-border regulatory cooperation. The CSRC has established regulatory cooperation mechanisms with 67 countries (or regions), is a permanent member of the International Securities Regulatory Commission, and actively participates in international financial governance. Regularly and actively communicate with overseas institutional investors to enhance the understanding of the international financial community on China's economic development and capital market. Constantly enhance the confidence of domestic and foreign investors "to continue to unswervingly promote the high-level opening of the capital market in the new environment," Fang Xinghai said. He said that we should attract more domestic and foreign medium and long-term funds with high-quality development of the capital market. The CSRC will adhere to the direction of marketization, rule of law and internationalization, comprehensively deepen the reform, improve the function of the capital market, better serve high-quality development, and constantly enhance the confidence of domestic and foreign investors. We will unswervingly introduce more types of overseas institutional investors and promote the development of the institutional investor team in China's capital market. At the same time, high-quality overseas capital market institutions are welcome to invest in China. Fang Xinghai said that in terms of scale, China has formed the second largest stock and bond market in the world