The Central Economic Work Conference was held in Beijing from December 15 to 16, which put forward clear requirements for promoting the virtuous circle of "science and technology industry finance", attracting and utilizing foreign capital more vigorously, and preventing and resolving financial risks. Experts interviewed by China Securities News believe that the above requirements are closely related to the capital market and also provide guidance for the reform, development and stability of the capital market in 2023. Looking forward to 2023, the capital market reform will be comprehensively promoted, and relevant supporting systems will also be further improved. Promoting a virtuous circle of science and technology industry finance, deepening institutional opening, and preventing and resolving financial risks will become the focus of reform. The reform will not stop, and the construction of modern capital market with Chinese characteristics is expected to reach a new level. The Central Economic Work Conference on Strongly Supporting Scientific and Technological Innovation emphasized that industrial policies should be developed and safe at the same time. We will optimize the way industrial policies are implemented, pay close attention to the transformation and upgrading of traditional industries and the cultivation and growth of strategic emerging industries, focus on strengthening the weak links of the industrial chain, and forge new industrial competitive advantages in the process of implementing the goal of carbon peaking and carbon neutralization. Promote the virtuous circle of "science and technology industry finance". Drawing on overseas experience, the only way to support scientific and technological innovation is to vigorously develop the capital market. "Deepen the integration with the scientific and technological innovation system, and promote the mutual drive and integrated development of key technologies, talents, capital and other innovative elements by enriching innovative financial products, guiding a variety of innovative investment models, and supporting market incentive mechanisms." Tian Xuan, vice president of the Wudaokou School of Finance of Tsinghua University, believes that the capital market needs to speed up institutional innovation and broaden financing channels for scientific and technological innovation enterprises. He Ping, Vice Dean of the School of Economics and Management of Tsinghua University and Head of the Department of Finance, said that finance is an important driving force for scientific and technological progress and industrial development. It is necessary to use innovative ways such as investment and loan linkage, insurance linkage, investment bond linkage, science and innovation fund, and increase support for key areas such as "choke", strategic emerging industries, industrial transformation and upgrading, modern service industries, digital economy and other new drivers. Experts suggested that the reform of registration system should be steadily carried out in the whole market to greatly enhance market inclusiveness and support scientific and technological innovation. Zeng Gang, deputy director of the National Finance and Development Laboratory, believes that from the enterprise side, we should play a leading role in the reform of the registration system of the Science and Technology Innovation Board and the GEM, constantly improve the relevant institutional arrangements, and increase the coverage and support of the capital market for the real economy, especially for small and medium-sized science and technology innovation enterprises. The meeting also pointed out that through government investment and policy incentives, we can effectively drive the investment of the whole society, encourage and attract more private capital, and participate in major national projects and weak link projects. Since this year, relevant departments have continued to release the signal of joint efforts to promote the healthy development of private enterprises. Recently, the National Development and Reform Commission issued the "Fourteenth Five Year Plan" Implementation Plan for Expanding Domestic Demand, which proposed to increase support and guidance for private investment. We will guide private capital to participate in the construction of new infrastructure, new urbanization, transportation and water conservancy and other major projects, as well as in the areas of strengthening weak points. Support private enterprises to carry out basic research and scientific and technological innovation, participate in the research and development of key core technologies and tackle key national science and technology projects. Encourage and guide non-state-owned capital investment entities to participate through various forms such as share holding and asset acquisition