[Li Quan, chief economist of Fed Securities: China's capital market is expected to enter a new stage of development] On October 27, Li Quan, director and chief economist of Fed Securities, said in an interview that the capital market reform has entered the deep water zone, the registration system has been fully promoted, and the multi-level capital market system has become an important driving force. With the optimization of industrial structure and the release of profitability, China's capital market is expected to enter a new stage of development. In his view, the current economic environment and market development can be grasped from two aspects. On the one hand, global geopolitical conflicts, high inflation in major developed countries, and successive interest rate hikes have put global capital markets under pressure. China has promoted industrial transformation with new productive forces, empowered entities with financial reform, and leveraged investment through the construction of six networks. The economy has stabilized and improved, showing resilience; on the other hand, the world is in the rising phase of a new Kang wave cycle. China has empowered science and technology innovation with technology credit, technology insurance, and technology investment. The Science and Technology Innovation Board and the Beijing Stock Exchange have deeply assisted the capitalization of science and technology innovation enterprises, providing capital for the new round of technological revolution. (Reporter Lin Jian)