[Li Chao, Vice Chairman of the China Securities Regulatory Commission: The average review cycle for IPOs in Shanghai and Shenzhen stock markets has been shortened to more than 6 months since this year] On September 10, at the press conference on the theme of "Getting Started with the 15th Five-Year Plan" held by the State Council Information Office, Li Chao, Vice Chairman of the China Securities Regulatory Commission, said that investment and financing are the two basic functions of the capital market. The two complement each other and promote each other, constantly promoting the high-quality development of the capital market. In recent years, the China Securities Regulatory Commission has fully implemented the various tasks determined by the new "Nine Articles of the Nation", using the reform of the "Two Innovation Boards" as a breakthrough to further enhance the inclusiveness and adaptability of the system, vigorously promote the entry of medium and long-term funds into the market, and continue to deepen the comprehensive reform of investment and financing in the capital market. The capital market is undergoing increasingly profound structural changes, the coordinated development of investment and financing is accelerating, and the quality and efficiency of serving the real economy is constantly improving. Li Chao also said that the China Securities Regulatory Commission will make greater efforts to stimulate market vitality. Supporting the development and growth of high-quality enterprises with new productive forces is the mission of the capital market on the new journey. In recent years, the China Securities Regulatory Commission has launched reforms to deepen the Science and Technology Innovation Board and GEM to further enhance the flexibility and convenience of refinancing, and the results of the reforms have gradually emerged. Since the beginning of this year, the average review cycle for IPOs in Shanghai and Shenzhen has been shortened to more than six months, and the refinancing review of some high-quality companies has taken less than one month. In the next step, the China Securities Regulatory Commission will implement more inclusive systems for issuance and listing, mergers and acquisitions and reorganizations, and strive to make the A-share market the first choice for domestic high-quality companies to list. Dynamically improve the listing standard system and expand the coverage of new and excellent products in an orderly manner. Accelerate the revision of refinancing registration methods and other institutional rules. Promote the integrated high-quality development of the Beijing Stock Exchange and the New OTC Market. Further smoothen the "raising, investment, management and exit" cycle of private equity and venture capital funds, and guide early investment, small investment, long-term investment, and investment in hard technology.