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Second, promote product innovation in the capital marketMajor positive! Personal pension system is expected to be fully implemented.The personal pension system is expected to be fully implemented, which means that China's old-age security system will be further improved, and it will also have a far-reaching impact on the capital market. The following are my views on the impact of this move on the capital market:

The full implementation of the personal pension system will promote the high-quality development of the capital market. On the one hand, the inflow of personal pension will increase the capital scale of the capital market and improve the liquidity of the market; On the other hand, the long-term and stability of individual pension will encourage investors to pay more attention to value investment and reduce market speculation. This will help to improve the overall quality of the capital market and promote the long-term stable development of the market.I. Providing a long-term and stable source of funds for the capital marketSecond, promote product innovation in the capital market

Fourth, the potential challenges to the capital marketSecond, promote product innovation in the capital marketWith the full implementation of the personal pension system, personal pension products are expected to be further expanded. Adding Y share of personal pension to mainstream broad-based index products will provide investors with more choices. This will promote the diversification and innovation of capital market products and meet the needs of more investors. At the same time, it will also promote the development of the capital market in a more mature and steady direction.