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Second, promote product innovation in the capital marketThe 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:I. Providing a long-term and stable source of funds for the capital market

After the personal pension system is fully implemented, more funds will flood into the capital market. These funds are usually long-term and stable, which helps to provide a steady stream of "living water" for the capital market. These long-term stable funds will contribute to the healthy development of the capital market, reduce short-term fluctuations in the market and enhance market stability.

Although the full implementation of the individual pension system has a positive impact on the capital market, we also need to pay attention to the possible challenges. For example, how to ensure the investment income and risk control of individual pension is an important issue. In addition, the inflow of personal pension may intensify the competition in the capital market and pose certain challenges to existing financial institutions and products. Therefore, when implementing the personal pension system, we need to fully consider these factors and take corresponding measures to deal with them.Third, help the high-quality development of the capital marketI. Providing a long-term and stable source of funds for the capital market