On January 31, 2004 (January 10, 2004 in the lunar calendar), the State Council issued several opinions on reform, opening up, and stable development. On January 31, 2004, the State Council issued the "Several Opinions on Promoting the Reform, Opening up and Stable Development of the Capital Market" stating that the task of promoting the reform, opening up and stable development of the capital market is to expand direct financing, improve the modern market system, and to a greater extent The goal is to give full play to the basic role of the market in resource allocation, and build a capital market that is transparent and efficient, reasonable in structure, sound mechanisms, complete functions, and safe in operation.