Gao Peiyong, a member of the Chinese Academy of Social Sciences, said: The development of the capital market should incorporate expected factors into the analysis and monitoring system, and implement expected management as a regulatory focus at the institutional level.

On May 10, Gao Peiyong, a member of the Chinese Academy of Social Sciences and former vice president, stated at a seminar on the reform and development of the Chinese capital market and the theoretical logic of the Chinese capital market that with economic development, the impact of expectations factors is increasing, and expectation management is becoming more important. "The essence behind the volatility of the Chinese stock market is the issue of expectations and confidence, which has become a key factor in driving changes in the capital market." Gao Peiyong believes that the development of the capital market should incorporate expectation factors into the analysis and monitoring system, make expectation management a regulatory focus, and implement it at the institutional level. He suggested that current reforms of the capital market system should not only focus on balancing supply and demand, but also pay attention to expectation management and guidance, achieving a mutually reinforcing and virtuous cycle of stabilizing expectations, strengthening confidence, stabilizing the stock market, and stabilizing the economy.