Due to the impact of credit contraction caused by strong supervision and increased external risk，China economy is expected to grow by 6.6% in 2018 and 6.3% in 2019. The performance growth of listed companies and economic growth show a trend of differentiation. The valuation of A-shares has dropped to a historically low level. The operation of listed companies remains stable，so value investment emerges. The current rapid growth of China’s new economy makes the old and the new economic growth momentum in the normal place，the new economy has become an important driver of economic growth，but the characteristics of the high growth，high innovation ability，light assets and high technology mode，China’s current capital market system is not enough to support the new economy rapid development. We must build multi-level capital market system to help for China’s new economic development and promote the old and new momentum conversion smoothly.