From 2020 to the first half of 2021，the spread of COVID-19 has become a key factor affecting the global economy，and the ability to spread and control COVID-19 has become a key variable affecting the international economic recovery. It is the difference in the ability of novel coronavirus to infect and control the disease that leads to the inconsistency of global economic recovery and the difficulty of global policy coordination. In the face of the epidemic，China’s economy began a full recovery in the second half of 2020，while developed economies began to recover in the second quarter of 2021 based on vaccine control. However，emerging markets such as Brazil，India and Russia are still plagued by the epidemic and have not yet recovered. Inconsistent recoveries have led to divergent policies and growth targets. Strong stimulus policies in advanced economies and a slow recovery on the supply side have led to rapid commodity price rises and signs of inflation. It is expected that policies in developed economies will appropriately reduce stimulus or tighten in the fourth quarter of 2021，which will have an impact on emerging market countries. 2021 will still be a year of fragile recovery. Both monetary and fiscal policies tend to “normalize” rather than strong stimulus. The annual growth is expected to be 8.1%. While stabilizing the economy，China actively adjusts the structure and promotes high-level opening up，leaving room for policy incentives for subsequent development. The uncertainty of the epidemic，the inconsistency of national recovery processes and policy efforts have led to increased volatility in global asset markets. In this context，the market value creation ability of China’s A-share listed companies in 2020 has significantly decreased，but under the financial and financial rescue measures，the decline rate of return on equity （ROE） of A-share listed companies has decreased. Under the impact of the epidemic，the research and development efforts of A-share listed companies are still generally increasing，and traditional industries are also actively seeking new ways of development. Further in the first half of 2021 as the economic recovery，significantly improve the listed company profit，innovation and development along the national strategy of “binary”，“double carbon strategy” and “digital transformation” and other major direction，high-end chip，AI，autonomous software，network security，green energy，biological medicine and become the main direction in the field of supply chain security. Positive progress has been made in the pilot reform of the capital market registration system，making it more inclusive and adaptable. In the future，we should continue to adhere to the direction of marketization，rule of law and internationalization，deepen the reform of the capital market，steadily promote the whole-market registration system，strengthen financial supervision，actively promote ESG investment and the development of green finance，and constantly improve the ability of the capital market to serve the real economy.