In 2021，stimulated by the support policies of central banks，major economies achieved rapid recovery，the loose liquidity environment supported risky assets，and the overall performance of financial markets improved. Driven by economic recovery and upward inflation，China’s stock market rose. The bond market came out of bull market. The fund market also rose in volume and price. And the overall increase of bulk commodities was large. The process of capital market reform was accelerated，the Shenzhen main board and small and medium-sized boards were merged smoothly，the construction of a multi-level accountability system was accelerated，and the pilot registration system reform of the Beijing stock exchange was implemented. In 2022，the global monetary environment will “change from loose to tight”，the pressure on China’s steady economic growth will increase，inflation will be controllable，monetary policy will become loose in stability，and the strength of fiscal policy can be expected. The capital market will fully implement the registration system，accelerate the reform of supporting systems，further improve the detailed rules of the asset management industry，set up a “traffic light” system for capital，and further promote the high-level two-way opening of the capital market. In 2022，the stock market will continue to be bullish，the interest rate in the bond market will further decline，the differentiation of credit bonds will intensify，and the bulk commodities will tend to decline as a whole.