2021 is the first year of the 14th Five-Year Plan，The capital market has made new achievements in serving the domestic and international double circulation and building a new development pattern. Supply-side reform of the securities industry was comprehensively deepened，the service function of multi-level capital market becomes more and more powerful，Direct financing reached a record high，the concentration of factor resources in the field of scientific and technological innovation is accelerating. Stock issuance to implement registration system conditions further consolidation. The Beijing Stock Exchange was set up，the capacity of the capital market to serve innovative small and medium-sized enterprises has been strengthened. The number of high-risk public companies continues to decline，the normal delisting mechanism has gradually taken shape，the number of professional institutional investors increased，and investor structure continues to improve. Bond defaults are down from 2020，steady progress was made in two-way opening of capital markets and international regulatory cooperation，Some cases with bad market impact were investigated and dealt with，the market ecosystem continues to improve.