At present，the momentum of global economic growth has been greatly weakened by the new crown pneumonia epidemic and international geopolitical conflicts. After the world economy rebounds in 2021，the growth rate will tend to decline this year and next. After the Ukraine crisis in 2022，the prices of energy and agricultural products have surged，and geopolitical conflicts have once again hit the fragile global economy. The slowdown of globalization and the shift of globalization to regional alliances continue to strengthen，which has begun to significantly affect the global economy，causing economic differentiation among countries.，the asynchrony of the global economic cycle has strengthened. Taking into account my country’s economic growth rate in the first half of the year and the possible changes in domestic and foreign demand in the second half of the year，we expect that if the epidemic prevention and control situation is generally stable in the second half of the year，China’s GDP growth rate may exceed 5% in the second half of 2022，and the annual GDP growth rate may be 20%. 4% or so. Judging from the operating performance of representative Chinese A-share listed companies，from the first quarter of 2021 to the first quarter of 2022，the cumulative year-on-year trend of total operating income and net profit attributable to the parent company of all A-share listed companies is relatively consistent with the cumulative year-on-year trend of GDP. With the base increasing quarter by quarter in the same period in 2020，from the first quarter to the fourth quarter of 2021，the operating performance and GDP growth rate of my country’s listed companies generally showed a trend of rising rapidly and then gradually falling；has declined. There are obvious differences in the profit distribution of enterprises belonging to the upper，middle and lower reaches of the industrial chain. The upstream is better than the middle，and the middle is better than the downstream. This profit distribution pattern is also clearly reflected in the relevant stock price indices. At the same time，the profit growth of listed companies belonging to different industries also showed obvious differentiation. On the basis of adhering to marketization and legalization，in recent years，China’s capital market has continued to comprehensively deepen reform and opening up，and achieved positive results in many fields. In the next step，we should continue to promote the reform of the stock issuance registration system；continue to strengthen the supply of the rule of law in the capital market；continue to steadily advance the high-level two-way opening of the capital market.