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Underdevelopment of the third pillar: Compared with developed countries, the scale of the second and third pillar pensions in China is relatively low, which needs to be promoted through policy guidance.2.4 Optimization of capital market structure2.2 diversification of investment style

Improve market efficiency: the transparency and low rate of index funds help to improve market efficiency, reduce transaction costs and increase investor participation.Improvement of market stability: the entry of long-term funds into the market will help reduce short-term fluctuations in the market and improve market stability, which is of positive significance to the healthy development of the capital market.The influence of the first batch of 85 index funds on market expansion is mainly reflected in the following aspects:

2.6 Economic growth and wealth effect2.1 Increased market liquidity1.3 data support