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“Annual Report on the Development of China’s Investment （2021）” is one of the reports of “Blue Book of Investment” series，and also the annual research results of “JIC Investment Research Books·Report” launched by JIC Institute of Investment Research. The purpose of the report is to make an inventory and review of China’s investment industry and market in the previous year，and to forecast and prospect China’s investment development in this year.

In 2020，the novel coronavirus pneumonia caused a heavy blow to the global economy，and most countries in the world had a negative economic growth. With the support of a series of accurate and effective policies，China has become the only major economy in the world to achieve positive economic growth，and investment has played an important role in stable growth. In 2020，the performance of global financial market is ups and downs. Under the background of central banks’ big water release，the financial markets of most countries generally perform well. The stock markets of some countries also set a record high，and the A-share market also shows an overall upward trend.

Looking forward to 2021，with the promotion of vaccination，the global economy will gradually recover. In the first year of the fourteenth five year plan，China will speed up the construction of a new pattern of double cycle development，and the annual economic operation is expected to show a trend of “high in the front and low in the back”. In terms of investment，new breakthroughs are expected to be made in the capital market reform，such as the full implementation of the registration system，the establishment of a normalized delisting mechanism，and “zero tolerance” for all kinds of violations. At the same time，the central government has made it clear that the macro policy should remain continuous and the policy operation should not make a sharp turn. A-share market is expected to have a bull market for a long time，and the performance of independent innovation，consumption upgrading and other related industries is worth looking forward to.

This book only represents the independent views of the author or the research team，and does not represent the commercial position of JIC. Readers are welcome to criticize and correct the mistakes and omissions in the book.