China's economy has been weakened since the mid of February and the CSRC has successively promoted capital market reform with the hope to straighten market system and boost market confidence amidst of constant falling stock market. On March 21, the CSRC released three new policies as well as Regulations on Preferred Stocks Pilot Management. It also fine-tuned the IPO system and promoted GEM (growth enterprises market) reform. ANBOUND think tank scholars believe that China’s stock market is loaded with various problems and difficult to be corrected. Therefore, it is better to hurry up and promote some reform measures rather than trying to rectify the forever falling stock index. In this "stock market winter", reform resembles infrastructure whereby it is a gain even though the stock index is unsatisfactory.