Zhu Min, chair of Tsinghua University National Institute of Financial Research, former deputy managing director of IMF, addressed on global equity market. He pointed out that the three-stage sharp declines and subsequent rebounds in the stock market since COVID-19 reflects reasonable reaction, which is the rational prediction of the market in terms of development of pandemic, measures taken by the government and the operation situation of enterprises. Meanwhile central banks provide liquidity support as well as buying assets on a large scale, which boosts the market and leads to the subsequent strong rebound under the intense monetary policy and fiscal policy intervention, especially in the USA. Zhu Min stressed that we are in the first stage of rebound supported by liquidity, but the subsequent stock market trends depend on the recovery level of real economy affected by the epidemic. Nobody can precisely predict whether the epidemic will come back again at fall and winter, but the probability is increasing, especially when it is in the intermediate zone between lockdown policy and economy reopen policy in some major countries recently. The equity market will inevitably fluctuate if the pandemic shocks come again. As for China’s stock market, since liquidity as well as intense supporting policies have been taken in early February to stabilize enterprises, the equity market behaves better than other countries across the world. With the thorough work resumption and the large investments in high-tech and medical fields, China’s stock market is expected to remain relatively better than other stock markets. However, as a member of the global equity market, China’s equity market is certainly faced with adjustments with the fluctuations of global market.