The sharp decline of China’s stock market since November 2007 is mainly caused by the unbalance of stock supply and capital supply. This is indispensable with the relevant measure. The stock market is not the weatherglass of the national economy or has the effect of creating wealth. Therefore the government sector should not directly intervene in the operation of the stock market from the perspective of national economic operation and wealth creation. The stock market should not be regulated but supervised. In the current circumstances，it is more important to improve the stock market than to save the stock market. So it requires deepening the institutional reform of the stock market，changing the fact of controlling the stock market for the sake of regulation，stressing on development of the corporate bonds market and expediting the construction of stock market system at different levels.