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The aim of Part II is to explore the technique of invariance of tautological equations in the realm of Gromov--Witten theory. The main result is a proof of Invariance Theorem (Invariance Conjecture~1 in [14]), via the techniques from Gromov--Witten theory. It establishes some general inductive structure of the tautological rings, and provides a new tool to the study of this area.

The main goal of this paper is to prove the following two conjectures for genus up to two: 1. Witten's conjecture on the relations between higher spin curves and Gelfand--Dickey hierarchy. 2. Virasoro conjecture for target manifolds with conformal semisimple Frobenius manifolds. The main technique used in the proof is the invariance of tautological equations under loop group action.

This an expository article on Givental's axiomatic Gromov--Witten theory and some of its applications.

A new tautological equation of $\bar{M}_{3,1}$ in codimension 3 is derived and proved, using the invariance condition explained in earlier works.