中国资本市场发展的六大战略方向（The six strategic directions of Chinas capital market development）.doc

中国资本市场发展的六大战略方向（The six strategic directions of Chinas capital market development） The six strategic directions of Chinas capital market development The development of Chinas capital market is very proud. But there is still a considerable gap between Chinas capital market and developed market, mainly reflected in four aspects. First, the gap in financial structure. The China capital market development report, published by the China securities regulatory commission in 2008, compares the financial structure of several countries. Japan is a typical commercial bank, with 38 percent of its financial assets in commercial Banks, compared with 18 percent in the United States, so the U.S. financial system is much more market-oriented than Japan. But the figure in China is 63 percent, suggesting that our structure is more heavily reliant on commercial Banks than Japan. Over the past five years, the ratio has reached 78%, which means that in the past few years, the development of Chinas financial structure has gone to a more serious imbalance. Second, the gap in market mechanisms. Take the mechanism of enterprise IPO, for example, almost all major exchanges in the world are registered, and our country is still a nuclear control system. But in fact, it is not an absolute black and white relationship between the registration system, the approval system, or the approval system, not an either-or relationship, but a gradual process of change. In fact, the SEC has a strict registration system. There are hundreds of programs that need to be ticked off, and there are hundreds of people working on IPO registrations. Its really worth our using for reference is the degree of institutionalized, standardized and transparent process, but these are also on the premise of a mature market mechanism, such as relatively good market environment, for the false information disclosure of harsher market and legal punishment mechanism, the relative standard and discipline of financial intermediaries,