Publication: China Capital Markets Development Report : China Securities Regulation Commission
Date
2008-01
ISSN
Published
2008-01
Author(s)
Qi, Bin
Abstract
The 'China capital markets
development report' provides a good overview of the
development of China's capital markets and explores
future strategies. The report starts by reviewing historical
events in the evolution of China's capital markets
which have grown from small and unorganized regional markets
into a national market today. By summarizing lessons learned
during the market evolution and analyzing major gaps between
China's capital markets and more mature markets, the
report tries to propose a strategic design and vision for
China's capital markets development for the next decade
and beyond. Since the commencement of economic reform and
opening up, China has gone through significant economic and
social changes, and the socialist market economic regime has
been established and steadily improved. Between 1979 and
2007, China's Gross Domestic Product (GDP) has been
growing above 9 percent annually on average and China has
become the fourth largest economy in the World. China's
capital markets emerged and developed during the same
period. With joint efforts by all relevant parties,
China's capital markets have been able to reach a level
of development that took many mature markets decades or even
a hundred years to achieve. Along the way, the legal and
regulatory frameworks, and trading and clearing systems have
developed according to international best practice and
China's capital markets have been increasingly
recognized by international investors. The emergence and
development of capital markets has been closely linked to
mass production. They are the prerequisite for, and
important indicators of, a modern market economy. Capital
markets promote the development and improvement of
market-driven resource allocation, resulting in the
optimization of social resources. As the world financial
markets become increasingly global and integrated,
competition among capital markets and financial centers
around the world is becoming increasingly intensive, leading
to a fast-changing landscape in capital markets. The
competitiveness and viability of the capital markets have
become important components of national competitiveness.
Citation
“Qi, Bin. 2008. China Capital Markets Development Report : China Securities Regulation Commission. © China Financial Publishing House. http://openknowledge.worldbank.org/entities/publication/6f3d0266-c2e0-5e98-9680-be797a42f000 License: CC BY 3.0 IGO.”