Qi, Bin2013-03-112013-03-112008-01https://hdl.handle.net/10986/12643The '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.en-USCC BY 3.0 IGOACCOUNTINGAGRICULTURAL BANKASSET-BACKED SECURITIESASSET-BACKED SECURITYBACKED BONDSBACKED SECURITIESBANK BONDBANK BOND MARKETBANK BRANCHESBANK DEPOSITSBANK GUARANTEESBANK LOANSBANK MARKETBANKING SECTORBLUE CHIPBONDBOND FUTURESBOND ISSUANCESBOND PRICEBOND TRADINGBONDSBOOK-ENTRYBROKERAGEBROKERAGE FIRMSBROKERAGESCAPITAL MARKETCAPITAL MARKET REFORMCAPITAL MARKETSCAPITAL MARKETS DEVELOPMENTCLEARING CORPORATIONCOLLATERALCOLLECTIVE INVESTMENTCOMMERCIAL BANKCOMMERCIAL BANKSCOMMERCIAL PAPERSCOMPANY LAWCONFLICTS OF INTERESTCONVERTIBLE BONDCONVERTIBLE BONDSCORPORATE BONDCORPORATE BOND MARKETCORPORATE BONDSCORPORATE GOVERNANCECUSTODYDEPOSITDEPOSITORY COMPANIESDEPOSITORY SYSTEMSDERIVATIVESDEVELOPMENT BANKDISCOUNT RATESDOMESTIC CAPITALDOMESTIC CAPITAL MARKETSDOMESTIC MARKETECONOMIC DEVELOPMENTEMERGING MARKETSENFORCEMENT SYSTEMEQUIPMENTEQUITIESEQUITY MARKETEXCHANGE CONTROLEXCHANGE RATESFINANCIAL CRISISFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL RISKSFINANCIAL SUPPORTFINANCIAL SYSTEMFINANCIAL SYSTEMSFIXED INCOMEFOREIGN CAPITALFOREIGN CURRENCYFOREIGN EQUITYFOREIGN EXCHANGEFOREIGN INVESTORSFRAUDFUND MANAGEMENTFUTURESFUTURES CONTRACTFUTURES EXCHANGEFUTURES EXCHANGESFUTURES MARKETFUTURES MARKETSGLOBAL FINANCIAL STABILITYGLOBALIZATIONGOVERNMENT BONDGOVERNMENT BONDSGOVERNMENT SECURITIESHOLDINGINDIVIDUAL INVESTORSINFLATIONINFORMATION DISCLOSUREINFORMATION DISCLOSURESINFRASTRUCTURE DEVELOPMENTINITIAL PUBLIC OFFERINGSINSIDER TRADINGINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINSURANCEINSURANCE INDUSTRIESINTEREST PAYMENTINTEREST RATEINTEREST RATESINTERESTS OF INVESTORSINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL FINANCEINTERNATIONAL INVESTMENTINTERNATIONAL INVESTMENT BANKSINTERNATIONAL INVESTORSINTERNATIONAL STANDARDSINVESTINGINVESTMENT CORPORATIONINVESTMENT FUNDINVESTMENT FUNDSINVESTOR BASEINVESTOR CONFIDENCEIPOISSUANCEJOINT STOCK COMPANIESJOINT STOCK COMPANYLEGAL ENVIRONMENTLEGAL FRAMEWORKLEGAL FRAMEWORKSLEGAL SYSTEMLEGAL SYSTEMSLIMITED LIABILITYLIQUIDATIONLIQUIDITYLOCAL GOVERNMENTSMACROECONOMIC ENVIRONMENTMARKET CAPITALIZATIONMARKET DEPTHMARKET DEVELOPMENTMARKET DISCIPLINEMARKET DISCIPLINESMARKET ECONOMYMARKET EFFICIENCYMARKET INFORMATIONMARKET MECHANISMMARKET MECHANISMSMARKET PARTICIPANTSMARKET SIZESMARKET STABILITYMARKET TRANSPARENCYMATURE MARKETMATURE MARKETSMATURITYMINORITY INVESTORSMINORITY SHAREHOLDERSMONETARY POLICYMORTGAGENATIONAL BONDNATIONAL BOND MARKETNATIONAL SECURITIESNON-PERFORMING LOANOWNERSHIP STRUCTUREPAPER CERTIFICATESPAR VALUEPENSIONPENSION FUNDSPENSION SYSTEMPORTFOLIOSPRICE CHANGEPRICE VOLATILITYPRIMARY MARKETPROPERTY RIGHTSPUBLIC OFFERINGPUBLIC OFFERINGSREAL ESTATE INVESTMENTSREGULATORY AUTHORITIESREGULATORY FRAMEWORKREGULATORY FRAMEWORKSREGULATORY SYSTEMREPOREPO TRANSACTIONSREPOSRETAIL INVESTORSRETAIL TRADINGRETURNRULE OF LAWSECONDARY BOND MARKETSECONDARY MARKETSECONDARY MARKETSSECONDARY TRADINGSECURITIESSECURITIES EXCHANGESSECURITIES INDUSTRYSECURITIES LAWSECURITIES MARKETSECURITIES MARKETSSETTLEMENTSETTLEMENT SYSTEMSETTLEMENT SYSTEMSSHAREHOLDERSHAREHOLDERSSTAMP DUTYSTANDARD CONTRACTSTOCK EXCHANGESTOCK EXCHANGESSTOCK ISSUANCESTOCK MARKETSTOCK MARKET DEVELOPMENTSTOCK MARKETSSTOCK TRADINGSTOCKSSTRATEGIC INVESTORST-BONDTAXTRADINGTRADING SYSTEMTRADING SYSTEMSTRANSACTIONTRANSACTION COSTSTREASURYTREASURY BONDTREASURY BONDSUNDERWRITERUNDERWRITERSWARRANTSWORLD FINANCIAL MARKETSWorld Bank10.1596/12643