Ten years ' concerted efforts to develop China's capital market and realize deep transformation

10 years ago, the "5 19" market, in 10 years was commemorated 10 times.　　Between 10 memorials to "5 19", China's capital market has undergone earth-shaking changes, and "5 19" for people to relish the place, I am afraid in the market and the next, temples and rivers can not forget-concerted efforts to promote the development of capital markets, and to achieve the greatest success.　　We commemorate the "5 19", not only to commemorate the magnificent market, but the need to take this as the new China capital market 20 development mileage in the pillar, in the decades years, the understanding of consensus and the value of the resultant force. In the ten years since the regulatory system perfected "5 19", the regulatory system of China's capital market has changed dramatically in the cycle of stock indices.　　It is in the continuous reform, perfection and maturity of the supervision system, the inner foundation of our country's capital market stable and healthy development is further compacted, and the new chapter of the reform and development of capital market is written. Since 1998, the centralized supervision system has been established, in order to meet the needs of market development, the Securities and futures regulatory system has gradually improved. In 2004, the CSRC changed its cross-regional regulatory regime and imposed an administrative authority.　　At the same time, began to strengthen the supervision of the regulatory Authority, the implementation of the "territorial supervision, clear responsibilities, responsibility to people, mutual cooperation," the jurisdiction of the regulatory responsibility system, and the initial establishment of the coordination with the local government integrated supervision. At the same time, the law enforcement system gradually improved.　　China Securities Regulatory Commission in the establishment of the Audit branch offices in 2002, the establishment of a special division to investigate market manipulation and insider trading agencies, China's Ministry of Public Security set up a Securities Crime Investigation Bureau, with the China Securities Regulatory Commission offices, responsible for investigating securities crimes. 2007, in order to meet the needs of market development, the Securities law enforcement system has carried out a major reform, set up a centralized and unified command of the inspection system, set up the China Securities Regulatory Commission Administrative Punishment Committee, the Chief Inspection Office and Inspection Corps, increased the inspectors of the various offices.　　The system determines the "investigation," separation "mode, formed the investigation and punishment of the power of mutual restraint mechanism, focused on investigating the" Yin Guang Xia "," China Branch Entrepreneurship "," de halogen and other batch of high-profile, and effectively protect the interests of the vast number of investors, the maintenance of the "three public" market order.　　However, with the market operating mechanism and the behavior of various market subjects changing profoundly under the condition of full circulation market, new requirements are put forward to the supervision system, supervision mode and supervision ability, and the comprehensive supervision system will gradually change towards the multi-level supervision system. In the future, government supervision, the construction of the three-dimensional and multi-level supervision system composed of industry self-discipline, market subject's self restraint and social supervision will be perfected gradually, and our capital market will become more open, fair and impartial. The deep transformation of capital market function in the past century 90, when finance and banking were more difficult, The financing function of capital market has made great contribution to the growth of national economy. But 10 years ago, capital markets, just a small achievement in financing, not fullyThe development demand of socialist market economy and the development law of capital market itself.　　The limitations of early system design, has gradually become the market further function of the obstacles, even the financing function of the original purpose of the establishment of the market, has also been unable to effectively play-even in the "5 19" market in 1999, the annual domestic and foreign fund-raising amount is only 94.456 billion yuan. In the three years since 2006, the annual domestic and foreign fund-raising amount reached 246.37 billion yuan, 885.871 billion yuan and 385.222 billion yuan, which accounted for three of the total funding for 10 years since 1999.　　Meanwhile, the stock market market value also from 1999 2,647,117,000,000 Yuan, rapid development to 2006 8,940,389,000,000 Yuan, 2007 32,714,089,000,000 Yuan and 2008 12,136,644,000,000 Yuan. After the solution of the basic system of the share splitting, the function of our capital market is gradually enriched and played: on the one hand, listed companies become an important part of the national economy, and the capital market is increasing the representativeness of the national economy. At the same time, the capital market accelerates the resource to the advantageous enterprise's centralism, has promoted the enterprise reorganization and the industrial structure adjustment powerfully, just yesterday, the Changjiang electric power carries 107.5 billion yuan to inject capital "the Return of the King", this kind of heavyweight asset adjustment, was unimaginable 10 years ago.　　At the same time, China's capital market can finally set a "Chinese price" for Chinese enterprises, promote the return of local enterprises in the international market valuation, but also led the modern enterprise system and modern corporate governance model in the domestic positive practice.　　The development of the capital market in the past 10 years has played a significant role in reforming the financial system, enriching the residents ' financial management, promoting the perfection of law and accounting system and the construction of social security.　　The capital market structure has been deeply transformed 1999 years of stock market investors can not choose the investment according to their own risk preferences, as 1999 years of enterprises can not be based on their own development stages and types of choice of financing needs. In the past 10 years, although "city tide this formulation has not changed, but" the content of the city tide has been Sheroyun with that time. Now, the GEM Foundation system rules have been released nearly half, the Shenzhen stock company board Run 5 years, "New Sanbanxi" listed enterprises more than 50.　　As at the end of 2008, the market value of less than 1 billion small and medium-sized listed companies reached 393, to adapt to the National independent Innovation strategy requirements, to adapt to the development of entrepreneurial enterprises, small and medium-sized enterprises, the multi-level capital market construction, is taking a solid step. With equity as the representative of the development of equity products, in recent years, the bond as a representative of the fixed income products have been greatly developed.　　Taking corporate bonds as an example, in 2008, 30 listed companies issued corporate bonds 99.8 billion yuan, accounting for 43% of total refinancing, 2.43 times times the previous year.　　At the same time, China has introduced PVC, early Indica rice, wire and thread steel, gold and other futures varieties, index futures and other financial derivatives are also actively prepared.　　Capital market as economic barometerBefore the reform, some scholars have found that China's capital market is not only a barometer of national economy, but its trend is negatively correlated with the national economic operation. Over the past 10 years, the capital market has been increasing the representativeness of the national economy, the market share of the financial, manufacturing, energy, transportation, petrochemical and other pillar industries has greatly increased, and the total market value of listed companies is the proportion of GDP,　　From less than 25% in 1999 to the current 60% (2007 to 132.6%), the total operating income of listed companies as a proportion of GDP from 1999 15% to 2008 three quarter of nearly 43%. On this basis, the capital market reflects the function of national economy barometer initially. If the 6-month advance to observe, can be found in the first half of the 2007-year stock market ahead of the surge reflects the second half of the CPI index climbed, after October 2007, the index into the downward range, six months after April 2008, CPI also entered the downward range.　　At the same time, GDP growth rate of 1% per cent, the corresponding enterprise profit growth rate of 20% simple corresponding relationship, also in the past year to a certain degree of verification. 10 years, the capital market has already realized the deep transformation, from a fund that mainly provides service for the state-owned enterprise to solve the dilemma and the development, transforms to the resource allocation market which provides the service for the national economy growth, the adjustment structure, the efficiency; the stock market, which is a single stock, is transformed into equity products The capital market of fixed income products, futures products and financial derivatives represented by bonds, which is transformed from a single level of market to a multi-level one, from a market outside the macroeconomic performance to a city often with the function of a barometer of the national economy.