The stock market becomes the main channel investor of the common people more than 130 million households

Map of the Shanghai Composite Index in the past 20 years: Zai Huawei Shei Zhengyi (People's pictures) stocks, funds and bonds have become an indispensable investment for the common people, and the public's concern for macro-economic and industrial development has been heating up. Farmers in the field to say the price of futures, as a basis for deciding whether to plant and sell wheat, soybeans, cotton ...　　... What kind of changes will the 20 bring? Small seedlings grow into towering trees, the birth of the baby to grow into the youth ...　　When we look to China's capital markets, we cannot help but lament the dazzling changes that have taken place in 20 years. Digital marking of China's capital market from scratch the pace of rapid development. By the end of November this year, the Shanghai and Shenzhen stock Market market value of 26.43 trillion yuan, 5 years ago 8.2 times times. Since 2006, the new listed futures 18 varieties, last year, China's Commodity futures market volume has leapt to the world's first.　　Investors more than 130 million effective accounts, the capital market has become the main financial channels for the majority of people. Shanghai and Shenzhen stock market total market value of 26.43 trillion yuan, the capital market to achieve a higher level for the economic and social development of global Services if the socialist market economy system is compared to a building, the capital market is undoubtedly a cornerstone of the irreplaceable.　　Every step of the development of the capital market comes from the deepening of the understanding of the socialist market economy. At the beginning of reform and opening-up, stock system began to recover slowly. A group of stock companies have been established and issued shares to the society. The early 1990s, Shanghai and Shenzhen Stock Exchange were set up successively. The first step in the new China capital market appears to be somewhat immature. On the day of the Shanghai Stock Exchange, only 30 types of securities were listed, including 8 stocks. SSE trial opened the day appears more deserted, only 1 single transactions a day.　　For the capital market This new thing, people can not help to play a variety of question marks. "Securities, stock market these things are good, there is no danger, is not a unique capitalist thing, socialism can not use?" Allow to see, but be determined to try ... "in the spring of 1992, Comrade Deng Xiaoping's south-patrol speech was resounding, and the fog of people's hearts was brushed aside.　　In the autumn, the 14 major Chinese Communist Party decided that the goal of our economic system reform is to establish a socialist market economy system, thus opening up the prologue of capital market Leap. In the development of norms, in the development of norms. Over the next 10 years, from the establishment of the Securities Commission of the State Council and the China Securities Regulatory Commission to the company law, securities law and a series of relevant laws and regulations promulgated, the scale of the capital market has been expanding, influence is increasing.　　More importantly, it is more and more clear that the economic system of China can move from a planned economy to an all-round way, whether the development of the economy can be expanded from the extension to the intension, and whether the resource allocation mechanism can move from the simple combination to the factor integration and the development degree of the capital market. Over the past 5 years, it has completed the reform of share splitting, comprehensively improved the quality and governance level of listed companies, carried out comprehensive management of securities companies, enlarged the team of institutional investors, perfected the construction of market legal system, and solved the longPeriod of influence on the development of the market a lot of historical problems.　　At the same time, deepen the reform of stock issuance system, launch the GEM, stock index futures and margin trading, effectively improve the overall quality and efficiency of capital market operation. Shang Fulin, chairman of China Securities Regulatory Commission, said deeply that over the past 5 years, under the strong leadership of the party Central Committee and the State Council, through the adjustment of capital market policy, strengthened the market Foundation system construction, vigorously strengthens the market supervision, the crackdown violates the illegal behavior, the market function plays and the innovation development has　　During the period of "Eleven-Five", the scale of China's capital market is enlarged, the level structure is perfected, the market transparency is improved, the overall carrying capacity is greatly improved, and the global service for economic and social development is realized at a higher level. The operating income of more than 2000 listed companies equals 46% of GDP in the same period. The capital market has unconsciously changed the lives of every one of us Shanxi Tisco Stainless Steel Co., Ltd. was originally a typical state-owned enterprise. 1998 after the listing, through the capital market direct financing, access to huge financial support, the company developed into the fast lane, last year, stainless steel production in the world first, leaped into the industry "world champion." The head of the company said that the capital market brought steel not only the capital, but also the understanding of the market economy deepened.　　Improve corporate governance, the group's overall listing for the company's competitiveness has brought institutional protection. The capital market has become a strong engine of China's economic development. Over the past 20 years, the capital market in its own rapid development, but also to promote a large number of listed companies to achieve leapfrog development, steel is not rust is just one example. As of the end of November this year, the listed companies have reached 2026, the first three quarters of the total assets of listed companies amounted to 83.2 trillion yuan, to achieve operating income of 12.3 trillion yuan, equivalent to 46% of the national GDP in the same period.　　China's backbone enterprises have been listed in all sectors, listed companies to become the backbone of economic and social development. At the beginning of the new century, the safety of Chinese banking has become the focus of the world, some westerners even think that Chinese commercial banks are on the verge of "bankruptcy". However, in the following years, China's major commercial banks, insurance companies, securities companies and other financial institutions gradually realize the listing, not only enrich the capital, but also improve the level of corporate governance and risk-resistant ability. In addition, the development of capital market brings the increase of the proportion of direct financing, and also relieves the pressure and risk of the banking system. Because of this, in the 2008 global financial crisis, many well-known international banks in the outbreak of systemic risk, and Chinese commercial banks have not lost momentum, successfully withstood the impact of the financial crisis.　　The role of capital market in improving the risk-resisting ability of our financial industry is indisputable. Capital market becomes the stage of merger and reorganization of enterprises. At present, the merger and reorganization of China's enterprises more than 40% is achieved through the capital market, in 2006-2009, a total of 141 listed companies carried out the reorganization of the industry, the transaction amount to 886.6 billion yuan, is the first 4 years 40 times times. Among them, the average total assets, gross income and net profit of the merger and reorganization enterprises are heavier than the mergers and acquisitionsThe group grew 3 times times, twice times and 1 time times respectively.　　The capital market has become an important platform for economic restructuring and industrial upgrading by actively promoting the system innovation and mode innovation of listed companies ' mergers and acquisitions. The capital market has also unconsciously changed the lives of each of us.　　Stocks, funds and bonds have become an indispensable investment for the common people, the public's concern for macroeconomic and industrial development has been heating up; farmers in the field say futures prices, as a basis for deciding whether to plant and sell wheat, soybeans, cotton ...　　The split share structure reform makes the minority shareholder really have the right to speak, and fundamentally promotes the continuous improvement of the listed company's governance structure, continuously innovating and reforming, injecting the continuous power into the capital market.　　The split share reform, which began in 2005, is still recognized as one of the most significant institutional reforms in the capital market. To succeed in reform, there must be a breakthrough in thinking. The biggest breakthrough of this reform is to clarify the legal basis of the Non-tradable shareholders to pay the price. This seemingly simple innovation has not only successfully solved the problem of share splitting, but also brought far-reaching effects to China's capital market. In the process of reform, the minority shareholders really have the right to speak, for the big shareholder's share reform proposal, small shareholders if dissatisfied can exercise the veto, some listed companies share reform scheme two consecutive times by the circulation shareholder veto.　　This reform also makes the major shareholders of listed companies really enter the market, all the interests of shareholders and value standards tend to be consistent, fundamentally promote the listed company's governance structure and operating mechanism constantly improve. In the context of speeding up the transformation of the mode of economic development, what role should the capital market play?　　From the view of international experience, the successful transition of a country's economy is often closely related to the structure of financial market, and the capital market plays an irreplaceable role in changing the mode of economic development. May 2004, Small and medium-sized Enterprises plate Open Board, at present, in the SME board listed enterprises up to more than 500, direct financing and refinancing amounted to hundreds of millions of yuan, to suning appliances, such as representatives of a number of small and medium-sized enterprises to be listed as an opportunity to get "reborn" type of development. October 2009, the emergence of the gem, but also the Chinese multi-level capital market system to advance a big step. A group of innovative enterprises representing the direction of future economic development landed capital market, and the mechanism effect of capital market promoting innovation, encouraging entrepreneurship and selecting the inferior is gradually embodied.　　So far, in the gem listed more than 140 companies, the first financing near hundreds of billions of dollars. Other areas of institutional innovation are also in order. While the international financial crisis has given rise to misconceptions about financial derivatives, innovation in China's capital markets has not stalled. In March of this year, the financing and margin of the official operation, investors can take a number of two-way transactions, the end of the capital market "unilateral City" history. April, the introduction of stock index futures, investors can be the Shanghai and Shenzhen 300 index for the target, to carry out multiple-space two-way hedging.　　The two innovative products have run smoothly so far, bringing the institutional design and trading framework of the capital market into a new stage. "Company law", "securities law" for the capital marketProvide legal protection.　　Three-year comprehensive management let the broker smooth through the market fluctuation the rule of law is the base of capital market. 1993, the "Company Law" promulgated, the establishment, merger, division and issuance of shares of the conditions of the company are written into law. The "Securities Law", which was implemented from July 1, 1999, regulates the issue and transaction of securities, protects investors ' lawful rights and interests, maintains social and economic order and promotes the development of market economy.　　The advent of "two laws" provides a fundamental legal guarantee for the development of capital markets. Time Shift and the method is easy. With the rapid development of the capital market, the "two laws" were comprehensively revised in 2005, on the basis of summarizing the past market development, normative and supervisory experiences and lessons.　　Moreover, in recent years, the legal system of merger and reorganization, the legal system of Securities Investment Fund, the legal system of risk prevention and disposal, the legal system of issuing and financing have been perfected continuously, and the legal cornerstone of capital market has been more stable. Good law is inseparable from execution. After the promulgation of the new two laws in 2006, the SFC launched a large-scale listed companies work, resolutely prevent large shareholder infringement of small and medium-sized shareholders, and effectively protect the interests of listed companies and small and medium-sized shareholders. In fact, in the past 20 years, the pace of purifying the capital market environment has never stopped. From the investigation of Yin-Guang Xia, daqing friendship, DeLong system, to the insider trading "rat storehouse" declaration of war, from the hundreds of illegal listed companies denounced publicly, to the illegal operators issued a huge ticket or even blame the penalty ...　　In January-October this year, the SFC accepted insider trading clues 114 pieces, case 42 cases of insider trading, for insider trading of 16 individuals, 2 institutions to make administrative penalties, 15 suspected insider dealing crimes were transferred to public security organs, the strength of the crackdown on insider trading is unprecedented. In the course of the development of capital market norm, the comprehensive management of the securities dealers is a worthy battle to remember. In the second half of 2003, the entire coupon business entered the risk concentration outbreak. Continuous losses in the industry, a huge fund gap, misappropriation of customer assets and other issues have emerged. In the hardest time, the net assets of all over 130 brokerages were only 38.6 billion yuan, but the illegal liabilities were hundreds of billions of dollars.　　Three years of comprehensive management so that the entire securities industry, the securities industry has disposed of more than 30 high-risk brokerages, the guidance of the reorganization of nearly 20 risk brokers, the normal operation of the securities companies all risk control indicators to meet the stipulated standards. "Enliven a group, see a group, close a group." Although the process is painful, it lays the foundation for the long-term development of the securities industry. Before and after 2007, the stock market had a huge fluctuation, the securities industry was safe and sound, and no one securities company appeared financial crisis or serious illegal violation. At the same time, a group of securities companies in the market competition to stand out, and continue to do better, for China's economic and social development has added a bright color.