Foreword    149
Chapter 1  Brief Review of the Development of
    China’s Capital Markets  153
　Section 1  The Emergence of China’s Capital Markets,
    1978-1992  155
  Section 2  Formation and Initial Development of
    National Capital Markets, 1993-1998  163
  Section 3  Further Regulation and Development of  the
    Capital Markets, 1999-2007  174
  Section 4  The Capital Markets’ Role in the National
    Economy and Social Development  188
Chapter 2  Important Capital Markets Policies and
    Reforms in Recent Years  199

  Section 1  Release of Opinions of the State Council
    on Promoting the Reform, Opening and
    Steady Growth of Capital Markets  201
  Section 2  Non-tradable Share Reform  204
  Section 3  Improvement in the Quality of Listed
    Companies  209
  Section 4  Comprehensive Restructuring of Securities
    Firms  214
  Section 5  Issuance System Reform  219
  Section 6  Liberalization of the Fund Management
    Industry and Development of
    Institutional Investors  225
  Section 7  Gradual Refinement of the Legal System
    Governing the Capital Markets  230
Chapter 3  The Challenges Facing China’s
    Capital Markets  235

  Section 1  The Capital Markets’ Overall Scale to Be
     Further Enlarged and Structure to Be
    Further Optimized  237
  Section 2  Suboptimal Market Mechanisms and
    Market Efficiency to Be Improved  250
  Section 3  The Overall Competitiveness of Listed
    Companies to Be Further Improved and
    Corporate Governance and External
    Disciplinary Mechanisms to Be
    Further Enhanced  260
  Section 4  Weak Competitiveness of Securities Firms  264
  Section 5  Unbalanced Investor Base and Relatively
    Small Institutional Investor Base Among
    Which Development Is Uneven  268
  Section 6  Legal Environment, Market Integrity,
    and Regulatory and Enforcement
    Effectiveness to Be Improved  277
Chapter 4  China’s Capital Markets:
    Strategies and Prospects  281
  Section 1  Strategic Objectives and Fundamental
     Principles  283
  Section 2  Development Strategies (2008-2020)  286
　Section 3  Prospects for China’s Capital Markets
    (2020)  294
Appendix    299
Acknowledgements  302