“九五”期间,我国证券市场取得了举世瞩目的发展。一方面,股指迭创新高,市场规模不断扩大,市场筹资功能进一步加强。另一方面,管理层不断加强市场监管,大力推进市场化改革。面对迈入“十五”的证券市场,我们将就其总体发展趋向和各具体市场的发展,作一概要性展望。 一、证券市场总体发展趋向 “十五”期间,证券市场将不断成熟完善,其发展将呈现出以下几方面的趋向: 1.规范化。 我国证券市场正面临着体制缺陷、机制缺陷、结构缺陷、功能缺陷和规则缺陷并存和复合作用而导致的系统的制度风险,因此,规范化和 During the Ninth Five-year Plan period, China’s securities market made remarkable achievements. On the one hand, the stock index hit a record high, the market size is constantly expanding, and the market financing function is further strengthened. On the other hand, the management continuously strengthens market supervision and vigorously promotes market-oriented reform. In the face of entering the securities market for the “Tenth Five-year Plan”, we will make a summary forecast on its overall development trend and the development of various specific markets. First, the overall development trend of the securities market During the “Tenth Five-Year” period, the securities market will continue to mature and perfect, and its development will show the following trends: 1. Standardization. China’s securities market is facing systemic risk caused by the system defects, mechanism defects, structural defects, functional defects and rule defects co-existence and complex effects. Therefore, the standardization and