中国资本市场,按照现在的说法,是一个新兴加转轨的市场,所谓新兴,我们的历史不长;所谓转轨,我们在双重体制下运行,还有很多的改革工作需要进行。按理说中国的资本市场是在中国的改革开放的过程中建立的,应该按照市场经济的方式来运作,但是事实上,由于我们双轨的存在,或者说双重 China’s capital market, as we now say, is an emerging and transitional market. The so-called emerging and our history is not long. In the so-called transition, we operate under a dual system and a great deal of reform needs to be carried out. It stands to reason that China’s capital market was established during the process of China’s reform and opening up and should operate in a market-based manner. However, in fact, due to our dual existence or double