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中国资本市场作为一个从计划经济和高度集权经济中脱胎而来的新兴市场,经过十几年的发展,无论是市场规模和市场深化程度,还是在社会主义市场经济体系中的地位以及在推动国民经济成长中的作用,都得到了极大的提升。但与此同时,中国的资本市场也不断暴露出一些问题,如证券市场上出现的欺诈上市、利润操纵、内部人员控制、庄家操纵股价等问题。归纳起来,这些问题有制度性缺陷造成的,有交易技术、监管技术落后产生的,也有证券市场产品缺乏造成的。因此,目前资本市场问题的解决,必须依靠对制度、技术及产品的不断创新,惟有如此,资本市场才能实现稳步发展。
As a emerging market emerging from a planned economy and a highly-centralized economy, after more than a decade of development, China’s capital market, both in terms of market size and market deepening, and its position in the socialist market economy, The role of economic growth has been greatly improved. At the same time, however, China’s capital markets continue to expose some issues, such as the emergence of fraud in the securities market, profit manipulation, internal control, and market manipulation by stock market makers. To sum up, these problems are caused by institutional defects, with trading techniques and supervisory and technical oversight, as well as the lack of products in the securities market. Therefore, the current solution to capital market problems must rely on constant innovation in systems, technologies and products. Only in this way can capital markets achieve steady growth.