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中国股市最大的国情是股权的分裂，股权结构的规范化是当前的首要工作。由此基础出发，判断中国股市的“泡沫”成份大多都是结构性泡沫，不能用总量办法来解决结构矛盾，国有股减持争论的背后是市场“三公原则”和法治精神的觉醒。在加入世贸组织的大背景和大趋势下，中国股市只能根据国际惯例来调整政策和重布结构，尽管这是一条荆棘之路，但却是走向“市场化”广阔天地的必由之路。
The biggest national stock market in China is the splitting of shareholding. The standardization of ownership structure is the most important task at present. From this basis, most of the “bubbles” in China’s stock market are judged as structural bubbles, and the total amount can not be used to solve structural contradictions. The argument behind the reduction of state-owned shares is the awakening of the “Three Principles” and the spirit of the rule of law in the market. Under the background and general trend of accession to the WTO, China’s stock market can only adjust its policies and redo the structures in accordance with international practices. Although this is a thorny road, it is the only way to move toward a “market-oriented” vast world.