中国资本市场的战略目标与战略转型

The Strategic Goals and Transformation of China's Capital Market

从战略角度看,股权分置改革的成功开启了中国资本市场发展的新阶段。当我们完成了资本市场的制度变革即股权分置改革后,我们就不得不研究中国资本市场的战略定位、战略目标和由此决定的战略转型,这对未来中国资本市场成为一个大国资本市场具有重要的战略意义。本文认为,到2020年,中国(内地,下同)资本市场的战略目标是:以沪深市场为轴心形成的中国资本市场是全球最重要、规模最大、流动性最好的资产交易场所之一,其市值将达到60万亿～80万亿元人民币;届时,它将成为人民币及人民币计价资产的定价中心,拥有人民币及人民币计价资产的定价权。为了实现这一战略目标,中国资本市场必须进行战略转型。

From a strategic perspective, the success of the reform of equity split starts a new stage for the development of China's capital market. After the completion of the institutional reform of capital market-the reform of equity split, we have to study the strategic position, strategic goals and therefore strategic transformation of China's capital market. It is of great strategic significance for China's capital market to be a strong one in an economic power in the future. The author argues that by year 2020, the strategic goals of China's (mainland, same as below) capital market should be: China's capital market, which is formed by taking shanghai and Shenzhen market as the axis, will become one of the most important asset transaction markets in the globe with its largest scale and its best liquidity; The market value should approach 60000 billion-80000 billion RMB; China's financial industry will possesses the pricing power and become the pricing center of the RMB and RMB denominated assets. In order to achieve the above strategic goals, we must conduct strategic transformation in China's capital market.