全球视野下的中国资本市场：跨越式发展与政策转型

China's Capital Market From Global Perspective:Jump Development and Policy Transformation

在制度变革、蓝筹股回归、流动性充盈和宏观经济基本面等多重因素的推动下,中国资本市场从2006年开始进入跨越式发展阶段。中国资本市场的跨越式发展使中国正在成为一个资本大国,进而推动着中国金融的崛起。中国金融之崛起,是21世纪前20年全球金融最重大、最具有影响力的事件,而资本市场也愈来愈成为21世纪大国金融博弈的核心平台。为此,必须寻找基于全球视野下资本市场发展的政策重心。中国资本市场发展的政策理念必须从单一的需求管理过渡到供给管理,政策的重心是扩大供给、优化结构并不断地疏导内部需求、积极地拓展外部需求,以实现资本市场供求的战略平衡。

Driven by multiple factors such as system reform,return of blue chips,liquidity abundance and funda- mentals of macroeconomics,China's capital market stepped in a stage of development by leaps and bounds in 2006.The development of China's capital market is making China a capital power and pushing the rise of its finance.China's emergence as a financial power will be the most significant and influential event in the first twenty years in the 21st century,and the capital market will become the platform of the financial games of economic powers.Therefore,we must find the policy focus under global perspective.The policy concept of the development of China capital market should move from demand management to supply management.The policy focus is to increase supply,optimize structure and properly ease the demand so as to realize the strategic balance of China's capital market.