政策市归来?

China's Securities Market Reforms Backward?

“不在沉默中爆发,就在沉默中死亡。”鲁迅这句名言,在2005年终于激发了中国证券市场久已颓废的心。不同的是,这一次引领爆发的不是过去惯用的股指暴涨,而是监管层围绕着证券市场改革的一系列“出其不意”的“政策爆发”。本届证监会上台以来,甚而直至今年4月初,备受道路坎坷折磨的中国证券市场一直在沟底趔趄。

With the dramatic changes of policy, the once ignored securities market is now on the focus of China's financial reforms. It demonstrated not only the changeable ways of reform, but the complications and hardships in terms of decision-making. Over the last few years, China's decisionmakers as well as common stockholders hud encountered two big challenges. Now it seems that the policies of reform are turning back. With the looming of a new U turn, helping by the increasingly strong public voice, the regulators are hoping to drive a new wave of reform and adjust the direction of reform to win the trust of stockholders.