中国奇迹下的资本奇迹——对中国资本市场20年发展的解读

The Miracle of Capital under Circumstances of the Chinese Miracle——An Analysis of the 20 years Development of China's Capital Market

中国资本市场20年的发展不仅创造了世界资本市场发展史的奇迹,而且也成为推动中国奇迹产生不可替代的重要力量。本文以中国资本市场的资本大国之路为研究对象,在对其过去20年发展奇迹进行全面解读的基础上提出,中国资本市场是一个从低级到高级、从简单到复杂的曲折前进的运动过程,呈现出明显的螺旋式上升与波浪式前进的特征。

Twenty years＇ development of China＇s capital market not only created a miracle in the world capital market,but also functioned as an indispensable force that promoted the Chinese miracle.The paper studied the development course of China＇s capital market which aimed at becoming a big power with huge capital.Based on a comprehensive interpretation of the development miracle of the past 20 years,the author maintained that the development course of China＇s capital market was of a zigzagging one from low level to high level,from simple process to complicated process characterized as a spiral course.