The Core View

China's capital market has undergone great changes in its external environment and internal structure in the development of over 20 years, especially in 6 years since spiltshare reform.Although it has suffered significant impact after the financial crisis, China's economy sustained the growth ratio of 8% in the process of structural transformation.However, China's capital market which works as the barometer of China's economy has revealed a deviation from the real economy for a long time.This kind of deviation leads us to consider, what the problem is with the system and rules in China's capital market.Based on the principle of“open, fair, justice”, and on the judging standard of building an international financial center and the coordinated development between capital market and real economy, this report comprehensively reexamines and deeply analyzes the institutions framework, rule system and policy orientation from ten aspects of China's capital market, which include securities issuance, listing and trading, mergers and acquisitions, overweight（underweight）and repurchase, equity incentive, refinancing of listed corporations, information disclosure, punishment of violations, delisting mechanism, and the method of expanding the sources of fund in the capital market.Based on the above analyses, this report put forward the policy proposals and series of suggestion to propel the reformation of China's capital market in all-round manner.

This research report considers that the time of comprehensive reform of China's capital market has formed, and we must size up the situation, conform to the trend. This research report emphasizes that only reform and opening can develop China's capital market: the basic direction of the reform is marketization, and the basic target of opening is internationalization.