A Historical Survey Of The Chinese Communist Guide The Development Of Capital Markets And Empirical Research

Since the reform and opening up, China's economic system is in the transition from planned economy to socialist market economy system. With the economic reform, China's capital market began to break the ice. From the beginning argument of "capitalism" or "socialism" in the pilot joint-stock, to the rapid development of capital markets triggered by an important speech made by Deng Xiao ping in the visit to the South in 1992, and eventually to the completion of split structure reform as the symbol of a milestone in the history of China's capital market development, China's capital market in the 30 years ,has gone through the journey taken by developed countries in 200 years. Capital markets have played a positive role in promoting the state-owned enterprise reform, raising funds, adjusting industrial structure, optimizing the allocation of resources, and promoting economic development.Throughout the history of the development of China's capital market, we can easily see that a variety of probe of China's reform promoted by the ruling Communist Party of China and a series of policy measures have played an important role in promoting the formation and development of China's capital market. In addition, the Chinese Communist Party learned from lessons of western developed countries in the development of capital markets, strengthened regulation, prevented risks, and actively and steadily pushed forward the development of market and product, which is to ensure an important guarantee for China's capital market to play a"later comer advantage"and to avoid re-taking the detours committed by the western developed countries in the development of capital markets. Therefore, a study on the history and experience of the development of capital markets guided by the Chinese Communist Party is important for us to comprehensively and objectively inspect the status quo of China's capital market of the new period, to sum up the decision and experience of economic development promoted by the Chinese Communist Party, to enhance the healthy development of capital markets, to safeguard national economic security, to make the market play a basic role in the allocation of resources, and to practice the scientific development concept. The capital market include not only the stock market, but also the financing period of 1 year or more in the bank credit market, bond market and fund market. However, since the reform and opening up, the overall development of China's bond market is slow, small, single and in an unbalanced state compared with other larger, heavily influenced market. The main focus of this paper is the changes of the stock market-based capital market.This paper is divided into five parts. Part1 is the introduction, summary of research on the status of China's capital market, states the reason and the value of the topic of this paper. Part2 describes the conditions of the formation of China's capital market. At the Third Session of the Eleventh Central Committee of the Party , China opened a new era of reform and opening up, which is the background of the formation of China's capital market. Marx argues that the stock is the socialization of production and commercialization of products and can serve socialism, which is the theoretical source of the formation of China's capital market. After reform and opening up, the reform is deepened in fiscal and financial systems and investment and financing system takes on a new structure, which is characterized by the practical sources of the formation of China's capital market.Part3 to Part5 is divided into three stages of the deepening understanding of the developmental context of the Chinese capital market since reform and opening up, starting with realistic background of each stage of the capital markets, introducing the policy measures taken by CCP to promote capital market development, and eventually overrally evaluating the results of policy regulation of the capital market of this stage.Part6 is the conclusion of this paper, in which I overally evaluate the complishments of policy regulation obtained by CCP to promote capital market and discuss how to promote the healthy development of China's capital market, how to safeguard national economic security and how to make capital market play a more important role in the allocation of resources.