回首我国资本市场20余年的发展历程，不禁让人感慨不已：从无到有，从小到大，从区域到全国，从品种单一到多层次市场的不断完善，每一项成绩都来之不易，向前所跨的每一步都如履薄冰。正是业界这种坚韧与执着，成就了我国资本市场发展的骄傲与辉煌。

Look back in capital market in China more than 20 years of the development process，Can't help letting person regrets unceasingly：From scratch，From small，From regional to the country，From a single to varieties of multi-level market continuously improved，Each and every one of the scores are priceless，The forward across every step forward skating on thin ice。It is this industry, tenacity and perseverance，The achievement of the development of China's capital market pride and brilliant。

　　或许只有在我们回顾历史时，才会发现已取得的成就是何其骄人。“不积跬步，无以至千里；不积小流，无以成江海”。1990年12月19日，浦江之畔敲响了上海证券交易所开业的锣声，彼时上市交易的品种仅有30种国库券、债券和被称为“老八股”的股票。如今，主板、中小板、创业板、股指期货等多层次市场已然建立，沪深两市股票已超过两千只，股票市值也由当年的23.82亿元壮大到2012年7月6日的26.13万亿元。

Perhaps only in our review of the history，Can find the accomplishment is proud of how。“BuJiKuiBu，Without that li；No product small flow，Without into rivers”。December 19, 1990，Bank of the river on the Shanghai stock exchange opened the gong，Back then the listing for trading of the only species of 30 kind of Treasury bills、Bonds and is called“Old stereotype”stock。now，motherboard、Small and medium plate、gem、Stock index futures and the multi-level market is established，Shenzhen city stock has more than two thousand two only，Stock market value of 2.382 billion yuan from that year to grow on July 6, 2012 of the 26.13 trillion yuan。

　　20多年来特别是近10年来，我国资本市场快速发展，取得了举世瞩目的成就。而这些成就的取得，正是在党中央、国务院的正确领导，深入落实科学发展观的生动写照。从2004年《关于推进资本市场改革开放和稳定发展的若干意见》到2007年十七大报告首次提出“创造条件让更多群众拥有财产性收入”，再到2012年全国金融工作会议提出“证券业要完善市场制度，强化行为监管，保护投资者合法权益”，一系列方针政策措施的提出，无不说明资本市场一直作为整个经济发展和改革开放大业的重要组成部分，受到高度关注和重视。

More than 20 years, especially in the recent 10 years，China's capital market fast development，Made remarkable achievements。And these achievements made，It is the party central committee、The correct leadership of the state council，The scientific view of development in a vivid reflection of the。From 2004《About the stock market and stable development of the reform and opening up some Suggestions》By 2007, first put forward in the report to 17“Create conditions so that more people own property income”，And then to 2012 national financial work meeting“Securities to perfect the market system，Strengthen supervision behavior，To protect the legal rights of investors”，A series of policy measures put forward，All that has been the capital market as economic development and reform and opening up an important part of the great cause，Highly concerned。

　　如果按照“资本市场”一词的原意，仅是指长期资金融通市场。但在我国资本市场发展的过程中，“资本市场”一词的意义已经远远地超出了其原始内涵，其在拓宽融资渠道、促进资本形成、优化资源配置、分散市场风险方面，都发挥着不可替代的重要作用。资本市场有力地推动了实体经济又好又快发展，已成为支持我国经济社会持续健康发展的重要平台。

If the“Capital market”The original meaning of the word，Only refers to the long-term financing market。But in the process of development of China's capital market，“Capital market”The meaning of a word has far exceeded its original meaning，The to broaden the financing channels、Promote capital formation、Optimize the allocation of resources、Scattered market risk，Play irreplaceable role。Capital market promoted by the entity sound and rapid economic growth，Support has become China's economic and social sustainable development important platform。

　　正是基于上述判断，我国对多层次资本市场的探索从未停止。作为创业板的前奏，2004年5月，经国务院批准，深圳证券交易所在主板市场内设立中小企业板块；2009年10月深圳证券交易所开办创业板，今日已有333只股票上市，被誉为“东方的纳斯达克”。在后创业板时代，政府意图大力发展“新三板”市场，以构筑层次更为丰富的市场体系，为中小企业拓展更广泛的融资渠道。

It is based on the judgment，Our country to multi-level capital market exploration never stop。As the prelude of the gem，May 2004，With the approval of the state council，The shenzhen stock exchange in the main board in small and medium-sized enterprises set up market sector；In October 2009, the shenzhen stock exchange open gem，Today has 333 only listed on the stock exchange，Is known as“The east of the nasdaq”。In the era of the gem，The government intention to develop“New SanBan”market，To build more abundant level market system，For small and medium-sized enterprises to develop more widely financing channel。

　　金融期货和衍生交易市场发展迅速。沪深300股指期货合约于2010年4月16日起上市交易，截至今年7月6日，期指四合约持仓量首次突破8万手。2011年3月融资融券交易正式推出，目前融资融券余额已突破600亿大关。两项创新措施的推出，改变了我国股市单边市场的格局，是完善多层次市场基础的重要一环。

Financial futures and derivatives trading the rapid development of the market。Csi 300 stock index futures contract in 2010 April 16 listed trading，So far this year on July 6，Refers to the amount of four contract first breakthrough 80000 open hand。In march of 2011 margin trading officially launched，Current margin balance has hit the 60 billion mark。Two innovation measures launch，Changed the pattern of the single market of China's stock market，Is the perfect multi-level market foundation is important one annulus。

　　2012年两只沪深300ETF基金——华泰柏瑞版与嘉实版几乎同时诞生。不仅一二级市场套利者、指数投资者，还是股指期货投资者都可以通过交易，规避风险和获取利益，也将为日后金融衍生品的创新提供便利。丰富的金融衍生品将进一步促进其投资交易策略的多元化、深化市场交易活跃度。

In 2012 two csi 300 ETF fund-BaiRui huatai edition with fine fruit version was born almost at the same time。12 not only the market arbitrage、Index investors，Or stock index futures investors can all through the deal，Avoid risk and benefit，Also for future financial derivatives will provide convenience of innovation。Rich financial derivatives will further promote their investment trading strategy diversification、Deepen market transactions active degrees。

　　罗马不是一日建成的。我国多层次资本市场建设不能毕其功于一役。前进的路上或许荆棘密布，惟有切实把科学发展观贯穿于构建多层次资本市场的全过程，坚持统筹兼顾，坚持全面协调可持续发展，才有可能尽快实现打造资本市场强国的梦想！

Rome is not built in a day。Multi-level capital market in China construction can't BiJiGongYuYiYi。The way maybe with thorns，But the science development view and throughout the whole process of constructing multi-level capital market，Adhere to the overall consideration，Adhere to the comprehensive, harmonious and sustainable development，Can be realized as soon as possible make capital market power dream！