以1998年3月我国第一批公募基金正式成立为标志，机构投资者历经14年的发展不断壮大，逐步扩大市值持有份额，呈现出令人鼓舞的新气象。

In March 1998 is China's first batch of public enlisting fund for mark officially established，Institutional investors after 14 years of development expands unceasingly，Gradually expand the market value holding share，Presents the encouraging new atmosphere。

　　2000年起，在证监会提出“超常规发展机构投资者”的战略下，以证券投资基金为代表的机构投资者快速发展，逐渐成为我国资本市场的主导力量。

Since 2000，In the securities regulatory commission proposed“Extraordinary development to institutional investors”Under the strategic，Using the securities investment fund, as a representative of the institutional investors rapid development，Gradually become the dominant force in capital market in China。

　　2002年初，基金资产规模仅为800亿元。截至2011年底，全国69家基金管理公司管理的基金资产净值总规模2.2万亿，基金持股市值约占沪深股市流通市值的7.7%。2012年6月12日，我国公募基金总数正式突破1000只大关。

In early 2002，Fund asset size is 80 billion yuan only。By the end of 2011，The nation's 69 fund management company to manage the fund of the net assets of the total scale 2.2 trillion，Market value fund holdings accounts for about 7.7% of the current market prise shenzhen stock market。June 12, 2012，Our country public enlisting fund official breakthrough 1000 total only mark。

　　此外，随着资本市场的发展，保险、社保基金以及企业年金等机构投资者逐步入市，进一步改善了投资者结构，各类机构投资者构成趋于更加平衡。

In addition，Along with the development of capital market，insurance、The social security fund and enterprise annuity and institutional investors gradually entering the market，To further improve the investors structure，All kinds of institutional investors tend to be a more balanced。

　　机构投资者队伍的壮大对市场资源配置、资本市场稳定和公司治理等都产生了重大而深远的影响。券商、基金、信托及其他机构投资者的快速发展，加剧了金融体系的竞争，提高了金融体系和资本市场的运行效率，激活了金融创新。

Institutional investors on the strengthening of the team to market allocation of resources、Capital markets are stable and companies such as management has had a profound and far-reaching effects。brokers、fund、Trust and other institutional investors's fast development，Intensifies the financial system of the competition，The financial system and improve the operation efficiency of the capital market，Activates the financial innovation。

　　随着我国经济总量持续扩大及资本市场的不断发展，境外机构投资我国资本市场的需求日益增加。2002年，中国证监会与中国人民银行共同颁布了《合格境外机构投资者境内证券投资管理暂行办法》，合格境外机构投资者(以下简称QFII) 试点开始实施。2006年在总结试点经验基础上，中国证监会、中国人民银行和国家外汇管理局共同颁布了《合格境外机构投资者境内证券投资管理办法》。2007年根据第二次中美战略经济对话成果，QFII额度从100亿美元增加到300亿美元。

As China's economy continued expansion and the development of capital market，Overseas institutions invested in the capital market demand is increasing。2002 years，The China securities regulatory commission and the people's bank of China issued jointly《Qualified foreign institutional investors within the territory of the interim measures for the administration of securities investment》，Qualified foreign institutional investors(Hereinafter referred to as the QFII) Pilot began to carry out the。In 2006, at the conclusion of the pilot based on experience，The China securities regulatory commission、The people's bank of China and state administration of foreign exchange jointly promulgated《Qualified foreign institutional investors domestic securities investment management measures》。2007 according to the second china-us strategic economic dialogue results，QFII limit from $10 billion to $30 billion。

　　QFII注重价值投资和长期投资，它们的参与丰富了境内市场的投资者结构，推动了上市公司质量的提升，提高了我国资本市场的国际化水平和影响力，增加了国际社会对于我国经济和社会发展情况的了解。国内银行、证券公司、基金管理公司、保险资产管理公司等金融机构也通过与QFII开展业务合作，提高了金融服务水平，培养了专业人才，对于国内金融机构拓展国际市场发挥了积极推动作用。同时，QFII进入我国资本市场投资和日常资金汇出入，增加了我国对跨境证券投资和资本流动的监管经验，为资本市场进一步对外开放和实现人民币资本项目自由兑换进行了积极探索。

QFII pay attention to the value investment and long-term investment，Their participation in the domestic market of the rich investors structure，To promote the quality of listed companies in ascension，Improve China's capital market internationalization level and influence，Increased international society for China's economic and social development understanding of the situation。Domestic Banks、Securities company、Fund management company、The insurance assets management companies, and other financial institutions also through business cooperation with QFII，Improve the financial service level，Cultivating the specialized talented person，For the domestic financial institutions to develop international market plays a positive role。At the same time，QFII into China's capital market and investment funds remitted into daily，Increased our country securities investment and of cross-border capital flows regulatory experience，For the further opening to the capital market and make the yuan convertible capital project a positive exploration。

　　2012年4月3日，为满足境外投资者的投资需求，进一步促进境内资本市场的稳定发展及对外开放，经国务院批准，中国证监会、中国人民银行及国家外汇管理局决定新增QFII投资额度500亿美元，总投资额度达到800亿美元。同时决定增加人民币合格境外机构投资者（RQFII）投资额度500亿元，允许RQFII试点机构把新增的投资额度用于发行人民币A股ETF产品，投资于A股指数成份股并在香港交易所上市。

April 3, 2012，To meet the demand of the investment overseas investors，Further promote the stable development of the domestic capital market and opening up，With the approval of the state council，The China securities regulatory commission、The people's bank of China and state administration of foreign exchange new QFII investment amounts to $50 billion，Total investment amounts to $80 billion。At the same time decided to increase the yuan of qualified foreign institutional investors（RQFII）Investment of 50 billion yuan，Allow RQFII pilot institutions to new investment for the issuance of RMB A shares ETF products，Investment in a-share index component and the Hong Kong stock exchange listing。

　　自QFII制度实施以来，截至目前，已有172家境外机构获得QFII资格，其中145家QFII累计获批272.63亿美元额度，累计净汇入资金1254亿元，QFII账户资产合计约2713亿元，持股市值约占A股流通市值的1.1%。

Since the inception of the QFII system，So far，There were 172 foreign organizations get QFII qualification，Of which 145 QFII accumulative total approved $27.263 billion limit，Cumulative net import capital of 125.4 billion yuan，QFII account assets total about 271.3 billion yuan，Holding A share market value accounts for about 1.1% of the current market prise。

　　我国证券市场是一个新兴加转轨的市场，大力发展机构投资者是一项基本政策。通过建立以证券投资基金、保险资金、社会保障资金、企业年金等为主的多元化的机构投资者队伍，基本改善了我国资本市场长期以来以散户为主的投资者格局。在此基础上，主流投资模式发生了根本变化，即重视公司基本面分析，秉持价值投资和长期投资理念。

Our country securities market is a new and transition of the market，Vigorously develop institutional investors is a basic policy。By establishing a securities investment fund、Insurance funds、Social security funds、Enterprise annuity, etc, the diversification of institutional investors team，The basic improvement in capital market in China has long to retail investors pattern mainly。Based on this，The mainstream investment mode undergone a fundamental change，Namely importance to the company and the fundamental analysis，Grasps the value investment and long-term investment philosophy。

　　近年来，我国机构投资者持股比例持续提升，截至2011年底，自然人持有流通A股市值占比为26.5%，企业法人占比为57.9%，专业机构投资者占比为15.6%。机构投资者的崛起和壮大，推动了证券市场从繁荣向成熟转变，而证券市场的成熟也将会促进机构投资者的发展。

In recent years，Chinese investors holding ratio continued ascension，By the end of 2011，Natural person hold A stock market value circulation of more than 26.5%，An enterprise as a legal person of ratio is 57.9%，Professional investors accounted for more than 15.6%。The rise of institutional investors and grow，Promotes the prosperity of the securities market to change from mature，While the securities markets mature will also promote the development of institutional investors。

　　可以相信，随着养老金等新机构投资者入市步伐的加快，价值投资理念终将回归主流地位。

Can believe，With the new institutional investors such as pension speed up the pace of entry，The value investment idea will return to the mainstream of status。