编者按：党的十八大将于11月8日召开，会议将进一步明确今后一个时期的发展目标和宏伟蓝图。

Editor's note:The party's eighteen big will be held on November 8 held,The meeting will be further defined for a period of development goals and grand blueprint.

　　10年风雨路，改革铸辉煌。本报今起推出“资本市场迎接十八大”系列报道，梳理近10年来我国资本市场改革发展所取得的成就，敬请关注。

10 years wind and rain road,Reform brilliance.The launch this up"Capital markets to meet the eighteenth big"Series of reports,Carding nearly 10 years China's capital market reform, development and achievements,Please pay close attention to.

　　证券时报记者 郑晓波

The securities times reporter ZhengXiaoBo

　　党的十八大即将召开之际，中国经济再次面临历史性选择，资本市场发展也再次走到一个历史关口。如何扭转资本市场低迷局面，使之能更好地服务实体经济，将是决策层必须考虑的问题。总结十六大以来我国资本市场发展的经验教训，在下一个10年，资本市场仍应继续高举改革发展的大旗，在市场化的导向下加快改革步伐，将市场推至更高的发展层次，助力实体经济转型升级。

The party's eighteen big the forthcoming,China's economy once again faced with historical choice,Capital market development also once again walk to a point in history.How to turn the capital market downturn situation,So that it can better serve the real economy,Will be decision-making must consider the question.Summarized since the 16th national congress of China's capital market development experience,In the next 10 years,The capital market should continue to hold high the banner of reform and development,In the marketization of the guide to speed up the pace of reform,The market will be pushed to a higher level of development,Power transformation and upgrading of the real economy.

　　十六大以来资本市场的改革发展，是政府职能不断转变，体制机制不断完善，行政力量不断弱化，市场化力量不断增强的过程。2004年1月31日，国务院正式发布《关于推进资本市场改革开放和稳定发展的若干意见》（简称“国九条”），首次将大力发展资本市场提升到国家战略高度，确定了我国资本市场制度化、市场化改革的发展主线，成为我国资本市场发展历程中具有里程碑意义的事件。在随后的8年里，围绕着“国九条”的贯彻和落实，证监会与相关部门推动了一系列重大改革：2004年4月29日，股权分置改革试点正式启动；2004年8月，为期3年的券商综合治理开始；近年来，监管部门推行证券发行上市保荐制度，改革发行定价机制，初步形成了以市场化为导向的证券发行核准制度；2009年6月至今，发行体制改革持续深化……

Since the sixteenth congress of reform and development of the capital market,Is the government function change,Constantly improve the system mechanism,Administrative power weakening,Market forces to enhance the process.On January 31, 2004,The state council issued a formal[On promoting the capital market reform, opening up and stable development certain opinions](Referred to as"Nine countries"),For the first time, to vigorously develop the capital markets to ascend to the national strategic height,Determine the institutionalization of China's capital market/The development of marketization reform main line,Become China's capital market development process a landmark event.In the next eight years,around"Nine countries"To carry out and implement the,Securities regulatory commission and the relevant departments to promote a series of major reform:April 29, 2004,Pilot separation reform projects official start;In August 2004,A three-year brokers comprehensive treatment began;In recent years,Implementation of the supervision department of securities issuance listing sponsor system,Reform issue pricing mechanism,Initially formed to market changes into the guidance of securities issuance of the approval system;Since June 2009,Issue system reform continue to deepen the...

　　一系列重大问题的稳妥解决，体现了资本市场参与各方在解决重大问题时所展现的智慧，巩固了资本市场发展成果。截至今年6月底，沪深两市上市公司达2444家，比2002年末接近翻番，各行业中绝大多数骨干企业都已上市；两市总市值22.62万亿元，比2002年末增长近5倍，市值排名由2002年的全球第13位跃居第3位，成为近年来发展最快的新兴国家市场之一；境内股市累计实现筹资4.47万亿元（不含定向增发中非现金资产认购部分）。资本市场加速了社会资源向优势企业集中，促进了上市公司做大做强和产业结构调整，为国民经济平稳较快发展提供了重要动力。

A series of important problems to solve and safety,Embodies the capital market participants to solve big problems in the wisdom of the show,Consolidate the capital market development results.By the end of June this year,Shanghai and shenzhen two cities listed company amounted to 2444,By the end of 2002 than double close to,In most industries backbone enterprises have been listed;Two city total market value 22.62 trillion yuan,By the end of 2002 than growth nearly five times,Market value from 2002 in the global ranking 13th third place,Become in recent years the fastest growing emerging countries one of market;Domestic stock market realized total raise 4.47 trillion yuan(Does not contain the directional issued shares of china-africa cash assets subscription part).The capital market to accelerate the social resources advantage enterprise concentration,Promote the listed company bigger and stronger and industrial structure adjustment,For the smooth and quick development of national economy provides an important power.

　　十六大以来我国资本市场的发展说明，在中国建设和发展资本市场必须始终坚持通过改革发展，方能解决当前困扰市场的各方面体制机制问题，必须遵循市场化方向，充分发挥市场机制作用，方能保持市场活力。没有改革，就不能解决股权分置问题；没有市场化的机制，股权分置改革也不会圆满完成。

Since the 16th national congress of China's capital market development shows,In China's construction and develop capital market must always adhere to the reform and development,Can solve the current market with all aspects of system mechanism,Must follow the market direction,Give full play to the market mechanism function,Can keep the market vigor.Without reform,Can't the settlement of stock sharing problem;No market mechanism,Equity division reform will not complete.

　　（下转A2版）

(Next turn A2 edition)

　　（上接A1版）没有改革，证券公司挪用保证金顽疾就可能长期得不到解决；没有建立市场化的长效机制，今后证券公司的退出问题将可能长期困扰市场。

(On joint A1 edition)Without reform,A securities company appropriated margin position may can't be solved for a long time;Did not establish the long-term mechanism of marketization,The future of securities companies will be quitting problems long plagued the market.

　　正是市场化改革的不断推进，我国资本市场成为近年来规模发展最快的新兴国家市场之一。下一个十年，资本市场应当如何发展？这是摆在证券监管部门面前最为迫切的问题，也成为当前业界讨论最为热烈的话题。在全球金融危机长期化的背景下，证监会主席郭树清明确提出，要牢牢把握住资本市场服务实体经济的主线，想方设法以资本市场的科学发展来促进国民经济的科学发展，通过多层次资本市场体系服务于中小企业、“三农”和创新创业活动，在证券期货监管工作中体现和维护最广大人民的根本利益。

It is of the reform of the market,China's capital market has recently become the fastest scale development emerging countries one of the market.Next decade,The capital market should be how to develop?This is in the front of the securities supervision department's most pressing problems,Also become the industry to discuss the most heated topic.In the global financial crisis under the background of reform,Securities regulatory commission chairman GuoShuQing clearly put forward,Must firmly grasp the capital market service entity economic lines,Try to capital market to promote the scientific development of the national economy of scientific development,Through the multi-level capital market system service to small and medium-sized enterprise/"Agriculture, countryside and farmers"And innovative entrepreneurial activity,In securities and futures supervision work reflect and maintaining the fundamental interests of the overwhelming majority of the Chinese people.

　　不久前发布的《金融业发展和改革“十二五”规划》明确了下一步中国资本市场改革思路。《规划》中提出的“着力完善股票市场”九大举措，其核心内容是完善多层次资本市场建设和进一步健全基础性制度。事实上，自今年以来，监管层全方位推进市场化改革步伐，扩大新三板试点，完善多层次市场体系；取消约40%的行政审批事项；出台第三轮发行体制改革举措；完善退市和分红制度；鼓励券商创新发展；大力培育成熟的机构投资者；严厉打击违法违规行为。一系列新政措施，显示出监管层以市场化改革推动资本市场进一步发展的决心。

Not long ago released[The financial industry development and reform"1025"planning]Has been clear about the next China's capital market reform ideas.[planning]Presented in"We will improve the stock market"Nine measures,The core content is perfect multi-level capital market construction and further improve the basic system.In fact,Since this year,Supervision layer all-round advancing market reform pace,Expanding new SanBan pilot,Perfect multi-level market system;Cancel about 40% of the administrative examination and approval items;On the third wheel issue system reform measures;Perfect delisted and share out bonus system;To encourage innovation and development of securities;Vigorously cultivate mature institutional investors;To crack down on illegal behavior.A series of new measures,Show supervision layer to marketization reform to promote capital market for the further development of the determination.

　　中国经济转型升级任务紧迫。作为资源配置的重要平台，我国资本市场肩负更加重要的历史使命，也面临更大的压力。与成熟市场相比，中国资本市场面临不一样的初始条件、制度环境和发展路径，只有加快市场化改革步伐，才能充分发挥资本市场的各项功能，更好地服务实体经济。只要资本市场参与各方能够在困难中看到希望，在希望中解决困难，奋力克服体制机制的种种羁绊，假以时日，我国资本市场的巨大潜力一定会得到充分发挥，迎来广阔的发展前景，在支持实体经济发展中发挥更重要的作用。

China's economic transformation and upgrading of task is urgent.As an important platform for the allocation of resources,China's capital market has more important historical mission,Face greater pressure.Compared with the mature market,China's capital market faced with different initial conditions/System environment and the development path,Only to speed up the marketization reform pace,To give full play to the function of the capital market,Better service to the entity economy.As long as the capital market participants can see hope in difficulties,In the hope to solve difficult,Strive to overcome all fetters systems and mechanisms,Over time,China's capital market will have great potential into full play,Have broad prospects for development,In support of the real economy development plays a more important role.