近年来，伴随着一系列的改革和创新，中国资本市场取得了举世瞩目的成就，资本市场法制化、公开化、市场化、国际化程度大幅提升，快速缩小了与成熟市场之间的差距，资本市场服务实体经济的能力显著提升。在党的“十八大”胜利召开之际，中国经济将迈入新一轮的跨越式发展，为中国资本市场发展提供千载难逢的新机遇，中国资本市场将迎来新的春天。

In recent years,With a series of reform and innovation,China's capital market has made remarkable achievements,Capital market legal system/Into the open/marketization/The degree of internationalization of improved significantly,Rapid narrowed the gap between the market and maturity,Capital market service entity economic capacity significantly increased.In the party's"Eighteen big"Victory at a,China's economy will enter a new round of great-leap-forward development,For China's capital market development provides new opportunities of once in a blue moon,China's capital market will usher in the new spring.

　　一、中国资本市场最近十年发展成就 a/China's capital market in the recent ten years development achievement

　　自1990年上海和深圳证券交易所成立以来，特别是进入21世纪的最近十年，中国资本市场在探索中前进，在改革中创新，实现了跨越式发展，取得了令人瞩目的成就。

Since 1990, the Shanghai and shenzhen stock exchange since was established,Especially in the 21st century in recent 10 years,China's capital market in the exploration progress,In the process of reform innovation,Realize the great-leap-forward development,Made remarkable achievements.

　　一是资本市场规模跻身全球前列。2002年底，沪深股票市场仅有1223家上市公司，总市值不足3.8万亿元人民币。经过十年的发展，截至2012年11月12日，沪深两市共有上市公司2494家，比2002年末翻一番，总市值21.3万亿元人民币，比2002年末增长了近五倍。在世界交易所联合会（WFE）的全球市值排名，我国内地资本市场由2002年的第十三位跃居至目前的第三位，仅次于美国和日本，同我国实体经济规模全球第二的排名相适应。

One is the capital market scale the forefront of the world.By the end of 2002,Shanghai and shenzhen stock market only 1223 listed companies,The total market value of less than 3.8 trillion yuan RMB.After ten years of development,By the end of 2012 on November 12,,Shanghai and shenzhen two cities there are listed companies 2494,By the end of 2002 than double,The total market value is 21.3 trillion yuan RMB,By the end of 2002 than the growth nearly five times.In the world federation of exchange(WFE)Global market value rankings,The capital market in mainland China by 2002 years of 13th leapt to the current of the third,After the United States and Japan,With our country entity economic scale global ranking the second to adapt.

　　二是多层次资本市场体系日益完善。经过多年的不懈努力，我国已经初步形成以主板、中小板、创业板和代办股份转让系统为主体的多层次资本市场体系，为实体经济的持续快速发展提供了强大的源动力。截至11月12日，沪深市场主板、中小板、创业板上市公司分别为1438家、701家和355家；在区域性股权转让市场和产权交易市场挂牌的企业数千家。

The second is multi-level capital market system is increasingly perfect.After years of unremitting efforts,Our country has initially formed a motherboard/Small and medium-sized plate/Gem and agent share transfer system as the main body of a multi-level system for capital markets,For the sustainable development of the real economy to provide a powerful driving force.By November 12,,Shanghai and shenzhen markets motherboard/Small and medium-sized plate/Gem companies were 1438/701 and 355;In the regional equity transfer market and property right trading market listed enterprise thousands of home.

　　三是资本市场服务国民经济能力日益提升。十年来，我国资本市场为建立现代企业制度、支持实体经济发展作出了重大贡献，有效推动了经济转型与发展方式转变，加速社会资源向优势企业集中，一大批国有企业和民营企业通过改制上市和并购重组实现了做优做强和产业结构调整，一跃成为国内外令人瞩目的行业龙头，在国民经济中的代表性日益增强。截至2012年11月12日，沪深股票市场累计筹资4.88万亿元人民币。2006年到2011年，共有143家上市公司实施了行业整合类的重大资产重组，交易金额7570亿元人民币。

Three is the capital market services national economic capacity is increasingly ascending.Ten years,China's capital market for the establishment of a modern enterprise system/To support the real economy development made a significant contribution,Effective promotes the economic transformation and development mode change,Accelerating social resources to the advantage enterprise concentration,A large number of state-owned enterprise and private enterprise through merger and reorganization and restructuring of listed to realize the optimal and stronger and industrial structure adjustment,At home and abroad has become remarkable industry leading,The representative of the national economy growing.By the end of 2012 on November 12,,Shanghai and shenzhen stock markets accumulated raised funds of 4.88 trillion yuan RMB.From 2006 to 2011,A total of 143 listed companies implement the industry integration type of material assets reorganization,Transaction value of 757 billion yuan RMB.

　　四是资本市场的国际化程度稳步提高。从2002年以来，资本市场的国际化程度显著提升，取得了许多积极成果。在融资国际化方面，累计172家公司（不含退市）发行H股，从境外筹资1787亿美元。在投资国际化方面，合格境外机构投资者（QFII）总投资额度800亿美元；合格境内机构投资者（QDII）产品净值约579亿元人民币。在经营机构国际化方面，共设立13家合资证券公司，41家合资基金公司。

Four is the capital market internationalization degree improved steadily.Since 2002,Capital market internationalization degree significantly increased,Made many positive results.In financing internationalization,Accumulated 172 companies(Do not contain delisted)Issuing H shares,Raised $178.7 billion from abroad.In the investment internationalization,Qualified foreign institutional investors(QFII)The total amount of investment of $80 billion;Qualified domestic institutional investors(QDII)Product net worth about 57.9 billion yuan RMB.In the business institution in internationalization,A total of 13 house set up joint venture securities company,41 home joint venture fund company.

　　总体而言，最近十年来，中国资本市场在很多领域取得了巨大进步，市场机制和市场环境持续得到完善，中国资本市场与成熟市场之间的差距在不断缩小。

In general,In the recent ten years,China's capital market in many areas has made great progress,The market mechanism and market environment for improved,China's capital market and mature markets in the gap between the shrinking.

　　二、中国资本市场未来十年发展机遇 two/China's capital market in the next ten years development opportunity

　　近期，党的“十八大”报告为中国经济发展与改革开放提出具体的战略部署，在未来的十年，坚持走新型工业化、信息化、城镇化、农业现代化道路，推动信息化和工业化深度融合、工业化和城镇化良性互动、城镇化和农业现代化相互协调，促进工业化、信息化、城镇化、农业现代化同步发展，加快完善社会主义市场经济体制，加快转变经济发展方式，努力将经济发展活力和竞争力提高到新的水平。这些战略部署将推动中国经济迈入新一轮的跨越式发展，为中国资本市场的发展开启了一个新的发展时期，也为中国实体经济与资本市场的协调发展提供了千载难逢的新机遇。

recent,party"Eighteen big"Report to China's economic development and reform and opening up will put forward some concrete strategic plan,In the next ten years,Adhere to the new industrialization/informatization/urbanization/Modernization of agriculture,Promote informatization and industrialization depth fusion/Industrialization and urbanization benign interaction/The urbanization and the agricultural modernization coordination,Promote industrialization/informatization/urbanization/Synchronous development of agricultural modernization,Speed up improvement of the socialist market economic system,To speed up the transformation of the mode of economic development,Efforts will economic development vigor and competitiveness raised to a new level.These strategic deployment will promote China's economy into a new round of great-leap-forward development,For the development of China's capital market to open a new development period,Also for China's real economy the coordinated development of the capital market and provide the new opportunity comes once in a blue moon.

　　机遇之一：经济结构战略性调整持续驱动资本市场发展 Opportunity of:Strategic adjustment of the economic structure continuous drive capital market development

　　“十八大”报告明确提出，推进经济结构战略性调整是加快转变经济发展方式的主攻方向。牢牢把握发展实体经济这一坚实基础，实行更加有利于实体经济发展的政策措施，强化需求导向，推动战略性新兴产业、先进制造业健康发展，加快传统产业转型升级，推动服务业特别是现代服务业发展壮大，合理布局建设基础设施和基础产业。

"Eighteen big"The report put forward,Promote strategic adjustment of the economic structure is to speed up the transformation of the mode of economic development of the main attack direction.Firmly grasp the development of the real economy this solid foundation,A more conducive to the entity economy development policies and measures,Strengthen demand-oriented,Promote strategic emerging industry/The healthy development of advanced manufacturing industry,To speed up the transformation and upgrading of the traditional industries,Promote service especially modern service industry development and expansion,Reasonable layout construction infrastructure projects and basic industries.

　　在经济结构战略性调整与经济发展方式转变过程中，资本市场大有可为。资本市场作为优化资源配置的重要平台，对于引导投资、促进经济发展方式转变具有不可替代的积极作用，尤其在推动经济转型和新兴产业发展过程中起着至关重要的作用。在资本市场上，公司的投资价值主导资本流向，借助资本市场的价格信号，既可以迅速聚集大量资金，为结构调整开辟增量资金来源渠道，又可以有效引导各种生产要素、经济资源向核心区域和政策扶持区域集聚，实现制度优势、人才优势、政策优势和经济资源等在资本聚集区域全面有机结合，形成资源协同效应，为经济转型拓展空间，推动企业向区域化、国际化发展，引导产业有序转移，进而促进结构调整与产业升级，实现资源的优化配置，促进国民经济可持续发展。

In the strategic adjustment of the economic structure and economic development mode change process,Capital market have a brilliant future.The capital market as an important platform for optimizing the allocation of resources,To guide investment/Promoting economic development mode change has irreplaceable positive role,Especially in the economic transformation and emerging industry development process plays an important role.In the capital market,The company's investment value leading capital flow,With the aid of capital market price signal,Can quickly gathered a lot of money,For structure adjustment open increment capital source channel,And can effectively guide the various factors of production/Economic resources to the core region and policy support regional cluster,Realizing the system advantages/Talent advantage/The policy advantages and economic resources in the capital gathered area comprehensive organic combination,Formation resource synergy effect,For the transformation of the economic development space,To promote the enterprise to regionalization/Internationalization development,Guide industry orderly transfer,And promote the upgrading of the industrial structure adjustment and,Optimize the allocation of resources,Promote the national economy sustainable development.

　　机遇之二：城镇化、新型工业化、农业现代化不断为资本市场发展注入活力 Second opportunity:urbanization/New industrialization/Agricultural modernization for capital market development continuously inject vigor

　　在城镇化进程中，需要开展大规模的基础建设。资本市场既可以支持符合条件的基础设施、公共事业、能源等行业的企业通过股权融资，又可以通过发债、专属项目、资产证券化等方式帮助筹集资金。

In the process of urbanization,Need to carry out large-scale infrastructure construction.The capital market can support meet the conditions of the infrastructure/Public utilities/Energy industry enterprise through the equity financing,And through the FaZhai/Exclusive project/Asset securitization, and other ways to help raise funds.

　　在推进工业化的进程中，特别在信息化条件下推动的新型工业化，需要不断引进新的技术和设备，推动传统产业技术改造和优势企业兼并重组。实现这种转变，必须更好地利用资本市场平台，充分发挥并购重组、投融资、优化资源配置等功能，促进提高全要素生产率和产业集中度，为工业化提供不竭的动力源(600405,股吧)泉。

In promoting the process of industrialization,Especially in the information conditions to promote the new industrialization,Need to continuously introduce new technology and equipment,The promotion of the traditional industry technical renovation and advantages of annexation and reorganization of enterprises.Realize this shift,Must make better use of the capital market platform,Give full play to the merger and reorganization/Investment and financing/Optimize the allocation of resources and function,To improve the total factor productivity and industrial concentration,Provide an inexhaustible source of power for industrialization(600405,guba)spring.

　　现代化的农业生产包括产品的储存、运输、加工等诸多环节，现代化的农业需要现代化的资本市场提供支撑。目前，我国农业整体上依然高度分散，亟需支持符合条件的现代农业企业上市融资和并购重组，做大做优做强，带动整个农业生产。

Modern agricultural production including product storage/transport/A lot of link such as processing,Modern agriculture needs modernization of capital markets to provide support.At present,Our country agriculture, on the whole, still highly dispersed,Need to support meet the conditions of the modern agriculture enterprise listed financing and merger and reorganization,Do big do best and stronger,Drive the whole agricultural production.

　　机遇之三：中小企业、创新企业的发展拓展资本市场成长空间 Third opportunity:Small and medium-sized enterprise/The development of innovative enterprise develop capital market growth space

　　目前，中小企业是国民经济的生力军，占中国企业总数99%的中小企业，贡献了50%的税收，创造了60%的国内生产总值，完成了70%的创新成果，解决了80%的城镇就业。但中小企业特别是小型微型企业融资难问题长期未能得到有效解决，中小企业缺乏创始股本或时间较长的债务融资，加之中小企业的不确定性和轻资产等特点，也决定其难以获得银行信贷资金的充分支持。因此，需要依靠多层次资本市场，通过各种形式为中小微企业提供多样化的直接金融服务。

At present,Small and medium-sized enterprise is the main force in the national economy,Of China's total number of enterprises 99% of the small and medium-sized enterprise,Contributed to a 50% tax,Create 60% of GDP,Completed 70% of the innovation achievement,To solve the 80% of urban employment.But the small and medium-sized enterprises especially small miniature enterprise financing difficult problem long-term failed to effectively resolved,Small and medium-sized enterprises lack of founding equity or debt financing time is long,Together with small and medium-sized enterprise and the uncertainty of the asset light etc,It also determines the difficult to obtain bank credit funds of the full support.therefore,Need to rely on multi-level capital market,Through various forms for small and medium-sized micro enterprise provides various direct financial services.

　　我国现在是世界上最大的工业国，但创新和创造能力不强，多在产业链低端从事生产，缺乏自主创新型企业，因此，需要实施创新驱动发展战略，提高原始创新、集成创新和引进消化吸收再创新能力。在金融支持创新的各种途径和方式中，资本市场具有天然的优势。资本市场提供的风险共担、利益共享机制，能够推动各类资源向高新技术产业集聚，加速科技成果向现实生产力转化，提高国家创新能力，加快建设和完善国家创新体系和知识创新体系。

China is now the world's largest industrial nations,But innovation and creation ability is not strong,Many in the industry chain low-end engaged in production,The lack of independent innovation enterprise,therefore,Need to implement innovation drive development strategy,Improve original innovation/Integrated innovation and introduction, digestion, absorption and innovation ability.In the financial support innovative way and manner,Capital market has natural advantages.Capital markets to provide risk sharing/Benefit sharing mechanism,To promote all kinds of resources to high and new technology industrial cluster,Accelerate transformation of scientific and technological achievements into real productive forces,Improving national innovation capability,To speed up the construction and improvement of the national innovation system and knowledge innovation system.

　　机遇之四：广大人民群众巨大的财富管理需求为资本市场带来源源不断的长期资金 Opportunity in four:The masses huge wealth management demand for capital market with continuous long-term capital

　　党的“十八大”报告提出，在发展平衡性、协调性、可持续性明显增强的基础上，2020年实现国内生产总值和城乡居民人均收入比2010年翻一番。从城乡居民人均收入比2010年翻一番来看，2010年城镇居民人均可支配收入约2万元人民币，到2020年大约可达到4~4.5万元人民币；农村农民人均纯收入2010年约6000元人民币，到2020年大约可达到1.2~1.5万元人民币。随着人均收入水平的大幅提高，人民群众需要一个功能全、效率高的财富管理平台，而资本市场完全可以为其提供必要的财富管理功能。

party"Eighteen big"report,In the development of balance/coordination/Sustainability obviously enhanced basis,2020 years to achieve GDP and urban and rural residents per capita income more than double by 2010.From the urban and rural residents per capita income in 2010 than double to see,In 2010, urban per capita disposable income of about 20000 yuan RMB,By 2020 about can achieve 4 ~ 45000 yuan RMB;Rural per capita net income of farmers in 2010 about 6000 yuan RMB,By 2020 about can achieve 1.2 ~ 15000 yuan RMB.With the large increase in per capita income level,People need a complete functions/High efficiency wealth management platform,And the capital market can provide the necessary wealth management function.

　　在人民收入水平大幅提高的同时，我国人口老龄化程度日益提升，到2020年，中国65岁以上的人口将占到全体人口的12%。但我国社会保障和养老体系建设未能及时跟进，由于投资渠道狭窄、体制建设落后等原因，我国社保资金、企业年金等长期资金还面临着保值增值的巨大压力。截至2011年底，全国社会保险基金累计结余3万亿元人民币，98%存放在金融机构，机会成本很高，隐形损失较大。因此，有必要利用资本市场，对这些资金进行集中运营和专业管理，以市场化方式实现保值增值。

In people's income level increase at the same time,The population aging in our country is rising degree,By 2020,China's 65 years old population will account for 12% of the total population.But our country social security system construction and pension timely follow up,Due to the narrow investment channels/System construction is backward wait for a reason,Our country social security funds/Enterprise annuity and long-term capital also faced with the value of the huge pressure.By the end of 2011,The national social insurance funds accumulated balance is 3 trillion yuan RMB,98% in financial institutions,Opportunity cost is very high,Invisible loss bigger.therefore,It is necessary to use the capital market,For these funds for centralized operation and professional management,To realize the value of the market way.

　　机遇之五：全面建成小康社会与社会经济转型升级为一大批上市公司经营业绩快速增长提供机会 Opportunity in five:Built in comprehensive well-off society and social economic transformation and upgrade for a large number of listed companies operating performance rapid growth provide opportunities

　　随着资源节约型、环境友好型社会建设的持续推进，随着工业化、信息化、城镇化和农业现代化水平与质量的大幅提升，随着小康社会的全面建成与居民收入倍增引致的消费升级，随着我国成功进入创新型国家行列，随着战略性新兴产业、先进制造业、现代服务业的发展壮大，我国资本市场将诞生出一大批处于行业领先地位、经营空间爆炸性增长、财务绩效卓越的上市公司，它们将为投资者提供持续丰厚的投资回报，使社会大众能够充分分享经济快速增长的丰硕成果。

With the resource conservation/Environment friendly society construction of continuous propulsion,Along with the industrialization/informatization/The urbanization and the agricultural modernization level and quality improved significantly,With the comprehensive well-off society built and residents income multiplier cause consumer upgrade,With China's successful entry into the ranks of innovative country,With the strategic emerging industry/Advanced manufacturing/The development of the modern service industry,China's capital market will produce a large number of leading position in the industry/The explosive growth of the business space/Financial performance excellence of the listed companies,They will for investors to provide continuing rich return on investment,Make the public can fully share the great achievements rapid economic growth.

　　机遇之六：资本市场多样化投资组合促进居民理财收入大幅增加 Opportunity in six:The capital market to promote diversified portfolios residents finance income increase

　　随着市场化改革的不断推进，证券公司、基金公司的创新业务不断发展，创新产品数量不断增加，可供投资选择的投资标的与投资组合日益丰富，从货币市场、债券市场、股票市场到各种分级与混合产品组合，形成风险收益结构丰富多样的产品链，满足不同风险偏好的投资者需求，使投资者从资本市场获得的投资回报和财产性收入不断增加，彻底改变先前居民财产性收入过度依赖低水平存款利息的格局。

With the continuous progress of the marketization reform,Securities company/The innovation of the fund company business development,Innovative products quantity increase,For the investment choice of investment target and investment combination has become increasingly rich and colorful,From the money market/Bond market/The stock market to all kinds of classification and mixed product portfolio,Form risk income structure rich variety of vertical integration,Meet different risk preference of the demands of investors,Make investors from capital market for the return of the investment and property income increasing,Completely change the previous property income residents excessive dependence on the pattern of the low level deposit interest.

　　三、中国资本市场未来发展展望 three/China's capital market development prospect in the future

　　《金融业发展和改革“十二五”规划》与党的“十八大”报告对当前和未来一段时间我国资本市场改革与发展工作做出了全面部署，明确提出“显著提高直接融资比重”、“深化股票发行体制改革”、“积极发展债券市场”、“推进期货和金融衍生品市场发展”、“加强市场基础性制度建设”、“深化金融体制改革，健全促进宏观经济稳定、支持实体经济发展的现代金融体系，发展多层次资本市场”等具体任务。在未来的一段时间里，我国资本市场在规模、结构、竞争力、规范化与开放度等方面将会有重要突破。

[The financial industry development and reform"1025"planning]And the party's"Eighteen big"Reports on current and future a period of time China's capital market reform and development work to make the comprehensive deployment,Clearly put forward"Improve the proportion of direct financing"/"Deepening the stock issuance system reform"/"The positive development of the bond market"/"Propulsion futures and financial derivatives market development"/"Strengthen basic market system construction"/"Deepening the reform of the financial system,To promote sound macro economic stability/To support the real economy development in the modern financial system,Multi-level capital market"Specific task.In the future period of time,China's capital market in size/structure/competitiveness/Standardization and openness, etc will have important breakthrough.

　　在市场规模方面，直接融资比重显著提高。社会融资结构全面优化，直接融资占社会融资总量比重有望提高至30%~40%。初步形成以直接融资为主的金融体系，金融结构基本平衡。金融体系的弹性和稳定性显著增强，系统性区域性金融风险防范和化解能力显著提升。

In the market scale aspects,The proportion of direct financing improved significantly.Social financing structure comprehensive optimization,Direct financing accounted for the proportion of total social financing is expected to improve to 30% ~ 40%.The initial formation of direct financing is given priority to with the financial system,Financial structure basic balance.Financial system flexibility and stability significantly enhanced,Systemic regional financial risk guard against and defuse capacity significantly increased.

　　在市场结构方面，股票、债券、期货、金融衍生品以及其他资本市场工具全面发展，市场结构更加合理和平衡。金融产品更加丰富，市场深度和广度大为拓展，交易机制更加完善和高效，逐步形成多层次、高效率、全覆盖的市场体系，能够满足多元化的投融资需求。

In the market structure,stock/bonds/futures/Financial derivatives, and other capital market tool all-round development,Market structure more reasonable and balanced.Financial products more rich,Market depth and span greatly expand,Trading mechanism to be more perfect and efficient,Gradually form multi-level/High efficiency/Full coverage of the market system,Can satisfy diversified investment and financing needs.

　　在市场竞争力方面，市场主体的国际竞争力和影响力大幅提升。涌现出一批具有国际竞争力的证券公司、现代财富管理机构及中介服务机构，金融服务水平全面提高，机构投资者成为具有决定性影响的投资主体。上市公司治理健全、运作规范，整体质量大幅提升。

In the market competitive power,The main body of market, improve the international competitiveness and influence.Sprung up a batch of internationally competitive securities company/Modern wealth management organizations and intermediary service agencies,The financial service level improve,Institutional investors become a decisive influence investment main body.Sound corporate governance of listed company/Standard operation,Overall quality improved significantly.

　　在市场规范化方面，市场的法律制度更加完善。“三公”原则得到切实维护，透明高效的监管体系基本建成，市场运行更加稳定，投资者合法权益得到充分保护，各类市场创新活动拥有更多的发展和弹性空间。

In the standardization of market,Market legal system more perfect."three"Principle to obtain the maintenance,Transparent and efficient supervision system basically completed,Market operation is more stable,The legal rights of investors get full protection,All kinds of market innovation activities have more development and elastic space.

　　在市场开放度方面，市场更加开放和更为包容。国际金融机构和国际资本参与中国资本市场的程度进一步提高，金融服务基础设施达到国际先进水平，有效推动人民币资本项目基本可兑换，进一步提升我国经济在全球配置资源的能力。

In the market openness aspects,Market more open and more inclusive.International financial institutions and international capital to participate in China's capital market to further improve the degree of,Financial services infrastructure has reached the international advanced level,Effectively promote RMB capital project basic convertible,To further enhance China's economic in the world of the resource allocation ability.

　　作为资源配置与财富管理的重要平台，中国资本市场肩负更加重要的历史使命。在未来的一段时间，我们需要不断加快市场化改革步伐，逐步建成一个与中国经济发展水平相适应的成熟资本市场，一个体系结构合理、运行机制完善、功能充分发挥、投资回报丰厚的国际一流资本市场，为支持与推动实体经济发展做出更大贡献。 （上交所资本市场研究所）

As the allocation of resources and wealth management an important platform,China's capital market has more important historical mission.In the future period of time,We need to speed up the marketization reform pace,Gradually built a and China's economic development, in order to mature capital market,A system structure reasonable/Operation mechanism perfect/Function into full play/Return on investment rich international first-class capital market,To support and promote the development of entity economy make greater contribution. (ShangJiaoSuo capital market research institute)