Chinese Capital Market: The Third Pattern
- WU Xiaoqiu, HE Qing, FANG Minghao
- Renmin University of China, 100872.
After more than 30 years of exploration, China's capital market is shaping a third development pattern other than the conventional market-based or bank-based ones, by taking advantage of top-down planning, absorbing the established theories and experience of developed capital markets and integrating China's economic practice. This paper systematically illustrates the changes in the capital market's function and China's economic strategic transformation from three perspectives: the development logic, historic mission and exploration of a new pattern. It then proceeds to delineate the new objective and path of China's economic development, and encapsulates the third pattern as a dual-core model with both the market and banks serving China's economic strategy. The long-run development of the capital market relies on the improvement in statute and transparency. The market should be refined by coordinating law and the market mechanism.
JEL：G10, K40, O16
- Capital Market, The Third Pattern, Transparency Building