China's Otc Market Building

Under the Market Economy,resource and finance is disposed mainly by the capital market,however,the single-level capital market could hardly meet for various bodies in the activities of investment and financing,and the Multi-level Capital Market which distributes resource between levels can satisfy the needs of bodies mentioned before. Taking a sweeping view of bodies mentioned before. Taking a sweeping view of countries and regions with developed capital market system with marked lenels and well connected joints, such as the capital market in America, which includes the Main Board Market, the Growth Enterprise Market, and also involves the Over The Counter(hereafter as the OTC)market.As for the improvement in the Market Economy and the great development in capital market in our country, it requires to speed up the establishment of the Multi-level capital market. In 2004 the Nine Comments about Push the Reformation of cultivating Multi-level Capital market. To push the construction of the Small & Medium Enterprise Board Market in June 2004. Then in Mar. 2008, the CSRC published the Measures for the Administration of Initial Public Offering and Listing of Stocks on the Growth Enterprise Market, which notified that the Growth Enterprise Market, which had been prepared for about 10 years, would soon open in Shenzhen Stock Exchange. And till now, added with the Stock Transfer Agent Sernices, which is widely viewed as the OTC Market in China, it has basically Market, the Small & Medium Enterprise Board Market, the Growth Enterprise Board and the OTC market.While as the major formation of Multi-level Capital Market, the OTC market in China is quite weak, slow deneloped and unclearly positioned, it has been the weakness of Multi-level Capital Market. Hence, strengthening the establishment of the OTC market, which is considerer as the foundation, is the key issue to denelop our Multi-lenel Capital Market mechanism.