On The Transformation Of Our Government Securities Market Regulation Approach

As the wave of new economy sweeping across the globe, the macroscopic economic policy of each county has changed against the traditional one in terms of its trend of motion and development. China is no exception a member of these countries. Being the second year of the new century, 2002 is doomed to be a significant year in China's bond market. The ratification policy of the issuing company's stock in market has come into being, thus marks the development of Chinese bond market has entered a brand new stage. The government's bond market policy has changed from taking on everything in administration to a brand new ratification form in order to suit the socialist market economy. Standardization marketing and legalization are undertaking like a raging fire.Considering our low-starting point in supervision policy as well as its changing history, the implementing of the new supervision policy can avoid no disjointedness when entering the international stage. So the author introduces that government must deepen the reform and transfer its power to lower levels according to the international conventions. Thus the implementing of registration will be a trend of history. It can be said that we have complete the earlier phase reform in the main-that's the reform of quantity-oriented expansion. Where we stand now is the crossroad of two roads, what we face now are two developing modes.At such a crucial moment, an overall survey on the changes of Chinese bond market as well as structural analysis with a microscopic significance are obviously very important and necessity. The highlights of the thesis are as follows:1.A good structure. The macroscopic policy is combined complete organism. The reader can obviously feel the microscopic changes and developments while experiencing a macroscopic survey. The microscopic survey clearly reflects the undertaking orbit and logic, thus makes the thesis a close-knit and impact one. The thesis emphasizes the main idea and its arrangement is very clear in terms of bothmacroscopic and microscopic survey.2.A new angle. The author ranks the order of influences brought by the macroscopic policy and the concrete reform methods, fully proves the following point of view:" The issuing of stock and the appearance of companies on market are the concrete epitome of the transform of Chinese government function, the transform of its economic system as well as the social vicissitudes." We can say that conducting a bond market survey through the angle of the reform in government administrative function is quite creative and enlightened.Through the angle of history, after a 20-year development. Our bond market has now initially established its own moving form work and market system. The future development tends to change from a quantity-oriented one to a deposit-oriented one. An retrospection and a theorized conclusion over the past 20-year structural development, changes as well as a future plan are both urgent and timely. The thesis gives an survey on the government's administrative system plus the sequential structural changes in bond market; states and concludes comprehensively the economic logic and the moving process of our bond market; analyses the institutional characters and the future trend of the present market. Thus it has finished a deep exploration on the advanced changes and development in market as well as its sequential significance on macroscopic economic reform and development.