Strategic Choice Of China's Accession To The Wto After The Stock Market Internationalization

China's entry of WTO indicates that the gradual opening of China's securities market to the world, and can to speak not only opportunity but also is being faced with stern challenge. Securities market, as an important component in our finance and economy, appeared and developed basically in a relatively-closed and state-interfered environment during the past decade. In such a short period the overall development of it is gradual and slow, and its function and mechanism are not improved. Therefore, it's urgent for us to seize the right time and rhythm to improve and perfect our securities market. This paper states the developing situation and the existing problems in securities industry, combines the opening policy of securities industry , by way of international comparison to securities industry development now, and makes a deep study and discussion on how to regulate our securities industry strategically after China's entry of WTO.Chapter One begins with WTO's Service and Trade Agreement and introduces the open policy of the securities industry after China's entry of WTO, including principle acceptance, practical acceptance and time acceptance.Chapter Two introduces the attached developing module, independent developing module and relational developing module, and analyzes and compares them in detail. This indicates there are some substitutive and complementary relationship between securities industry and banking. Securities industry mixed together with banking is the general trend of the development. By the form of financial holding company, securities industry will be the closer partnership. This chapter discusses the three open modules by the examples of Japan, Chile and South Korea, and gains an experience lesson in securities market opening.Chapter Three states in detail the present developing situation of securities industry. This chapter also points out and analyzes the existing problems in the course of marketing, normalization and internationalizationof the securities industry from many aspects. Many abnormal and irregular elements existing in the development of China's securities industry are pointed out by comparing with the industry in the developed countries.Chapter Four states the influences on China's securities industry from monitor system, structure of the investors, secuities company, listed company and intermediary institutions. By comparing with the western developed contries, we can find China's securities industry is facing great pressure from competition. To overcome it, we must draw on the strong points of the advanced countries to make up for our own weak points.Chapter Five is the main idea of this paper. Facing with the challenge from the other countries in securities industry, we must regulate our securities industry. How to improve and perfect the monitor system, how to speed up the construction of securities system, how to improve the management of the listed companies, how to promote the internationalization of accountant and information revealing norm, how to improve the market participants' level and their morality, regain the market credit, how to conduct the conformity of domestic securities companies, to make the flashship in China's securities industry, how to perfect capital marketstructure and achieve the mutual exchange between capital market and money market , and how to enhance the innovation of system and products are all mentioned in this chapter. The emphasis is on the discussion of the adjusting strategies. That's to say, we should boost capital strength, construct the financial holding companies, carry on business innovation, develop international business, and introduce perfect talents and inspire them to devote themselves to the securities industry.