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沪深两所成立后,中国证券市场在行政机制的强力介入下走上了政府推动型成长道路,这次路径变迁带动了证券市场规模的迅速扩张,但是效率低下逐渐成为制约当前市场发展的一个根本性矛盾。中国证券市场下一步发展关键在于提高市场效率,而这有赖于实现证券市场成长路径的回归,为此,必须大力推动以市场化为主题、以效率为导向的新一轮制度创新。
After the establishment of Shanghai and Shenzhen Stock Exchanges, China’s securities market embarked on a path of government-driven growth under the strong intervention of the administrative mechanism. This path shift led to the rapid expansion of the securities market, but inefficiency gradually became a constraint to the current market development Fundamental contradiction. The key to the next step in the development of China’s securities market lies in raising market efficiency, which depends on the return of the path to growth of the stock market. To this end, we must vigorously promote a new round of institutional innovation that is market-oriented and efficiency-oriented.