1．中国证券市场的成就在十多年的时间里,中国已经建立起一个发育完全、配备现代化直接金融机制的股票市场,对银行系统统领性的间接融资功能形成了竞争与补充。这显然是人们在十年前很难预料到的成就。股票市场的发展有助于减少中国企业的负债与权益比率,改善它们的资产结构。这对中国企业及银行系统的改革十分重要。目前,从中国两个股票市场的IPO里筹集到的资金已经超过了日本。2001年,上海和深圳股票市场筹集资金是香港的两倍。从2001年 1. China’s Securities Market’s Achievements For more than a decade, China has established a stock market fully developed and equipped with a modern direct financial mechanism, which has competed and supplemented the direct indirect financing function of the banking system. This is clearly the result people have come to expect ten years ago. The development of the stock market helps to reduce the debt-to-equity ratio of Chinese enterprises and improve their asset structure. This is very important for the reform of Chinese enterprises and the banking system. At present, funds raised from IPO in China’s two stock markets have surpassed Japan. In 2001, the Shanghai and Shenzhen stock markets raised twice as much money as Hong Kong. From 2001