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一、深圳证券市场未来发展的立足点在珠江三角洲地区 深圳证券市场自1990年12月1日开始集中交易的四年来,取得了较大的成就,在规模上已发展成为立足华南、辐射全国、初步国际化的证券交易中心。证券业已成为深圳第三产业的龙头,在深圳唯有证券市场可当之无愧地称得上是全国性市场。 然而,从横向比较而言,深圳证券市场与国内其他市场特别是上海市场相比较,其发展势头明显减缓,与上海的差距在逐步拉大。在1993年以前,深圳可以毫不讳言地说是全国的股票交易中心,1991年深圳股票成交额5亿,上海17亿,1992年深圳为343亿,上海仅248亿;但1993年情况发生逆转,上海达2480亿,深圳为1280亿;1994年上海达5734亿,深圳为2400亿。在国债市场的发展方面,深圳的差距更大,1994年交易额不足上海的2％。 分析起来,导致深圳证券市场落后的原因很多,但有一点是肯定的,即光靠深圳本地的力量难以与上海抗衡,无论是在行政地位、人文背景、基础设施、产业结构,还是在中央的战略措施转移上,深圳都不是上海的对手。譬如说,由于深圳是
I. The foothold for the future development of the Shenzhen securities market In the four years since the Shenzhen Stock Market began to concentrate on trading on December 1, 1990, the Pearl River Delta region has made great achievements. On the scale, it has become a country that has based itself on radiation in southern China, The initial international securities exchange center. Securities has become the leading tertiary industry in Shenzhen, the only securities market in Shenzhen can be deserved to be called the national market. However, from a horizontal comparison, the stock market in Shenzhen has seen its development momentum slow down significantly compared with other domestic markets, especially the Shanghai market, and the gap with Shanghai is gradually widening. Before 1993, Shenzhen could literally be the nation’s stock exchange center. In 1991, Shenzhen’s stock turnover was 500 million, Shanghai 1.7 billion, Shenzhen’s 34.3 billion in 1992 and Shanghai’s only 24.8 billion. In 1993, however, the situation reversed 248 billion in Shanghai and 128 billion in Shenzhen. In 1994, Shanghai reached 573.4 billion and Shenzhen was 240 billion. In terms of the development of the treasury bond market, the gap between Shenzhen and Shenzhen is even greater. In 1994, the transaction volume was less than 2% of that in Shanghai. Analysis, leading to the Shenzhen stock market backward for many reasons, but one thing is certain that the local power alone in Shenzhen alone is difficult to contend with Shanghai, whether in administrative position, cultural background, infrastructure, industrial structure, or in the central On the transfer of strategic measures, Shenzhen is not an opponent of Shanghai. For example, because Shenzhen is