Promoting the Reform, Opening Up and Stable Development of the Capital Markets Several Opinions

(Issued by the State Council on January 31 2004.)

The people's governments of all provinces, autonomous regions and municipalities directly under the central government, all ministries and commissions of the State Council and all institutions directly under the State Council:

Since the issue of the State Council, Further Strengthening Macro-management of the Securities Markets Circular (Guo Fa [1992] No.68), China's capital markets have developed rapidly, and have attained extraordinary achievements. The capital markets are beginning to take shape, the market infrastructure is constantly improving, the system of laws and regulations is gradually being perfected and the levels of market standardization are being further raised. The capital markets have already become an integral part of the socialist market economy system, and have contributed significantly to the reform and development of state-owned enterprises and financial markets, the optimization of resource allocation and advancement of economic restructuring and development. The following opinions are hereby issued in order to carry out the spirit of the 16th National Congress of the Communist Party of China and the third plenum of the 16th Central Committee of the Communist Party of China to focus on the strategic goal of fully establishing a "moderately well-off society" and actively promote the reform, opening up and stable development of the capital markets.