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1990年上海证券交易所与深圳证券交易所的正式成立标志着中国真正意义上的股票市场的建立。迄今为止,中国股票市场的发展已经经历了十多年的风风雨雨。1990年到1995年即“八五”期间,应该说是股票市场的试点阶段,市场监管很不规范,波动很大,投机气氛非常浓厚,股市经常被拉到高峰又跌到谷底;1996年到2000年的“九五”期间是中国股票市场全面发展时期,市场交易规模和市场容量迅速扩大,投资主体发生了很大变化,机构投资者的实力及平抑市场的作用不断加强,证券立法和监管力度不断加大,股票市场与经济增长的连动性也越来越大。
The formal establishment of the Shanghai Stock Exchange and the Shenzhen Stock Exchange in 1990 marked the establishment of a truly stock market in China. So far, the development of China’s stock market has experienced ten years of ups and downs. During the period from 1990 to 1995, during the “1985” period, it should be said that the pilot phase of the stock market was very irregular. Market regulation was very volatile and the speculative atmosphere was very strong. The stock market was often pulled to its peak and dropped to its lowest point. 1996 During the period from 1995 to 2000, the period of “95” was the period of all-round development of China’s stock market. The scale of the market transactions and the market capacity expanded rapidly. The main investors were undergoing major changes. The strength of institutional investors and the role of stabilizing the market continued to strengthen. Securities legislation and supervision are constantly increasing, and the linkage between the stock market and economic growth is also growing.