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2001年春节过后股市的连连下跌,使得中国股市笼罩着一种悲观气氛。由吴敬琏等经济学家引发的争论已暂告一段落,但中国股市所暴露出来的问题不能让人等闲视之。证监会主席周小川多次重申要坚决反对内幕交易和操纵市场的违法行为,管理层的强硬态度和监管决心由此可见一斑。但监管要想真正有力,还需要制度和技术上的配合。证券市场如何才能走出“一管就死,一放就乱”的怪圈?就此问题,本刊记者采访了证券界颇有影响的两位经济学家,请听他们的见解。
After the Spring Festival in 2001 after the stock market fell again, making the Chinese stock market shrouded in a pessimistic atmosphere. The controversy triggered by economists such as Wu Jinglian has come to an end, but the problems exposed by China’s stock market can not be ignored. Zhou Xiaochuan, chairman of the Securities and Futures Commission, has repeatedly reiterated that he must resolutely oppose illegal insider trading and market manipulation. This shows the tough management attitude and regulatory determination of the management. However, if regulation is to be truly effective, it will also require institutional and technical cooperation. How can the stock market walk out of the vicious circle of “one death on the one hand and the rest on the other?” On this issue, our correspondents interviewed two economists influential in the securities industry. Please listen to their views.