资源描述：
《30 years of economic reforms in china：retrospect and outlook》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、30YearsofEconomicReformsinChina：RetrospectandOutlookThe20thAnnualConferenceoftheAssociationforChineseEconomicStudiesAustralia(ACESA)30YearsofEconomicReformsinChina:RetrospectandOutlookTheStockMarketinChina:AnEndogenousAdjustmentProcessRespondingtoDemandsofEconomicReformandGrowthLila
2、iXuSchoolofEconomics,FinanceandMarketingRMITUniversityMelbourne,Vic3000AustraliaKBOhGraduateSchoolofManagementLaTrobeUniversityMelbourne,Vic3087><6AustraliaTheStockMarketinChina:AnEndogenousAdjustmentProcessRespondingtoDemandsofEconomicReformandGrowthby***LilaiXuandKBOhAbstract:Eval
3、uationsofChina’sstockmarketrangefrometxremelyfavourableassessmentsthatemphasiseGDPgrowthrates,financialdepthortheraipdgrotwhofprivatisationtoextremelynegativeassessmentsthatfavourmarketefficiencyorshort-termprofitabilitytotheecxlusionofalternativeinterpretations.ThispaperarguesthatC
4、hina’sstockmarket,whichismainlyaccessibletolargestate-ownedenterprises(SOEs),hasbeenadaptiveandeffectiveiftheemergenceandraipddevelopmentofthismarketisviewedbothasapartoffinancialdevelopmentandanendogenousadjustmentprocess,respondingtothedemandsofeconomicgrowthandchangesinpoliticalc
5、onstraints.Thisnotiwthstanding,thesuccessofChina’sstockmarketinchannellingfundstoSOEsforproductiveusesandinfacilitatingSOEreformandbankingsectorreformhasbeenattheeepxnseofindividualinvestors.Toupshfinancialdevelopmentintoanewphaseandtoachieveharmoniousgrowth,Chinawillhaveagreatdealo
6、fworktodointhecomingdecade.Keywords:Chinesestockmarket,financialdevelopment,economicreform????????????????????????????????????????????????????????????*SchoolofEconomics,FinanceandMarketing,RMITUniversity,Melbourne,Vic3000,Australia.**GraduateSchoolofManagement,LaTrobeUniversity,Melb
7、ourne,Vic308<6,Australia.1.IntroductionThestockmarketinChinahasdevelopedrapidlysinceearly1990,whenthetwostockexchangeswereestablished.In2007,theChinesestockmarketovertooktheJapanesemarketintermsofcapitalizationandtoppedtheworldininitialpublicofferings,underliningdramaticsurgeincount
8、ry’sfinancialsector
