吴晓求：这一生大概只为中国资本市场而来｜我们的四分之一世纪

Core Viewpoint - The article highlights the evolution and challenges of China's capital market through the insights of Wu Xiaoqiu, a prominent scholar and advocate for financial reform in China, emphasizing the need for continuous reform to achieve the goal of becoming a global financial center [4][20]. Group 1: Historical Context - The establishment of the Shanghai and Shenzhen Stock Exchanges in December 1990 marked the official birth of China's capital market [5]. - In the mid-1990s, there was skepticism in academia regarding the relevance of capital market research compared to macroeconomics, which led Wu Xiaoqiu to shift his focus from macroeconomic studies to securities investment [6][7]. Group 2: Key Contributions and Theories - Wu Xiaoqiu founded the Financial and Securities Research Institute at Renmin University in 1996 and initiated the China Capital Market Forum in 1997 to discuss long-term issues affecting capital market development [7]. - He proposed the "Capital Market Center Theory," arguing that the capital market is the core and foundation of the modern financial system, which was controversial at the time [8]. Group 3: Major Reforms and Developments - The stock market's value was equivalent to 50% of GDP by the end of 2000, with the Shanghai Composite Index rising significantly during that period [9]. - Wu Xiaoqiu identified the need for the split share structure reform, which addressed the liquidity barriers in China's capital market, leading to the publication of a foundational book on the subject in 2004 [12]. - The split share structure reform was initiated in 2005, marking a significant milestone in the development of China's capital market [14]. Group 4: Market Challenges and Responses - Following the completion of the split share reform, the Chinese stock market experienced a bull market from 2006 to 2007, with the Shanghai Composite Index increasing over 400% [15]. - The 2008 global financial crisis prompted Wu Xiaoqiu to advocate for reforms rather than short-term market interventions, emphasizing the importance of maintaining market transparency and fairness [16]. Group 5: Current Perspectives and Future Goals - Wu Xiaoqiu expressed concerns about the slow progress of reforms and the need for a dual-peak financial system, recognizing the significant role of commercial banks alongside the capital market [18]. - He highlighted the importance of continuous reforms in the legal and regulatory framework to combat issues like insider trading and fraud, which undermine market integrity [19]. - Wu Xiaoqiu's long-term vision includes the internationalization of the RMB and the establishment of China as a major global financial center by 2050, emphasizing the need for robust legal frameworks and market reforms [20].