Publishing Note

This research report with the chief-author Professor Wu Xiaoqiu, director of Finance and Securities Institute（FSI）, as well as the experts from FSI research team is the 16th of the serial research reports on capital market, which is also the key note research report of the 16th China Capital Market Forum（2012）held by Renmin University of China on January 7,2012.

As invited by Professor Wu Xiaoqiu who hosted this forum, Jiao Jinpu（director of Graduate Department of People's Bank of China）, Zhuang Yuanfang（vice-president of Xingye Securities Co.Ltd.）, and researcher Lin Shiwei, etc. participated in writing important parts of this research report.

Professor Zhao Xijun assisted to draft the report and review the English translation.Professor Wu Xiaoqiu read through key content of this research report and finalized the manuscript with some necessary corrections.

This research report received substantial supports from the Social Science Department of the Ministry of Education as the serial research reports on capital market chief-authored by Professor Wu Xiaoqiu has been selected as a sponsorship project of Philosophy and Social Science Research（Development）by the Ministry of Education since 2011, so that the publishing style of this report should be in accordance with the requirements of Ministry of Education which is far different with the former ones.This research report is also helped and supported by Xinyuan Real Estate Co.Ltd., Xingye Securities Co.Ltd., Caida Securities Co.Ltd., and China Renmin University Press.We express our acknowledgement to above institutions.

This research report represents main standpoints of its host and FSI on the past, present and future development of Chinese securities companies.

Finance and Securities Institute（FSI）of Renmin University of China

Jan 20,2012