Three-minute quick glance： highlights of the second episode of the feature film ＂The Power of Capital＂

　　The TV feature film "The Power of Capital" jointly produced by the Financial Channel of the Central Radio and Television General Station, Shanghai Stock Exchange and Shenzhen Stock Exchange was broadcast on CCTV Financial Channel at 20: 00 pm from January 14th to January 18th.

　　This feature film consists of five episodes, each of which lasts for 30 minutes. The content structure revolves around the word "power". Based on the 40 years of reform and opening-up, this film tells the birth, growth, reform and development of China’s capital market in the past 28 years, as well as the powerful boost to China’s economic growth in this process.

　　On the evening of 15th, the TV feature film "The Power of Capital" aired the second episode "The Road to Growth".

△ Three-minute quick glance: the highlight of the second episode of the feature film "The Power of Capital"

　　The second episode, The Road to Growth, focuses on the birth and reform and development of the capital market.

　　This episode mainly tells about the growth of China’s capital market, including the birth of the first stock in China, the emergence and development of joint-stock system in China, the birth process and background of Shanghai and Shenzhen stock exchanges, the process and significance of share-trading reform, the establishment and development of small and medium-sized board, third board of Growth Enterprise Market and futures market, the development of investors and the maturity of investment ideas, and the gradual formation of multi-level capital markets.

　　In the 1980s, China was still in the era dominated by planned economy, and the market economy was just budding. In order to get rid of the management difficulties, some enterprises spontaneously implement joint-stock system and issue shares. Since then, various joint-stock enterprises have emerged in Beijing, Shanghai, Shenzhen, Chengdu and other cities. The emergence of a large number of stocks has promoted the demand for transferring, trading and buying and selling stocks. When there are thousands of joint-stock enterprises in China, it is put in front of decision makers to establish a standardized market for centralized stock trading.

　　On September 8th, 1988, the famous "Wanshou Hotel Meeting" was held in Beijing Wanshou Hotel, and then the Assumption on the Establishment and Management of China Securities Market was drafted, commonly known as the White Paper. It laid a theoretical foundation for China’s capital market.

　　1990 was the first year of Pudong’s development. The central government has proposed that one of the most important things to build Shanghai into an international financial center is to set up a stock exchange. On December 19th of the same year, Shanghai Stock Exchange officially opened in Pujiang Hotel.

　　Wei Wenyuan, the first general manager of the Shanghai Stock Exchange, recalled that at that time, the Shanghai Stock Exchange was full of red vests during the lunch break or closed in the afternoon, and there would be three or four thousand people at the peak.

　　On the morning of December 1st this year, Shenzhen Stock Exchange also started centralized trading.

　　The establishment of the two exchanges opened the curtain of China’s capital market. At that time, the national debt market, which had been resumed for ten years, had a total scale of more than 100 billion yuan and the capital market was booming.

　　By the end of 1999, there were 949 listed companies in China, with more than 48 million accounts opened by investors, and the total stock market value exceeded 2.6 trillion yuan. This year, China’s GDP exceeded 8 trillion, three times that of 1992.

　　Capital strongly supports the process of China’s market-oriented reform, but the institutional defects left over by history are beginning to appear.

　　In the early days of China’s capital market, state-owned enterprises began to publicly issue shares to the public in order to raise funds. However, because the problem of "the surname of capital is the surname of society" has not been completely solved, a special institutional arrangement has been set up. All publicly issued shares can be listed and circulated, while the existing shares of enterprises, that is, state-owned shares and legal person shares, cannot be listed and circulated. Since then, the stock of listed companies has been divided into tradable shares and non-tradable shares, which is the so-called share-trading system.

　　In 2004, China Securities Regulatory Commission initiated the share-trading reform. By the end of 2007, more than 98% listed companies in Shanghai and Shenzhen stock markets had completed or entered the share reform process. The reform of non-tradable shares was completed.

　　The share-trading reform is the most far-reaching institutional reform after the establishment of the capital market. The successful completion of the share-trading reform has eliminated the uncertainty of the market, improved the quality of listed companies, shaped the equity culture, successfully solved many problems that plagued the development of China’s capital market, and released greater potential of the capital market.

　　In the 40 years of reform and opening up, the growth of China’s capital market is not only the achievement of reform and opening up, but also the help of reform and opening up.

　　Since the establishment of Shanghai and Shenzhen Stock Exchanges in 1990, the curtain of China’s capital market has been opened. In the past 28 years, China’s capital market has grown from small to large, and it should be born from reform and opening up. In order to better help China’s economic growth and give full play to the power of capital, it has broken through again and again in the reform.

　　The film premiered on CCTV financial channel at 20: 00 pm from January 14th to January 18th, and will be replayed at 0: 00 and 15: 00 the next day, so please pay attention!