Publishing Note

This research report with the chief-author professor Wu Xiaoqiu—director of Finance and Securities Institute（FSI）of Renmin University of China—as well as the experts from FSI research team is the 17thof the serial research reports on capital market, which is also the keynote research report of“the 17th（2013）China's Capital Market Forum”held by Renmin University of China on January 12,2013.

As invited by professor Wu Xiaoqiu who hosted this forum, Jiao Jinpu—secretary of Financial Consumer Protection Bureau of People's Bank of China, personally wrote the part on monetary policy analysis.

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 chiefauthored 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.In accordance with the requirements of Ministry of Education, this research report will be published by Peking University Press from 2013.This research report is helped and supported by Xinyuan Real Estate Co.Ltd., Caida Securities Co.Ltd., Capital Markets and Peking University Press.We express our acknowledgement to above institutions.

This research report represents main standpoints of its host and FSI on the reform and development of China's capital market.

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

February 23,2013