Publishing Notes

This research report is the 20th annual China Capital Market Research Report, which is composed by Professor Wu Xiaoqiu—director of the Finance and Securities Institute（FSI）—and experts from FSI research team. Also, as the matic report, it was submitted to“the 20th（2016）China Capital Market Forum”, which was hold by Renmin University of China on January 9,2016.

Professor Wu Xiaoqiu organized the writing of the report, read the core contents after the completion of the writing and finalized the last version with certain necessary amendments. Professor Zhao Xijun reviewed the English version and put forward some constructive suggestions.

This research report received substantial supports from the Social Science Department of the Ministry of Education. The serial China Capital Market Research Reports, which are composed by Professor Wu Xiaoqiu, have been selected as a sponsorship project of Philosophy and Social Science Research （Development）by the Ministry of Education since 2011. Also, this research report obtained enormous assistance from Xinyuan Real Estate Co. Ltd. , Huarong Securities Co. Ltd. , Capital Markets and Renmin University Press. We would like to thank the institutions mentioned above.

This research report reflects the main opinion of the chief author, Professor Wu Xiaoqiu, as well as FSI on the theory of financial crisis.

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

January 20,2016