Publication Statement

This research report is mostly written by Professor Wu Xiaoqiu, director of Finance and Securities Institute（FSI）of Renmin University of China, with the collective contributions from experts of FSI.It is the annual research report on capital market written by FSI for the 15th consecutive year and was presented to the 15th China Capital Market Forum（2011）held at Renmin University of China on Jan.8,2011 as the theme research report of the forum.The theme of the 15th China Capital Market Forum（2011）is“The ChiNext Market:Growth and Risk”.As a convention, FSI has a theme for its research report on capital market every year, the theme of the research report in 2011 is The ChiNext Market:Growth and Risk.

Invited by Professor Wu Xiaoqiu, Professor Dong Ansheng from Law School of Renmin University of China, Doctor Jiao Jinpu, Acting Vice Chairman of School Administration Committee, Graduate School of PBC, took part in the discussion of this research report, writing and reviewing some parts of its important content, which enriched the academic field of the report.

Professor Zhao Xijun, Dr.Shi Wei, Professor Ying Zhanyu helped professor Wu Xiaoqiu compiling this research report, Professor Zhao Xijun revised the English translation.Having checked the core content of the research report, professor Wu Xiaoqiu finalized the manuscript after some necessary modifications. This research report received substantial supports from the Social Science Department of the Ministry of Education, and has been selected as a sponsorship proj ect of Philosophy and Social Science Research（Development）by the Ministry of Education from 2011.The publishing style accords with the requirements of the Ministry of Education, so it is different from that of previous.We would like to extend our sincere thanks to Xinyuan Real Estate Co., Ltd.and China Renmin University Press who strongly supported its publication.

This research report shows the main viewpoints of the chief author and FSI on the development of GEM.

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

Jan 18,2011