Special Notes and Acknowledgement

This research report entitled the 2011 China Capital Market Study is chiefauthored by Professor Wu Xiaoqiu, director of Finance and Securities Institute（FSI）of Renmin University of China, which is the 15th of the serial research reports on capital market.

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.This research report is also helped and supported by Xinyuan Real Estate Co.Ltd., Finance and Securities Institute（FSI）of Renmin University of China, China Securities Journal, Qilu Securities Co.Ltd., Capital Markets.We express our acknowledgement to above institutions.