9. The Establishment and Development of Financial Market

Since the reform and opening up, with the rapid development of social economy, the financial market which was completely suppressed has gradually developed, and a complete financial market system consisting of money market and capital market has been formed so far. During the formation of the financial market, it initially sprouted with the development of social enterprises, and then developed rapidly and disorderly under the strong impetus of local governments to develop the economy. After the “August 10 Incident” in Shenzhen, the financial market gradually transited to the central government’s leadership, and gradually shifted to the government-led and market-driven transformation, so far, the degree of marketization has been deepening. Although the development of the financial market has experienced twists and turns, and direct financing has lagged behind indirect financing for a long time, it has become an important force to promote the development of China’s real economy, in line with the path of gradual economic development.