Research on China´s stock exchange markets: Problems and improvement

Stock exchange markets facilitate savings and investment and are beneficial to improve the efficiency of national economic. But not all countries that have stock exchanges could maximize the functions of them. Based on the real practice in China, the paper analyses the main current problems and its´ ill effects on market participators in China´s stock exchange markets. Only if constructing of multilevel capital markets in China, could the capital markets improve the allocative efficiency of the entire national economic. This paper takes China´s securities markets as a complicated system which is greatly influenced by political, economic, legal and social environments, and then tries to construct a model of multilevel capital markets with Chinese characteristics in order to solve the problems fundamentally. The concrete paths to realize the goal are also discussed.