With the establishment of the socialist market economic system and the new financial system, China's financial market is developing in constant exploration. At present, the financial market system with clear division of labor has basically taken shape and has become an important part of the socialist market economic system. First, a relatively perfect money market has been established. The money market in China mainly includes interbank lending market, interbank bond market and bill market. 1996 1 established a national unified interbank lending market, and formed a national unified interbank lending market interest rate (CHIBOR) for the first time. Since June 1996, the People's Bank of China has lifted the ceiling of interbank lending rate and fully liberalized the lending rate. The formation of a unified lending market has ended the situation of market segmentation and multi-head lending, standardized the lending behavior of financial institutions, improved the financing efficiency among banks, promoted the marketization of interest rates, and provided conditions for the central bank to strengthen macro-control. In recent years, the trading volume of the interbank lending market has expanded year by year, and by the end of 200 1, the accumulated turnover has reached 3.4 trillion yuan. The interbank lending market has become the main place for financial institutions to manage their positions. From June 65438 to June 0997, China established an inter-bank bond market, allowing commercial banks and other financial institutions to buy back government bonds and policy financial bonds and buy and sell cash bonds. At present, the inter-bank bond market has become the fastest growing and largest capital market, and it is also an important platform for the central bank to operate in the open market. By the end of 200 1 period, the cumulative transaction volume of bond repurchase reached 6 1 trillion yuan, and the cumulative transaction volume of cash bonds was1597.6 billion yuan. China's bill market is dominated by commercial bills, which has developed steadily in recent years. The bill market is gradually becoming an important way for enterprises and banks to improve liquidity management and avoid risks in short-term financing, and it also provides a transmission mechanism for the central bank to implement monetary policy. At the end of 2000, the discounted balance of commercial bills in China was 65.438+023.63 billion yuan, an increase of 654.38+054.2% over 654.38+0999. The rediscount balance of the central bank was 65.438+025.827 billion yuan, an increase of 654.38+0565.438+0.5% compared with 654.38+0999. 2. Standardized development of the capital market. In April, Shanghai Stock Exchange and Shenzhen Stock Exchange were established. After 12 years of reform and development, China has formed a national capital market system with bonds and stocks as the main body, including stock exchanges, market intermediaries and regulatory agencies, and relevant trading rules and regulatory measures are improving day by day. By the end of 200 1160 listed companies in China, with a total market value of 4.35 trillion yuan and a circulating market value of 1.45 trillion yuan, with a ratio of total market value to GDP of 45.4%. Since 199 1, A, B and H shares have raised a total of 770 billion yuan. The securities market has played a very important role in reforming the investment and financing system, promoting the adjustment of industrial structure, promoting the transformation of enterprise management mechanism and improving the corporate governance structure. The rapid development of the stock market can also be reflected in the expansion of the fund-raising scale in the stock market and the change of the ratio of the fund-raising amount in the stock market to the increase in bank loans. 1993, the amount of domestic stock financing was 27641000000 yuan, accounting for 4.36% of the increase in bank loans, while in 2006, it was 5438+0.1.821500 million yuan, and the proportion of domestic stock financing in the increase in bank loans rose to 9650. In addition to the rapid development of the stock market, the expansion of bond issuance, especially the expansion of national debt and policy financial debt, is also an important force to promote the expansion of China's financial assets and change the structure of financial assets. 1986 when issuing corporate bonds and financial bonds, the balance of national debt accounted for 73% of the balance of various bonds. After 1994, the absolute scale of national debt issuance increased rapidly, and the proportion of national debt issuance to GDP also increased. 1995 newly opened policy financial bonds, forming a situation in which government bonds and policy financial bonds * * * dominate the bond market. By the end of 20001,the balance of national debt, policy financial debt and corporate debt were1561800 million yuan, 853.448 billion yuan and100863 million yuan respectively, and the balance of national debt and policy financial debt accounted for 96% of the total bond balance. 3. The depth and breadth of the insurance market are constantly expanding. China's insurance market is developing rapidly, with increasingly rich insurance business types, gradually expanding insurance business scope and rapid growth of premium income. At the end of 1989, the national premium income was142.4 billion yuan, 200 1 year, and 2109.4 billion yuan, with an average annual increase of 25.2%. 200 1 year, China insurance agent * * * underwritten property 19.3 trillion yuan. The ratio of annual premium income to GDP (insurance depth) was 2.2%, up 0.4 percentage points year on year, and the per capita premium income (insurance density) was 168.8 yuan, up 4 1. 1 yuan year on year. Insurance companies paid 59.83 billion yuan, an increase of 7.09 billion yuan. Commercial insurance has become an important part of China's social security system. The development of insurance market has played an important role in safeguarding economy, stabilizing society and benefiting people. 4. Development of foreign exchange market1In April 1994, China established a unified national inter-bank foreign exchange market in Shanghai, which centralized and unified the original scattered foreign exchange transactions, laying an important market foundation for the success of the reform of foreign exchange management system and the formation of a single and managed RMB exchange rate system. In the past eight years, the efficiency of the inter-bank foreign exchange market has been continuously improved and the transaction scale has been continuously expanded. At present, the inter-bank foreign exchange market has opened transactions of USD, JPY, HKD and EUR against RMB. By the end of 20001,the accumulated transactions in various currencies were equivalent to US$ 439.77 billion, excluding US$ 75 billion in foreign exchange transactions in 20001.