Global EditionASIA 中文雙語Fran?ais
    China
    Home / China / Newsmaker

    Pioneer's bold steps created exchange

    By CHAI HUA and PEI PEI in Shenzhen, Guangdong | China Daily | Updated: 2020-08-24 09:12
    Share
    Share - WeChat
    Yu Guogang

    Yu Guogang was one of the first people to ring the trading bell after the opening of the first stock exchange in the People's Republic of China.

    In the almost 30 years since, he has witnessed the tremendous growth of the nation's capital market.

    Yu, 76, one of the founders of the Shenzhen Stock Exchange and a recipient of a national Reform Pioneer medal, said the principle of bold reform and cautious implementation guided him to accomplish the arduous task of establishing the Shenzhen exchange.

    The origin of China's modern-day securities market can be traced back to October 1986, when Shenzhen's city government issued interim provisions for a pilot program for shareholder restructuring of selected State-owned enterprises in the Shenzhen Special Economic Zone.

    In 1987, five selected enterprises started to offer shares to the public through three securities brokers. The securities market was taking shape in Shenzhen, but it still lacked national regulations and an official management committee.

    Yu was recruited to come up with draft security market regulations.

    "At that time, we did not have any resources. Our team worked in the living room of my home and borrowed some chairs and desks from the Bank of China," he recalled.

    In that environment, they translated and studied materials including rules and laws related to companies, accountancy, securities and exchanges in developed economies.

    Obtaining approval from the central government was also full of twists and turns. While Beijing was still considering the proper name for the imported financial system, the stock market in Shenzhen couldn't wait any longer because trading through securities brokers had developed into a chaos of illegal and insider dealing.

    In November 1990, the city's then Party chief, Li Hao, made the call to open trading on Dec 1 after examining a simulation created by Yu and his colleagues, even though Beijing had yet to give the green light.

    "Reform needs to be brave," Yu said. "We could be brave because we had done our best and checked everything out."

    Several days before the opening, he arranged to buy an opening bell from Hong Kong, which was the same as the one used at the New York Stock Exchange.

    On Dec 1, 1990, he rang the Shenzhen market's bell for the first time.

    "It was like the birth of my own child and my eyes were filled with tears," he said, still excited and proud when recalling the historic moment.

    His work laid a sound foundation for the financial institution to develop technology into one of its most significant advantages, having developed key technologies for trading, surveillance, information disclosure and the financial cloud, as well as leading the exchange to achieve computerized trading, paperless settlement, satellite-supported communication and abolishment of the trading floor.

    After more than 17 years of uninterrupted operation, the bourse also started to export its technology, with the latest move to build a trading and surveillance system for the Pakistan Stock Exchange.

    The total market value of the more than 2,200 companies listed in Shenzhen reached 23.7 trillion yuan ($3.4 trillion) last year.

    Looking ahead, the retired pioneer said he firmly believed reforms will continue and the biggest challenge for the Shenzhen Stock Exchange this year is to speed up the registration-based reform of the ChiNext board.

    "When facing reforms, we need to be confident and, meanwhile, have all-inclusive preparations and far-reaching strategies," he said, adding that had been the spirit guiding him to advance reforms since the founding of the exchange.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
     
    一二三四社区在线中文视频| 中文字幕精品亚洲无线码一区应用| 一本一道av中文字幕无码| 日本无码色情三级播放| 中文字幕无码日韩专区免费| 日韩AV无码久久一区二区| 亚洲日韩AV一区二区三区中文 | 久久亚洲精品无码aⅴ大香| a中文字幕1区| 国产精品无码无卡在线播放| 国产品无码一区二区三区在线蜜桃| а√在线中文网新版地址在线| AV大片在线无码永久免费| 亚洲国产精品无码久久一区二区| 国产中文字幕乱人伦在线观看| 亚洲综合最新无码专区| 18禁裸乳无遮挡啪啪无码免费| 色欲A∨无码蜜臀AV免费播| 国产成年无码久久久免费| 无码人妻精品一区二区蜜桃网站| 欧美日韩中文在线| 天堂资源中文最新版在线一区| 中文字幕av高清片| 亚洲 欧美 国产 日韩 中文字幕| 成 人无码在线视频高清不卡| 国产AV巨作情欲放纵无码| 免费无遮挡无码永久视频| 免费A级毛片av无码| 人妻丰满熟妇无码区免费| 人妻系列无码专区无码中出| 无码人妻视频一区二区三区| 亚洲av无码av制服另类专区| 无码人妻精品一区二区三区66| 亚洲av无码成h人动漫无遮挡| 亚洲AV无码欧洲AV无码网站| 亚洲va中文字幕无码久久不卡| 亚洲国产无套无码av电影| 少妇人妻偷人精品无码视频 | 国产成人无码一区二区在线观看| 一区二区三区在线观看中文字幕 | 国产成人三级经典中文|