Publishing Notes

This research report is the 23rd annual China Capital Market Research Report, which is composed by Professor Wu Xiaoqiu—director of the Finance and Securities Institute（FSI）—and experts from FSI research team.Also, as the thematic report, it was submitted to“the 23rd（2019）China Capital Market Forum”，which was hold by Renmin University of China on January 12，2019.

Professor Wu Xiaoqiu organized the writing of this report, read the core contents after the completion of the writing and finalized the last version with certain necessary amendments.Professor Zhao Xijun reviewed the English version and put forward some constructive suggestions.

This research report received substantial supports from the Social Science Department of the Ministry of Education.The serial China Capital Market Research Reports, which are composed by FSI research team and headed by Porfessor Wu Xiaoqiu, have been selected as a sponsorship project in Philosophy and Social Science Development by the Ministry of Education since 2011.Also, this research report obtained enormous assistance from Xinyuan Real Estate Co.Ltd.，Guorong Securities Co.Ltd.，Chongyang Institute for Financial Studies and China Renmin University Press.We would like to thank the institutions mentioned above.

This research report reflects the main opinion of the chief author, Professor Wu Xiaoqiu, as well as FSI on the modern financial system.

Finance and Securities Institute（FSI）of Renmin University of China

Jan.22，2019