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2002520026OnRunningOurCountry'sFolkCapitalF823folkcapitalgovernmentfunds200110101123WTO2200112WTO3~53ABH3451AbstractFolkcapitalastogovernmentfunds,meansinordertopreservevalue,andtosatisfyforpersonalcapitalandfolklegalpersoncapitalofpurpose.NotuntilOctoberof2001,thetotalsamountofthefinancialasset,suchasdeposit,bond,stockastheindividualofourcountryhashad,etc.hasexceed1billionyuan,EquivalenttothevalueoftwostocksmarketofChina.Therefore,folkcapitalpotentialityisenormous.Witheconomicdevelopmentandtherelaxationofthestatepolicies,thefolkcapitalisdevelopedrapidly.Thisnotmerelyhelpstomeetthediversifiedmaterialofpeopleandneedofculture,promotethenationaleconomictodevelophealthilyrapidly,butalsotohasalreadycreatedalargeamountofemploymentopportunities,receivealargeamountofsociallayaboutandlaid-offworker,stabilizethecivilorder.Andfolkcapitalcanstimulatesthedomesticdemandtoacertainextent,alleviatedthedeflation;Thefavorabletechnologicalinnovation,drivestheappearanceofthenewindustry,andoptimizesthestructureofnationalindustryagain.Inaddition,itisdifficulttocarryonbyone'sownstrengthonly,andtheprocessisslow.Theparticipationoffolkcapitalmakestheirflexiblemechanismandoutstandingtalentofstate-ownedenterprisewithgoodequipmenttocombineperfectlyinjectingthestrongvitalityintoenterprisedevelopment.Thoughthecountrycancelsvariouskindsofdiscrimination2policies,improvesthesofthardwareenvironmentoffolkcapitalinvestment,theinvestmentamongthepeoplehasnotbeenexcitedeffectivelyasonesexpected.Itsmainreasonisasfollows:1Becauseoftherestrictionofthetradeandthegovernmentmonopolyaccurately,folkcapitalcomparedwithinvestmentorientationofthestate-ownedenterpriseislimitedinnew-typeserviceindustries,automobileindustry,etc.Evennotexpressedregulationsinthisfield,thegettinginvolvedoffolkcapitalneedsthrougheachofadministrativeexaminationandapproval.Thishassetupaseriesofobstaclesvirtually.2Thecreditextendingchannelisnotsmooth.Becausethefinancialsinstitutionofourcountrymostlybelongtostate-runnature,theyhaveoldthoughtinertia,andcreditaresingleinvariety.Sothebankcreditinclinetothoseenterpriseswithcostrelativelylow,risklittleheavyenterpriserelatively.Tosmallandmedium-sizedenterprisewithurgentdemandtotheloan,bankstakethepassiveattitude;Inaddition,TheregulationofcompanylawandSecuritiesMarketLaw,stockmarketlistsourcountryfolkenterprisetofinancefromsecuritiesmarket.3Thepoliciesandregulationsareimperfect.Theconditionoffolkcapitalandforeigncapitals,state-runassetsisnotonalineincompetitionqualification,thecompetitioncondition,competitionchance.Thismusthinderthecarryingoutofregulations,regulation,policy.WhileobtainingtheaccessiontotheWTOandabsorbingtheforeigncapitals,Chinahasopenedalotofoperationfieldsconstantlytotheforeigncapitals,andofferedthefavourandfacilityonalotofpolicies.AccordingtothedatathatStateStatisticsBureauoffer,inthethirdquarterof2001,thegrowthoftheinvestmentamongthe3peoplehasalreadylaggedbehindgrowthoftheforeigncapitalsgreatly.Soaccordingtoprincipleofnationaltreatment,governmentshouldcancelindustrypermit,suchdiscriminationtotheenterpriserunbythelocalpeopleoftherespectsasbankloan,lawregulation,urbanlandsupplyassoonaspossible.1Relaxingtheindustrypolicyoffolkcapital.AccordingtothespiritoftheFourthPlenarySessionoftheFifteenthCentralcommitteeoftheCPC,itmakesstate-runassetstocombineandstate-ownedeconomytowithdrawfromnon-strategicfield.Throughpurchasing,annexing,controllinginterest,makingoverbyshare,itencouragesthefolkcapitaltoparticipateintheenterprisereformandstructuraladjustment,expandsthefolkcapitalinvestmentfield.2Perfectingthecreditandextendingchannelofthefolkcapital.ThetradeagreementoffinancialserviceofWorldTradeOrganizationrequireseverymemberstatetocarryouttheprincipleofmarketaccessandprincipleofnationaltreatment.AfterChinajoinsWTO,thegovernmentpromisestoopenfinancialcirclesprogressivelyin3~5.Sowideningthecreditextendingchannelofthefolkenterprise,itnotmerelyincreasesseveralormoreprivatefinancialinstitutionorprivatelistedcompanies,butshouldweakenspecialpartialityandgifttotheforeigncapitalsandthestate-ownedenterprise.Thestate-runbankshoulddevelopthecreditofsuitingthesmallandmedium-sizedenterprise,strengthenthefinancialservicetothesmallandmedium-sizedenterprise,andstrengthenone'sownbusinesstoinnovate.Thegovernmentshouldperfectcapitalmarket,supportallkindsofownershipofqualificationenterprisetoissueA,B,Hstockfinancingandallowthesmallandmedium-sizedenterprisetoissue4bondfinancing.3Implementingthefairpropertytaxandpricingpolicy.Thereis,everydeductionsandexemptionsoftaxespolicywhichtheforeigncapitalsenjoyineverycountry,thefolkcapitalisequallyenjoyed.Makingthescientificpublicproductsandpricingsystemofservice,istoincreasethetransparencyofoperation.4Perfectinglaw'sregulation.Cancelingallpoliciesandregulationstakingownershipasdemarcationline,itdoesn'taccordwiththe15thNationalCongressreportandlawwhichrevisesspiritoftheninthNationalPeople'sCongress,Tomakefixedassetslawofinvestmentandantimonopolylawrelevantlawregulation,offersfolkcapitalheavylivingspace.5Devotingmoreeff