According to Michael Hasenstab, China has entered a completely new stage in building securities markets. He pointed out that policy innovations have very useful promotion for it. The author states that a well functioning government bond market are crucial for central bank's execution of monetary policy and can provide the capital market with much of information mentioned many aspects. And besides, he explain opposition of efficient or function markets which would be likely to seriously …showed first 75 words of 502 total…

…showed last 75 words of 502 total…the above criticism, the article raised many valuable statements about developing the efficient financial market. It is some useful for China's company to understand the basal circumstances and policy innovation to further improvement. However, the author should consider about more details based on the situation of our country. References ¡¤¡"online¡"Available: http:// www.frc.com.cn (2003, March) ¡¤He Zerong & Zou Hongyuan, 1995, The theory of international finance, Southweatern University of Economy and Finance Press, Chengdu.