By Zhang Chenghui, DRC

The book OTC Equity Markets in China: Development and Innovation (2013) consists of five chapters. The first chapter mainly summarizes the literature on the theory and practice of over-the-counter (OTC) equity markets, so that readers can, with a view of pioneering theories, follow the development trend of the OTC markets and get to know the latest market events. The second chapter focuses on the development history, current situation and existing problems of the OTC equity markets in China, to help readers get a full picture of the OTC equity markets in China. Chapter Three introduces the development of foreign OTC equity markets, summarizes the experience and lessons drawn from other countries and regions in the development of the OTC equity markets, and strives to find out some meaningful regularity as enlightenments for China’s development. Chapter Four mainly studies the operation mode and trading system of the major OTC equity markets in China. Chapter Five puts forward some policy suggestions on further improvement of OTC markets in China on the basis of an in-depth analysis of the existing institutional defects of OTC equity markets in China.

There are a number of well-known economists and experts working in the Development Research Center of the State Council (DRC). They focus their study on the major problems, and hot and difficult issues in national economic and social development. By integrating theory with practice and through relevant field surveys, they have completed many important research projects, which enjoy a profound influence both at home and abroad. In recent years, leading members of DRC have made positive efforts to improve the research management, increase academic exchanges, and further promote the quality and standard of research findings. In order to share in the related research results, DRC has, since 2010, selected some research findings each year and has them edited and published in the form of DRC Book Series.

Zhang Chenghui, Tian Hui and Zhu Mingfang, joint authors of the book and research fellows of DRC, give an overall introduction to the innovation and development of OTC equity markets in China. Due to festinate time and limited knowledge, there may be unavoidably mistakes and errors in the book. It is hoped that dear readers would not feel restrained to give their comments.