China’s capital market did not exist until 1989. In 1988, Gao Xiqing and some of a few other US-retuned Chinese scholars eventually convinced the Chinese government officials of the necessities and benefits for China to have its own stock market. Gao considers this as one of the most unforgettable moments of his life. Years later, Gao even served two terms as vice chairman of China Securities Regulatory Commission. He firmly believes that it was an open society in the 1980s which had made China’s capital market possible. He considers the job of a regulator is not to be afraid of challenges but to try solving them.
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