Since the Shanghai and Shenzhen Stock Exchanges were launched in the late 1990s, China's capital markets have made considerable progress over the past twenty years, transforming the country into a major capital market in the Asia-Pacific region and the largest emerging capital market in the world. Based on the methodologies of modern economics and finance as well as the Chinese experience, Evolution of China's Capital Markets aims to conduct an in-depth and systematic investigation of the history and development of China's capital markets. Factors affecting the development of China's capital markets such as institutional arrangement, game rules, modes of conduct, and capacity structure are examined. The book also forecasts the future orientation of China's capital markets.