本报告是中国人民银行正式对外发布的第一个关于金融市场的报告。报告全面回顾了我国金融市场发展的历程和主要情况，系统地总结了近年来我国推动金融市场发展的成功经验和存在的问题，明确提出了我国金融市场发展的重点和方向，对于了解我国金融市场的创新和发展，具有重要的参考价值。

PartⅠ Overview

1.The Environment of Financial Markets Development in China

 1.1 Domestic Economic and Financial Environment

 1.2 International Ecomnomic and Financial Enironament

2.China s Financial Market Development in Retrospet

 2.1 Financial Markets System was Broadly Established

 2.2 Firnancial Markets Functions were Steadily Strengthened

 2.3 Financial Markets Institutional Building was Improving

 2.4 Financial Markets Opening up was Accelerated

3.Development trategy of China s Financial Markets

 3.1 Promotiong Innovation and Nurturing the Market Operation Mechanism

 3.2 Accelerationg Development and Establishing a Multi-layer and Orderly financial markets System

 3.3 Strengthening Standardization and Optimizing Financial Market Environment

 3.4 Focusing on Coordination and Promoting the OverallDevelopment and Opening up of the Financial Markets

PartⅡ Operations of Financial Markets

1.Money Market

 1.1 Inter-bank Lending Market:Transaction Volume Declined Steadily

 1.2 Repo Market:Transatctions are Vibrant and Turnover Hit a Historical High

 1.3 Bill Market:the Size Expanded Rapidly

2.Bond Market

……

3.Stock Market

4.Foreign Exchange Market

5.Futures Market

6.Gold Market

7.Insurance Market

PartⅢ Building the Financial Markets

1.Product Innovation

2.Institutional Building in the Financial Markets

3.The Cultiation and Development of Transaction Players and Intermediaries

4.Infrastructure

PartⅣ Selected Topics Analysis

Topic1 Restructuring Social Financing

Topic2 Monetary Policy and Ffinancial Markets

Topic3 A Study on Term Structure of Deposits and Loans

Topic4 Improving Financial Ecology and Developing Financial Market

Topic5 Standardization and Development of Credit Rating

Topic6 Social Security System and Financial Market

PartⅤ APPendix

AppendixⅠ Financial Markets Highlights in 2005

AppendixⅡ Statistics of China Financial Markets

Postscript