By Guo Lihong　

Date: 2004/03/29

Abstract:

The article introduces the development process of the multi-level stock market in terms of NASDAQ and the one in Taiwan and analyses the main reasons for the absence of a multi-level stock market in China. It points out that the so-called "second board" and "third board" markets cannot be regarded as a multi-level stock market and the establishment of a multi-level stock market can not rely on the Shanghai and Shenzhen stock markets.