Abstract: Since the inception of China capital market,there was a radical change of securities supply policy from the administrative auditing system under quota management to authoring system,from mainland preference,internal and overseas equality to prompt overseas bule-chip to return to A shares market and be cross-listed.Enlarging scale and optimizing structure of the market is the core of China's securities supply policy in future.The policy will not only induce the upgrading of market function but also conduce to the risk diversification,international of capital market and the transform of country development mode.It is the return of overseas blue-chips,corporate bond development,home company listing and high growth market construction that constitutes the strategic emphasis in process of the enforcement of the policy.

Key words: capital market, supply policy, national competitive strategy

摘要： 自中国资本市场试点以来,证券供给经历了从额度管理下的审批制到核准制,从内地偏好向内地与海外并重再到鼓励海外蓝筹回归的政策转变。着眼未来,以"扩大规模与优化结构"为核心的证券供给政策不仅是中国资本市场功能提升的基本前提与内在要求,而且对于防范金融风险、推进国际化以及国家发展模式战略转型具有重大意义。海外蓝筹股回归、培育公司债市场、上市公司母公司整体上市以及创业板建设是实施这一政策的战略重点。

关键词: 资本市场, 供给政策, 国家竞争战略