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1、外文文獻翻譯譯文一、外文原文原文：China'sSecondBoardI.SignificanceofandeventsleadingtotheestablishmentofaSecondBoardOn31March2009theChinaSecuritiesRegulatoryCommission(CSRCissuedInterimMeasuresontheAdministrationofInitialPublicOfferingsandListingsofSharesontheChiNext
2、[i.e.,theSecondBoard,alsocalledtheGrowthEnterpriseMarket]("InterimMeasures"),whichcameintoforceon1May2009.ThismarkedthecreationbytheShenzhenStockExchangeofthelong-awaitedmarketforventurebusinesses.Astheoriginalplantoestablishsuchamarketin2001hadcomet
3、onothingwhenthedotcombubbleburst,themarket'sfinalopeningcameafteradelayofnearly10years.Eversincethe1980s,whentheChinesegovernmentbegantofosterthedevelopmentofscienceandtechnology,venturecapitalhasbeenseeninChinaasameansofsupportingthedevelopmentofhig
4、h-techcompaniesfinancially.Theaim,ascanbeseenfromthenameofthe1996LawofthePeople'sRepublicofChinaonPromotingtheConversionofScientificandTechnologicalFindingsintoProductivity,wastosupportthecommercializationofscientificandtechnologicaldevelopments.Vent
5、urecapitalfundsdevelopedgraduallyinthelate1990s,andbetweenthenand2000itlookedincreasinglylikelythataSecondBoardwouldbeestablished.WhentheCSRCpublishedadraftplanforthisinSeptember2000,thestagewasset.However,whenthedotcombubble(andespeciallytheNASDAQbu
6、bble)burst,thisplanwasshelved.Also,Chineseinvestorsandventurecapitalistswereprobablynotquitereadyforsuchamove.Asaresult,Chineseventurebusinessessoughttolistonoverseasmarkets(aso-called"redchiplisting")fromthelate1990s.However,astheselistingsincreased
7、,sodidthecriticismthatvaluableChineseassetswerebeingsiphonedoverseas.Onthepolicyfront,in2004theStateCouncilpublishedSomeOpinionsonReform,OpeningandSteadyGrowthofCapitalMarkets("theNineOpinions"),inwhichtheconceptofa"multi-tiercapitalmarket"waspresent
8、edforthefirsttime.Afirststepinthisdirectionwasmadeinthesameyear,whenanSMEBoardwasestablishedaspartoftheMainBoard.AlthoughthereappeartohavebeenplanstoeventuallyrelaxtheSMEBoard'slistingrequirements,whichwerethesameasthoseforcompanieslistedontheMainBoa
