<正> Ⅰ.EXPANSIONThe establishment of securities market in China has been considered one of its important and controversial economic reform policies.Billions of dollars of treasury bills,corporate bonds and shares have been issued and traded all over the nation.Securities exchanges were set up in Shanghai and Shenzhen by the end of 1990 and in early 1991.Since then,securities market in China has undergone rapid expansion.The