This book focuses on the history and the whole process of China’s organized capital markets, especially the stock markets from scratch since the end of the planned economy, and presents the dynamic evolution in the China’s capital markets. In order to reveal the internal logic of China's capital market development and changes with the transitional and emerging characteristics, this book builds the "capacity to endowment-induced capital market development theory" architecture, and integrates it into the "government-led capacity-building" which is a factor with Chinese characteristics. This book strives to reveal the early development of China's stock market chaos and serious disorder and the structural reasons and historical conditions behind the rapid shift of the central government administrative control, and presents a panoramic view of China's capital market institutional arrangements, the rules of the game and behavioral patterns and how they shaped and evolved, and also studies future orientation and strategic focus of the development of China’s capital markets.