33 years ago today, on January 15, 1992 (December 11, 1991 lunar calendar), China issued the first RMB special stock (type B stock). On January 15, 1992, China issued the first RMB special stock (type B stock) - B shares issued by Shanghai Vacuum Electronic Equipment joint stock company were subscribed in Hong Kong, Shanghai and other places. On February 22, Shanghai Vacuum Electronic Equipment joint stock company RMB special stock (B shares) was listed on the Shanghai Stock Exchange. The advent of Shanghai B shares is regarded at home and abroad as "a major breakthrough in China's financial system reform" and "a major innovation in Shanghai's expansion of financial reform", which marks that Shanghai's securities trading has since entered the international securities industry stage. Type B stocks refer to stocks marked with the face value of the stock in RMB and subscribed and traded in foreign currencies for foreign investors and investors in Hong Kong, Macau and Taiwan. Comment: A key step has been taken, and the next step is how to regulate the stock market.