The global stock market took on a boom in 2007. But when it came to 2008，major stock markets have suffered sharp fall under the influence of the financial crisis incurred by the American “subprime mortgage crisis”. In 2008，China’s stock market performs not ideal，the bonds market rises with sharp fluctuations，and the funds market is seriously damaged. Based on review of the international capital market and China’s capital market in 2008，the article makes a prospect with China’s capital market in 2009. It is predicted that Chinese economy may slow down in 2009 but the macroeconomic fundamentals are still nice：the inflation pressure will fall down and the issue of stock market regulation policies including margin purchase or short sale will make a foundation for stabilizing the market，but the international financial crisis influence can’t be neglected. Therefore，the stock and fund markets may bound in 2009 but it will be a long course for the jump from the valley to the peak，and the bonds market is prosperous.