China to form solid, open capital market
By Zi Ben (China Daily)Updated: 2007-03-21 09:08
The Corporate Law and Securities Law, enacted on January 1, 2006, have brought about fundamental changes in the nation's capital markets because of a number of measures aimed at increasing corporate governance, creating more transparency and putting more power in the hands of shareholders.
A total of 70 related rules and regulations have been published since the government enacted the two laws. Among them were calls for the release of more detailed financial results, more consultation with shareholders, and improved auditing practices.
Premier Wen Jiabao said earlier in his government report to the National People's Congress that China would make great efforts to develop its capital market. The nation aims to build a multi-level capital market system and expand the size of direct financing.
According to Qi, the CSRC is studying a new efficient mechanism of issuing corporate bonds to develop the largely neglected market. The move is aimed at bolstering the undeveloped bourse-based bond market as soon as possible. It will also add more securities products in the stock market.
Shang Fulin, chairman of the CSRC, said earlier that a more efficient mechanism, led by the CSRC, is likely to be launched by the end of this year.
 | 1 | 2 |
(For more biz stories, please visit Industry Updates)
| ||