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China plans to foster an active capital market as part of a national campaign on developing the country's western area.

"The central government is looking into a number of policies to support the formation and development of the western capital market," said Gan Fangqian, deputy director of the Regional Economic Development Department of the State Development Planning Commission (SDPC), at an International Symposium on developing China's western region held in Chongqing Monday.

Chinese officials of the western region participating in the symposium said they are taking measures to enhance the ability of local financial institutions in collecting funds, draw more idle funds to develop the economy, and encourage more high-tech companies to be listed on the stock market.

"As the largest city in western China, Chongqing is encouraging more overseas financial institutions to set up business offices here, setting up regional commercial banks, raising the amount of funds collected by banks, and making social assets more active," said Wang Hongju, vice-mayor of Chongqing Municipality.

Western Chinese provinces and Chongqing can collect funds through local banks, lotteries, and other kinds of funds, said Zhang Hanya, director of the Investment Research Institute of the SDPC.

A paper presented by the Chinese Academy of Social Sciences (CASS) at the Symposium suggests that a long-term bond exchange should be set up in western China to raise funds.

Scholars also suggest that western China should issue financial commercial bonds and take the lead to issue bonds for construction of local basic projects.

Venture capital investment funds should be established to support the development of high-tech and new industries in western China, they added. Funds for the development of western China, however, cannot be provided solely by the State.

"Western development initiatives will be a daydream without investment, making it an urgent necessity to boost the capital market," said Wei Houkai, a research fellow from the CASS Western Development Research Center.

People have increased their deposits in recent years and it is an ideal choice to invest the deposits in the capital market, economic experts said.

Restructuring the economic system will also provide a huge demand for the surge of the western region capital market.

Authorities said that the conditions for a soaring capital market have already become mature in western China, citing that the area already has securities and market intermediaries. Western China can learn from eastern China in developing its capital market.