Capital market reforms to 'help drive economic growth'
By Li Xiaowei (China Daily)
Updated: 2006-09-22 08:46 A top official of China's
securities watchdog yesterday urged accelerated reform of the nation's capital
market, which will help it play a more effective role in promoting economic and
social development.
China Securities Regulatory Commission (CSRC) Vice-Chairman Tu Guangshao
said: "The investing public has not adequately shared the benefits of fast
economic growth. There is still a gap between what capital markets can offer and
what investors really demand."
Tu promised continuing support for the development of new investment products
and a market-based innovation mechanism.
"In the near future, we will step up our efforts for fixed-income instruments
such as corporate bonds of listed companies and asset-backed securities. We will
also launch new staple commodities futures contracts, financial futures, and
other financial derivatives," he said.
Tu made the remarks at the 2006 International Organization of Securities
Commissions (IOSCO) Emerging Markets Committee Meeting hosted by the CSRC in
Shanghai.
Indirect financing through banks has been decreasing in developed markets
since the 1980s, making their financial systems increasingly flexible, Tu noted.
In contrast, China's financial system has relied heavily on bank financing.
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