Business / Markets

More research needed to launch new board for emerging industry: CSRC

(Xinhua) Updated: 2016-03-26 10:09

BEIJING - China's securities regulator said Friday that the establishment of a new board for growth enterprises requires further study and consideration.

The remarks came after media reported that the board may not be launched as planned because it was not included in the country's 13th Five-Year Plan outline adopted in the recently-closed annual parliamentary session.

The "strategic emerging industry board," still under research and being specific, will not necessarily be written into the national plan, a general blueprint for future development, spokesman of China Securities Regulatory Commission (CSRC) Deng Ge said.

Given that fostering emerging industries remains a national strategy, the CSRC will consistently support its development with better funding services provided by the capital market, Deng said.

The new board was scheduled to be set up in 2016 for domestic high-growth and innovative companies as the existing ChiNext startup board is not enough to serve a recent entrepreneurial wave.

The emerging industry boomed in recent years as the government boosted service sector and high-tech manufacturing to facilitate an economic overhaul. The industry's output is expected to account for 15 percent of GDP by 2020, up from the current 8 percent.

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