IPO rules to be amended, says regulator

BEIJING - China will further amend the rules for initial public offerings (IPO) and cut red tape involved in the approval process in a move to substantially increase the proportion of direct financing, the country's top securities regulator said on Monday.

"We will further simplify the approval process and make the IPO mechanism more efficient and market-driven," said Zhu Congjiu, assistant chairman of the China Securities Regulatory Commission (CSRC).

Zhu, who is also a member of the National Committee of the Chinese People's Political Consultative Conference was speaking at a news briefing in Beijing.