Capital market reform
Reform of China's stock market policies must be carried out cautiously and in line with actual market conditions, an editorial in China Business News said. Following is an excerpt from the editorial:
In the wake of last year's turbulence in the A-share market, Liu Shiyu, chairman of the China Securities Regulatory Commission, told the media that China's capital market must be regulated in a manner that is market-oriented and governed by law.
The regulatory chief, who pledged to press ahead with the introduction of a registration-based initial public offering system, said under no condition will China reintroduce a circuit-breaker mechanism in the coming few years. The mechanism was dismantled in January after it triggered sharp falls in stock indexes.