Financing guarantee fund to be set up

China will establish a State financing guarantee fund and support leading innovative enterprises in going public as part of the country's efforts to make the economy more innovative and competitive, according to the annual Government Work Report delivered by Premier Li Keqiang on Monday.

The move comes close on the heels of the country's securities regulator reportedly speeding up the approval process of initial public offerings for technology and innovative companies in the domestic market. The fast-track IPO process has also prompted some of the overseas-listed Chinese companies to consider listing their shares in the domestic bourses.

Robin Li, chairman of leading Chinese search engine Baidu Inc, said on the sidelines of the annual two sessions that he was hopeful that his company would be able to list on the domestic stock exchanges as its major users and markets are in China, and it would be ideal if the major shareholders are also in China.