Implement Market innovation, Strengthen Enforcement and Promote Standardization Presented by vice...
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Transcript of Implement Market innovation, Strengthen Enforcement and Promote Standardization Presented by vice...
Implement Market innovation, Strengthen Enforcement and
Promote Standardization
Presented by vice chairman, Mr. Geng Liang
China Securities Regulatory Commission
12-13 March, 2001, Kuala Lumpur
International Backgrounds
• Global integration
• Cooperation between regulators
• Merger or alliance between exchanges
• Growth enterprise market
• On-line trading
By the end of 2000:
• Listed companies: 1088 domestic; 52 overseas; 145 in 2000
• Capitalization: RMB 4.8 trillion ( 1 USD = 8.3 RMB ), 50% GDP, 25%
• Investors accounts: 5.8 million
• Turnover: RMB 6 trillion, 91%
Market Statistics
Market Statistics (continued)
• Daily average turnover: 25.3 billion, 94%
• Composite index:
Shanghai: 2073, 51% ; Shenzhen: 635, 57%
• Max. Volatility:
Shanghai: 50% , Shenzhen: 57%
• Highlights: table market movement, increasing turnover and growing confidence.
Latest Developments
• Increasing direct financing scale
• Setting up securities investment funds
• Fostering On-line trading
• Preparing the establishment of Growth Enterprise Market
Latest Developments (continued)
• Strengthening enforcement
• Improving corporate governance
• Permitting B share trading by domestic residence
Strengthening regulation
• Reinforcing enforcement capability
• Strengthening penalty
• Enhancing investor education
• Studying and learning from overseas experiences
Going Marketization-- Deregulation
• Reducing administrative intervenes, playing by market rules
• while strengthening legislation, enforcement and investor education
Going Marketization-- Deregulation (continued)
Concrete measures have and about to take:
• Reform in stock issuance mode
• Reform in stock pricing mechanism
• Requirements of risk control management
• Implementing market innovation
• Further opening-up
Conclusion
• The Chinese securities market will continue to enjoy rapid developments
• It will gradually integrate into the world market