China's law on securities investment funds due next year

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Last updated at: (Beijing Time) Sunday, August 25, 2002

China's law on securities investment funds due next year

Zhou Daojiong, member of the Financial and Economic Committee of the National People's Congress(NPC), said on Saturday China's law on securities investment fundsshould be released next year.

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Zhou Daojiong, member of the Financial and Economic Committee of the National People's Congress(NPC), said on Saturday China's law on securities investment funds should be released next year.

Zhou, also former Chairman of the China Securities Regulatory Commission (CSRC), said the draft law on securities investment funds, submitted on Friday to the 29th meeting of the Standing Committee of the Ninth NPC, "has been very well formulated" and was "sure to come out soon." He said he had every reason to believe the law would be issued next year.

Zhou stressed the securities investment funds law was "vital for the healthy and fast development of China's funds industry, as well as its stock market." Interim regulations for administering securities investment funds that were put into practice five years ago had created favorable market conditions.

"Now it's about time to have a law," said Zhou.

In 1999, members of the NPC's Financial and Economic Committee, together with CSRC members and relevant experts, set up a group to draft the law.

Over the past three years, the group has done a lot of research on the state of China's stock market, its future development and potential problems. The group also consulted top minds from all fields of the industry, relevant government departments and universities to revise the draft.

The draft was currently in its eighth edition, Zhou said.

According to the legislative procedures of the NPC Standing Committee, before being formally issued, the draft law has to undergo three perusals by NPC Standing Committee members.

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