CSRC Needs Repositioning: Securities Chief

Home>>Business

Last updated at: (Beijing Time) Thursday, December 05, 2002

CSRC Needs Repositioning: Securities Chief

DISCUSSION

CHINESE

SEND TO FRIEND

Zhou Xiaochuan, chairman of the China Securities Regulatory Commission (CSRC), said Thursday that the CSRC needs to reposition itself and shed some functions to adapt to the development of China's capital market.

Speaking at The China Conference: The Year of Capital, Zhou said that with the growth of the capital market, all parties in the market needed to pay attention to professional divisions and reposition themselves, and the CSRC was no exception.

The CSRC was easing its controls on operations where its supervision was no longer necessary, he noted. "Deregulation is aninevitable trend, let the market do what it can do."

He said some redundant regulations would be scrapped, some of the CSRC's functions would be transferred to self-disciplinary organizations, and the CSRC would concentrate on supervision.

The CSRC has abolished 32 administrative regulations, and a number of other regulations are being scrutinized and would be abolished soon, said Zhou.

Protection of small investors' interest underlined

Zhou Xiaochuan said that all investors in the capital market should be fairly treated, but the protection of moderate and small investors should be top priority.

Zhou told the audience of The China Conference: The Year of Capital that as supervisor of the market, the CSRC must play its role like a referee and fairly treat large and small shareholders and enterprises from different ownership systems.

But, he added, institutional investors usually enjoyed better protection and risk capabilities as they had the advantage of collecting and analyzing information. For this reason, the supervisory institution needed to attach special attention to the protection of small investors.

He explained that the protection of small investors referred to their rights as shareholders in information access, voting and benefits, including the right to obtain true, accurate and timely information. It must be ensured that investors knew all they should know when making investment decisions.

Questions?Comments? Click here

China Sets no Timetable for QDII, CDR: CSRC Chairman

China's Securities Market to Gradually Open Wider: CSRC Chairman

China's Top Securities Regulator Stresses Protection of Investors' Interests

Another Leap Forward for China's Development ( 4 Messages)

Countdown Begins for Damming Yangtze River ( 2 Messages)

Shanghai Wins World Expo 2010 Bid ( 8 Messages)

Beijing Has 1st On-campus Confucius Research Institute ( 15 Messages)

China, Russia Issue Joint Statement ( 2 Messages)