China's Securities Regulator Vows to Assist Market Innovation and Long-term Development

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Last updated at: (Beijing Time) Thursday, August 14, 2003

China's Securities Regulator Vows to Assist Market Innovation and Long-term Development

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Shang Fulin, chairman of the China Securities Regulatory Commission (CSRC), vowed Wednesday that the commission would provide assistance to the ongoing amendment of the Securities Law to safeguard market innovation and long-term development.

The head of China's securities watchdog noted that the amendment to the Securities Law would also lay a solid foundation for solving the problems prevailing in China's securities market.

The proper regulation of China's securities market relies on the healthy development of the market rules, said Shang, noting that assisting the amendment of the Securities Law and pushing forward the scrutinization of the Securities Investment Fund Law were among the priorities on the commission's agenda.

Shang also pledged that the commission would give full scope tothe securities market as one of the most vital direct financing channels for China's various financial institutions.

Improving the corporate quality of the listed companies, enhancing the competitiveness and optimizing the management of thesecurities companies were the major tasks that the commission faced, Shang acknowledged.

The CSRC has played a positive role in raising social capital and optimizing distribution of social resources, but there is still great room for improvement for the commission to safeguard the opening-up and stable development of China's securities market,Shang said.

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