Watchdog vows to promote stable stock market

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Last updated at: (Beijing Time) Friday, February 13, 2004

Watchdog vows to promote stable stock market

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Shang Fulin, chairman of China Securities Regulatory Commission (CSRC), said here Thursday the CSRC would endeavor to promote reform of China's securities sector and the stable and healthy development of the capital market.

Shang told a national securities and futures regulatory conference that the recent State Council policy paper on boosting China's capital market had made a thorough and systematic summary of the development of the capital market and set goals for future growth.

"We should take this opportunity to further vitalize the securities market," Shang said.

Shang reviewed the CSRC's work over the past year, saying it had successfully established and implemented regulations and policies to strengthen the infrastructure of the securities market and restore the market confidence and concrete market regulation systems.

China has 1,287 domestic companies listed in the equity marketsat home and abroad, with a total value of 4.24 trillion yuan (517 billion US dollars ).

The CSRC had 133 securities companies registered with total assets of 561.8 billion yuan.

Shang said China's securities regulation work would focus on maintaining the sustainable and healthy development of the capital market, strengthening the regulatory role and services and improving market systems this year.

Reforms of the listing and refinancing system, risk management,market operation mechanism, and securities and futures regulatory system would continue, Shang said.

Shang also outlined key tasks for 2004. He pledged the CSRC would continue to fortify its regulatory role in the stock market and improve its work strictly in accordance with laws and regulations.

The risk management mechanism, proper resolution of historical issues and better protection of investors' interests were vital to laying a solid foundation for a competitive investment and financeenvironment, he said.

The annual working conference of CSRC was held from Feb. 10 to 12, and securities regulators and representatives of major Chinesesecurities brokerages attended.

Source:xinhua

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