S&P plans reliable index product for investors in China

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Last updated at: (Beijing Time) Wednesday, February 18, 2004

S&P plans reliable index product for investors in China

Standard & Poor (S&P) is planning to set up reliable indices targeting China's A-shares market next month, says David Blitzer, S&P's managing director and chairman of the index committee.

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Standard & Poor (S&P) is planning to set up reliable indices targeting China's A-shares market next month, says David Blitzer, S&P's managing director and chairman of the index committee.

Blitzer said Wednesday in Beijing that he was in China was to complete cooperation with China's CITIC Securities to offer S&P/CITIC indices products in March.

S&P and CITIC Securities had reached an agreement to jointly develop a new series of indices covering China's A-share stock market.

Under the agreement, two new indices will be developed: the S&P/CITIC A-shares 300, a broad benchmark index; and S&P/CITIC A-Shares 50, a tradable index of the largest and most liquid stocks from S&P/CITIC A-shares 300.

Blitzer said that with a rapid growth rate, China's economy would soon be one of the two or three largest in the world.

"However, we realize that though we know about indices and we know about many markets in the world, we are not expert to China's market, and we are not even close," said Blitzer, explaining whyS&P looked to CITIC Securities as an organization with expertise on indices and China's equity market.

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