少妇无码精品23p_亚洲一区无码电影在线观看网站 _悠悠色一区二区_中文字幕亚洲无码第36页

China is committed to speeding up the development and opening-up of its capital markets, but the government prefers a gradual approach to achieving this goal, a securities regulator said yesterday.

 

"The development of capital markets cannot be done in one day," said Tu Guangshao, executive vice chairman of the China Securities Regulatory Commission, in a panel discussion at the World Economic Forum China Business Summit in Beijing.

 

"It is a long-term effort and a systematic project in line with the country's economic development and reform of the financial sector," he said.

 

According to Tu, shortcuts cannot support sustainable growth. It is essential to first build a market structure, mechanisms and a regulatory foundation.

 

"The reform of the capital markets needs to rest on a solid foundation," he said, adding that more should be done to perfect the country's legal and property systems, corporate governance and even business culture, in addition to developing the market itself.

 

Ed K Smith, global chief operating officer and assurance strategy leader for PricewaterhouseCoopers, agreed that for them to be effective, securities reforms must follow a step-by-step process.

 

Policy makers need to focus on "reputation, ease of access, ease of exit, ability to do transactions and the implications of currency restrictions," he said.

 

"We have accomplished a great deal, but compared with mature markets, there is still a lot to be done," Smith said.

 

Smith is confident that capital markets can make progress if the reforms are focused on building market mechanisms and reducing government interference.

 

"Over the last few years, we have adopted reforms including the amendment of the securities law and share reform, which is still ongoing, to develop the capital markets," he said.

 

In addition, China has not only met, but exceeded its commitments to the World Trade Organization in terms of opening up its capital markets.

 

"The government is committed to further opening up the securities industry," Tu added.

 

Currently under review are previous opening-up measures to identify the sectors that have benefited and those that need further assistance.

 

In June, Swiss bank UBS won preliminary approval to invest US$200 million in state-owned Beijing Securities, the first deal giving a foreign firm control of a mainland securities brokerage house.

 

The restructuring of the securities industry will be completed either by the end of this year or early next year, which will create a more favorable environment to open up the sector.

 

Tu said that China is willing to allow competition in the securities market.

 

"China has learned from previous experience in developing the brokerage industry that competition and opening up are essential for sustainable development," he said.

 

Before 2005, China had 130 securities companies, which the industry watchdog initially hoped to develop through administrative protection.

 

However, 30 brokerages have since been shut down or gone bankrupt.

 

"Administrative protection will not lead to the growth of the securities industry," Tu stressed.

 

(China Daily September 12, 2006)