Implement Market innovation, Strengthen Enforcement and Promote Standardization Presented by vice chairman, Mr. Geng Liang China Securities Regulatory.

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Presentation transcript:

Implement Market innovation, Strengthen Enforcement and Promote Standardization Presented by vice chairman, Mr. Geng Liang China Securities Regulatory Commission March, 2001, Kuala Lumpur

International Backgrounds Global integration Cooperation between regulators Merger or alliance between exchanges Growth enterprise market On-line trading

By the end of 2000: Listed companies: 1088 domestic; 52 overseas; 145 in 2000 Capitalization: RMB 4.8 trillion ( 1 USD = 8.3 RMB ), 50% GDP, 25% Investors accounts: 5.8 million Turnover: RMB 6 trillion, 91% Market Statistics

Market Statistics (continued) Daily average turnover: 25.3 billion, 94% Composite index: Shanghai: 2073, 51% ; Shenzhen: 635, 57% Max. Volatility: Shanghai: 50%, Shenzhen: 57% Highlights: table market movement, increasing turnover and growing confidence.

Latest Developments Increasing direct financing scale Setting up securities investment funds Fostering On-line trading Preparing the establishment of Growth Enterprise Market

Latest Developments (continued) Strengthening enforcement Improving corporate governance Permitting B share trading by domestic residence

Strengthening regulation Reinforcing enforcement capability Strengthening penalty Enhancing investor education Studying and learning from overseas experiences

Going Marketization -- Deregulation Reducing administrative intervenes, playing by market rules while strengthening legislation, enforcement and investor education

Going Marketization -- Deregulation (continued) Concrete measures have and about to take: Reform in stock issuance mode Reform in stock pricing mechanism Requirements of risk control management Implementing market innovation Further opening-up

Conclusion The Chinese securities market will continue to enjoy rapid developments It will gradually integrate into the world market