China strives for steady growth of capital market
BEIJING, Aug. 8 (Xinhua) -- China will expand the reform and opening up of the capital market to ensure the market's healthy growth and better serve the country's supply-side structural reform and high-quality economic development, the securities regulator said Wednesday.
The country will implement policies to relax the control over the ratio of foreign investment in the securities sector, according to a statement from the China Securities Regulatory Commission (CSRC).
China will allow 51-percent foreign ownership of brokerages, futures dealers, and life insurers, and remove the cap entirely by 2021, according to a new negative list for foreign investment released in June.
The country will also make active preparations for launching the Shanghai-London stock connect program within the year, the CSRC said.
Efforts should also be made to amend rules on qualified foreign institutional investors to standardize and expand market access, it said.
The commission will continue to improve its systems for approving initial public offerings and supervising mergers and acquisitions while improving and resolutely implementing the delisting policies, the statement said.
It will also boost its capability of serving investment banks in a bid to explore the creation of investment banks with global competitiveness.
The CSRC pledged to enhance law enforcement and crack down on all kinds of violations to protect investor interests, especially the interests of small- and medium-sized enterprises.