皇冠体育app

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Capital market reforms to 'help drive economic growth'

By Li Xiaowei (皇冠体育app Daily)
Updated: 2006-09-22 08:46

A top official of 皇冠体育app's securities watchdog yesterday urged accelerated reform of the nation's capital market, which will help it play a more effective role in promoting economic and social development.

皇冠体育app Securities Regulatory Commission (CSRC) Vice-Chairman Tu Guangshao said: "The investing public has not adequately shared the benefits of fast economic growth. There is still a gap between what capital markets can offer and what investors really demand."

Tu promised continuing support for the development of new investment products and a market-based innovation mechanism.

"In the near future, we will step up our efforts for fixed-income instruments such as corporate bonds of listed companies and asset-backed securities. We will also launch new staple commodities futures contracts, financial futures, and other financial derivatives," he said.

Tu made the remarks at the 2006 International Organization of Securities Commissions (IOSCO) Emerging Markets Committee Meeting hosted by the CSRC in Shanghai.

Indirect financing through banks has been decreasing in developed markets since the 1980s, making their financial systems increasingly flexible, Tu noted. In contrast, 皇冠体育app's financial system has relied heavily on bank financing.