皇冠体育app

皇冠体育app needs to change its laws to allow local governments and qualified companies to issue bonds, Zhou Daojiong, former 皇冠体育app Securities Regulatory Commission (CSRC) chairman, said yesterday.

"皇冠体育app needs to develop various bonds to finance its ambitious development plans for the country's massive hinterland," said Zhou at yesterday's Funds World 皇冠体育app 2003 in Shanghai, the nation's financial hub.

Zhou now serves as chairman of the Finance Committee under the Pacific Economic Co-operation Council (PEEC) 皇冠体育app Committee.

Funds World 皇冠体育app, organized by US-based Terrapinn, is a leading fund management forum held annually in Shanghai.

Currently, most of the bonds in 皇冠体育app are issued by the central government and relevant financial institutions, with very few by companies.

And local authorities have no rights to issue bonds.

"That's far from good enough," Zhou said.

Local governments in western regions, for example, can issue 10-year bonds for certain industrial and infrastructure construction projects.

But scientific feasibility studies and legislation are essential to support such bonds, he added.

Zhou also said private and overseas companies should take part in the country's bonds market, as well as the whole capital market.

Echoing Zhou's remarks, 皇冠体育app Construction Bank (CCB) president Zhang Enzhao said yesterday that local commercial banks "are also capable and to some degree better equipped" to participate in qualified foreign institutional investors (QFII) custody services.

Compared with foreign banks, local banks have abundant experience in domestic securities custody, advanced RMB fund settlement systems and a profound understanding of Chinese laws and regulations.

CCB, one of the country's "Big Four" State-owned commercial banks, is currently the custodian for HSBC's QFII businesses in 皇冠体育app, providing custody services such as application, clearing, settlement, accounting, investment monitoring and consulting, according to Zhang. "So far, all these operations have been running well," he said.

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