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Strategic transformation of capital market almost complete

(Xinhua)
Updated: 2007-01-19 14:59

The conditions for the strategic transformation of China's capital market are now almost all in place, said Tu Guangshao, vice chairman of the China Securities Regulatory Commission, at the 11th Capital Market Forum held Saturday at the People's University of China.

Every sector of the market now has a better understanding of the importance of the development of the capital market. The financial system is now essential in meeting China's economic and social strategic goals. Capital market development is now an important component of the financial market. The reform of China's capital market has created a system and institutional foundation for the strategic transformation of the capital market, including equity division and reform in all aspects of market-oriented development.

According to Tu, the principals of the market have been gradually set in place. For instance, the main listed companies have made certain structural adjustments. China will continue to regulate the operations of listed companies to ensure their continuous improvement.

A competition mechanism has been established in the intermediary market. Over the last two years, China has strengthened the comprehensive management of securities companies and has closed 30 unqualified companies. The effects of the regulation have been felt. The purpose of this says Tu, is to introduce a market-oriented competition system to intermediary institutions, including securities companies which will promote survival of the fittest and accelerate the development of qualified companies.

The latest data shows that after years of effort, the proportion of capital from institutional investors in the securities market is now approximately 30 percent, and in the mobile market approximately 40 percent. Institutional investors continue to expand and grow. Moreover, the legal system is improving. Measures such as the revision of securities and company law are being carried out.

However, we should not be blindly optimistic about the reform of the capital market, despite the rapid opening of China's capital markets, warned Tu. There are still many contradictions and problems; the market is not yet fully mature and there are many problems in enterprise systems and the credibility culture. According to Tu, China should continue to promote the reform and the opening up of its capital market and consolidate its foundation.