China pledged on Friday to push ahead with a broad range of overhauls to its financial markets as it seeks to encourage more efficient capital allocation, increase foreign investment and improve transparency of its markets.
In a wide-ranging statement of policy principles, the State Council, China’s cabinet, said it would develop a system for direct bond issuance by local governments, streamline the approval process for initial public offerings and remove some restrictions on the use of financial derivatives.
Separately on Friday, the Securities Association of China issued new rules governing I.P.O.s, a possible sign that listings will be allowed to resume after they being halted this year.
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