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CSRC Chairman deliveries a speech at Asian Financial Forum (5)

(People's Daily Online)

20:51, January 14, 2013

Sixth, to build a multi-tiered capital market. While improving the main board and the SME board, we also try to develop an OTC market, by setting up the national SME stock transfer system, or the so-called “new third board”, and try to bring the regional equities trading venues under regulation.

Seventh, to promote the development of corporate bond market. An inter-ministry coordination mechanism was set up to develop the corporate debt market. Now, the regulatory standards are more coordinated; the inter-bank market and exchange-traded market are more interconnected; cross market law enforcement is more effective. In addition, we have launched SME private placement bond, the so called high yield bond, which raised a total of 8.41 billion RMB Yuan by the end of December last year. Those products can provide more diversified channels for SMEs to raise funds.

Eighth, to nurture more institutional investors. We have eased the rules to attract social security funds, insurance companies, trust schemes, private equity funds and other professional institutional investors, and encourage the development of various kinds of wealth management products and agencies. We have made great efforts to bring in long term overseas investors. Last year, we added another 50 billion US dollars to the total investment quota for the QFII scheme, and increased the RQFII investment quota by 250 billion RMB Yuan. Three exchanges conducted the first global road show to overseas institutional investors, which have generated encouraging results.

Ninth, to strengthen law enforcement in the market. We have improved the legal structure, and stepped up for enforcement, with zero tolerance towards violations. Last year, we have initiated investigation of 143 cases, which is 24% higher compared with the year before. Among them, 113 cases have been formally filed, growing by 20%, and 33 cases have been submitted to the public security authorities, increasing by 32%. Beside that, 77 cases of administrative penalty have been completed.

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