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Home >> Business
UPDATED: 20:38, June 08, 2006
China fulfills WTO commitments in securities industry: Official
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China has fully fulfilled its WTO commitments in the securities industry, Shang Fulin, chairman of China Securities Regulatory Commission (CSRC), said Thursday in Hong Kong.

By the end of 2005, seven Sino-foreign jointly-run securities company and 20 Sino-foreign fund management companies had been registered in China, Shang said.

In addition, China launched the Qualified Foreign Institutional Investor (QFII) scheme at the end of 2002, a move beyond the WTO commitments, said Shang who delivered a keynote speech at the 31st Annual Conference of the International Organization of Securities Commissions (IOSCO) that closed here on Thursday.

According to Shang, at the end of 2005, the CSRC promulgated the regulation on foreign investors' strategic investments in the Chinese mainland listed companies.

In the future, Shang said, the CSRC will continue to push forward with opening up of the Chinese mainland's capital market in line with three principles -- adopting an acting and progressive approach, drawing on valuable inputs and practices from other markets, and promoting a fair competition for mutual benefits.

So far, the CSRC has signed 29 bilateral memorandum of understandings (MOUs) with capital market authorities from 26 countries and regions. In 2005, the CSRC provided 34 cross-border assistance to overseas counterparts and received four assistance from abroad.

Talking about Hong Kong stock market, Shang said, being an international financial center, Hong Kong has become the first choice for overseas listing of Chinese mainland companies.

According to the statistics offered by Hong Kong authorities concerned, a total of 340 Chinese mainland-based companies have been listed in Hong Kong.

Source: Xinhua

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