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Financial reform to boost growth, benefit investors

(People's Daily Online)

16:28, November 26, 2012

The weak performance of China's stock market fully explains why there is widespread discontent among investors. The country's stock market has been on a steady decline since November 2010 despite a few brief rallies, and various stock indices have kept hitting new lows.

Furthermore, stock rallies are becoming weaker and weaker. For most investors, they have sadly suffered substantial losses from the battered Chinese stock market in the past two years, instead of making a fortune as they expected.

China's stock market remains young, but history proves that the stock market has its own rules. External intervention may change its short-term trend, but cannot change its long-term trend or market operating rules.

The main duty of regulatory authorities is to ensure an orderly and well-operating market by regulating market behavior and operations. They should solve such deep-seated problems as speculation in new or small-cap stocks, insider trading, and nonstandard information disclosure by promoting reforms and improving related systems.

The country has introduced a raft of policies and measures for improving its stock market since the beginning of the year, including establishing a market-oriented system, deepening the initial public offering system reform, encouraging listed companies to increase dividend payments, setting out rules for delisting from the Growth Enterprise Market as well as the main and second boards in order to gradually form a market-oriented and diversified delisting system, and attracting overseas and domestic institutional Investors and long-term investments.

The China Securities Regulatory Commission (CSRC), the country's securities watchdog, has actively improved related systems and rules, and formally issued more than 60 rules over the past year in order to meet the needs of market reforms.

Read the Chinese version: 深化金融改革 服务国计民生(热点聚焦)

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