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People's Daily Online>>China Politics

Quotes on stock market development from political advisor Feng Peien

(Xinhua)

15:49, March 09, 2012

BEIJING, March 9 (Xinhua) -- Following are some quotes from Feng Peien, a political advisor, at the annual session of the Chinese People's Political Consultative Conference (CPPCC) National Committee on Friday:

-- Chinese shares dropped the most among global markets last year by slumping 21 percent in the Shanghai market and 28 percent in Shenzhen, bringing losses to 87 percent of China's 50 million individual investors, or an average loss of 40,000 yuan (6,349.2 U.S.dollars). Meanwhile, Chinese institutional investors suffered a loss of more than 400 billion yuan.

-- Only by forwarding reform and fixing loopholes in the current system could we fundamentally promote the sound development of the Chinese stock market.

-- Securities authorities should require listed companies offer mandatory cash dividends to shareholders to attract long-term investment.

-- A strict delisting system should be introduced to optimize the allocation of stock market resources and prevent risks. Only 1.82 percent of all the listed companies were delisted during the 21-year history of China's stock market.

-- Resignation of executives of listed companies should be strictly restricted to prevent massive profit-taking that could cause market panic.

-- To further protect investors' interests, more should be done to enhance civil compensation in securities market, improve the IPO approval system and curb corruption. Authorities should encourage the development of limited partnerships to increase the quality of listed companies.

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