Chinese President Meets US Banker ����Chinese president Jiang Zemin said that the Securities Law of China, which will become effective on July 1, will play an important role in regulating and maintaining the healthy development of China's securities markets. ����He said this on January 12 during a meeting with Frank G. Zarb, chairman and chief executive officer of the National Association of Securities Dealers, Inc. (NASD) of the Untied States. ����Jiang said that China's securities market is still in its initial stage and there is much room for improvement. ����He added that last year China was adversely affected by the financial crisis in Asia and suffered from severe flooding. However, China's national economy still enjoyed rapid development as the Chinese government adhered to its reform policy and adopted effective measures to tackle the problems. ����Zarb gave a briefing on computer-based stock transactions conducted by the Nasdaq Stock Market, Inc., which is affiliated with the NASD. Nasdaq is the world's first completely electronic stock market, existing without a trading hall. It has absorbed many hi-tech companies onto its listed issues, and its transaction volume is second in the world. ����Zarb said that the Shanghai and Shenzhen stock exchanges have advanced rapidly in recent years, and China has adopted the correct policy by opening its capital market gradually and discreetly. ����He added that Nasdaq would like to cooperate with its Chinese counterparts in advancing the technology of electronic stock transactions and the supervision of capital markets. ���� TopNews 1999-01-13 Page1 Full Story in Chinese