The China Securities Regulatory Commission (CSRC) announced on December 9 that the country's securities and futures sectors have basically solved problems with the Y2K bug.

Addressing a press conference, Xu Yaping, chief of the CSRC Y2K working team, said securities and futures markets will be able to continue their operations in the year 2000 and that the safety of investor's money and stocks is guaranteed.

Xu said all data on transactions closing on December 30 will be handed over to the CSRC, and then kept in safety deposit boxes at banks.

The CSRC has requested all dealers to disclose all Y2K information to investors. For those who want a 100 percent guarantee on the safety of their investments, Xu has advised them to go to their respective dealers and have all transaction information printed out.

According to Xu, China's securities has been working hard on resolving the Y2K problem for the last two years, with a leading group established in the CSRC and throughout the securities sector. All the exchanges, dealers and fund management firms have carried out thorough system examinations.

From 1998 to July 1999, five network tests were organized by the Shanghai and Shenzhen Stock Exchanges. On September 8, a system test was conducted on bank-related businesses.On December 4, the CSRC organized a Y2K emergency drill.

The CSRC has decided that the market will close from December 31 to January 2 for final examinations and tests. All computer systems would be ready for business on January 3, while January 4 would be the first business day for year 2000, the CSRC said. (Xinhua)