China's securities market reported a record turnover of 5.23 trillion yuan in 1999. The number of listed firms in the country rose to 949 by the end of the year. Capitalization of stocks reached 2.65 trillion yuan, up 36 percent from 1998.

Newly-listed firms raised a total of 124.3 billion yuan from both domestic and overseas markets in 1999, 30 percent higher than in 1998.

Analysts say that 1999 saw the most intensive and extensive reforms in the history of China's securities market, resulting in an improved regulatory system and a market-oriented appraisal system for initial public offering as well as expanded capital supply to the market.

Preferential policies were granted to high-tech enterprises in 1999. Such enterprises now account for 17 percent of listed firms in China.