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China to Open Second Board Early 2001
China's second board stock market might not be operational until early next year, according to Anthony Noeh, adviser to the China Securities Regulatory Commission.
The adviser was quoted by Friday's "Shanghai Securities News" as saying that the Chinese authorities have been actively pushing for the establishment of a second board market.
Since last year, reforms in the stock issuance system has seen the market playing a greater role in listings and improved performances of listing companies, intermediaries and the regulators.
Noeh told a symposium on listings in Urumqi, capital of Xinjiang Uygur Autonomous Region in northwest China that he has created conditions for the introduction of the second index.
However, he said an amendment to corporate laws would not be finished until the end of this year, and there are also regulations for the second board market that have to be drafted and implemented.
He predicted that if everything goes well, the second index would be operational by early next year.
Noeh stressed the importance of sound legal system and guidelines and regulations, especially those which protect the interests of investors.
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