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Law Essential to Regulate Securities Market: Li Peng
Law Essential to Regulate Securities Market: Li Peng
Law is indispensable to the development of the country's securities market, said Li Peng, Chairman of the Standing Committee of the National People's Congress (NPC).
The securities market plays an important role in the nation's economic construction and regulations are needed to ensure its sustainable development, said Li Friday at the first plenary meeting of the law enforcement inspection team of the NPC Standing Committee.
The Standing Committee of the NPC, China's top legislature, adopted the country's first Securities Law on December 29, 1998, which took effect on July 1, 1999.
Since the Securities Law was enforced, China Securities Regulatory Commission along with other authorities have done a lot to standardize and promote the market and have achieved satisfactory results, said Li.
However, the legislature and administration authorities should still keep an eye on the financial risk in the market and guarantee the interest of investors, said Li.
He also pointed out that authorities should pay enough attention to the new situations and problems in the diverse market.
It is still necessary for the authorities to learn ideas and suggestions from all sides such as investors and securities companies, he added.
Cheng Siwei, vice-chairman of the NPC Standing Committee, organized the meeting and made important remarks at the meeting.
The law enforcement inspection team of NPC Standing Committee will dispatch groups for inspections at Shanghai, Shenzhen, Wuhan and Chengdu.
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