Chinanews, Beijing, Dec. 12 – The China Securities Regulatory Commission will make unremitting efforts to improve related regulations and polices. On the premise of safeguarding national financial security, China will encourage more securities companies to open up and make sure that Chinese capital market can develop soundly and rapidly, said a spokesperson at CSRC.

 

CSRC is improving related regulations and policies in securities industry. The new regulations will loosen restrictions on foreign investors taking shares in domestic securities companies. Based on the new regulations, domestic companies will not only be encouraged to set up joint venture companies with their foreign counterparts, China will also allow current joint venture securities companies to expand their business scopes. The new regulations will be published soon.

 

The opening-up of securities industry is in line with China’s reform in the capital market. Everybody knows that Chinese securities industry has a rather short history in development. Relatively speaking, Chinese securities industry has reached a relatively high level in terms of its opening degree, the spokesperson said.

 

Currently, China has fulfilled the commitment it has made to WTO with regard to opening its securities market and the present opening degree is in line with the current development of Chinese securities market, the spokesperson said.

 

In future, China will further open its securities market by sticking to the principle that the process will be gradual, controllable, competitive, cooperative, and mutually beneficial. In future, China will steadily push forward the opening of its securities market in a pragmatic manner, the spokesperson noted.