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China to fuel capital market's sound expansion

BEIJING, May 19 (Xinhua) -- China will continue striving for capital market reform to preserve the rights of medium and small investors and pursue sound development, a senior securities official said Monday.

Xiao Gang, chairman of the China Securities Regulatory Commission (CSRC), said that a multi-level equity market should be established as soon as possible.

He mentioned exploring new stock transactions and changes to the ChiNext Index, a Nasdaq-style board of growth enterprises, with easier financial access and special sector for high-tech enterprises.

Xiao urged better performances by listed companies to set solid example for the whole capital market, in areas such as timely information disclosure, commitment delivering and equity incentives.

The initial public offerings, acquisition and delisting will be pushed forward to stabilize and improve the market circumstance.

Xiao said that about 100 new shares will be issued from June to the end of this year, with strict supervision and severe punishment for accounts manipulation or false disclosure.

He stressed establishing and promoting regular delisting system, allowing the listed companies to apply and forcing the ones with fraud issuance to delist.

The CSRC will boost the private placement, futures market, securities services with less administrative approvals and more risk controls and supervision, in order to guarantee investors legal rights, Xiao added.

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