China will further open its capital markets to foreign investors, the country’s top securities regulator said on Monday, adding that it will pursue pragmatic cross-border cooperation to regulate overseas-listed Chinese companies.
Global investors have been spooked in recent months by a flurry of Chinese regulations targeting sectors ranging from technology to private tutoring. US plans to kick non-compliant Chinese firms off American exchanges has fuelled concern.
“Opening-up and cooperation is the inevitable trend in the integrated development of global capital markets,” China Securities Regulatory Commission (CSRC) Chairman Yi Huiman told a conference organised by the World Federation of Exchanges.
China is studying further measures, including expanding the scope of the stock connect scheme linking China and Hong Kong and improving the Shanghai-London Stock Connect program, Yi said in a speech posted on CSRC’s website.
Read China’s SMIC to invest $8.87b for new chip plant
Meanwhile, CSRC will conduct “pragmatic” cooperation in areas such as supervision of overseas-listed Chinese companies, cross-border auditing and law enforcement, he added.
Yi said that given interwoven global markets, governments should abandon the mentality of a “zero-sum game”, as companies and investors share both the boom and the doom.
Global financial centres should facilitate cross-border financing, “rather than become the platforms and tools governments use to sanction other countries”, Yi said, without mentioning the United States.
Published in The Express Tribune, September 7th, 2021.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
1719053250-0/BeFunky-collage-(5)1719053250-0-270x192.webp "non solar consumers bear rs200b burden")
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ