China to improve capital market governance

BEIJING - China's top securities regulator plans to improve governance of the capital market as part of major tasks for 2020.

The China Securities Regulatory Commission (CSRC) said it would work to develop a capital market with more standardized rules, transparency, openness, vitality and resilience, while adhering to the supply-side structural reform in the financial sector as specified in the statement released after the country's annual central economic work conference.

Reform of the ChiNext, another NASDAQ-style board of growth enterprises preceding the sci-tech innovation board, will be advanced and the registration system will be piloted.

The CSRC called for innovation in products and tools in the bond market, a larger supply of futures and options products, as well as further development of private equity investment.

The country will take multi-pronged measures to improve the quality of listed companies.

More efforts should be made to defuse and fend off risks in key areas including stock pledges, bond defaults and private equity funds to win the tough battle against major financial risks.

The opening up of the capital market will be realized while oversight will be enhanced to ensure stable capital market growth.