CSRC cancels 32 administrative approval items

China Securities Regulatory Commission has canceled 32 of its administrative procedures, subject to central government approval, and delegated some to lower levels, according to information made public on Sunday by the State Council, China's cabinet.

In moves seen as aimed at stimulating the market, the CSRC canceled some administrative approvals, it said, which could help ease capital flow and credit supply, the CSRC said on its official website.

The CSRC said it will release a further notice to explain how best to manage the work that has been decentralized from the CSRC.

Meanwhile, the authority added it will also be looking to regulate and improve the approval mechanism, and continue to open the approval procedure of licensing securities management agencies, securities investment agencies and futures agencies.

It will also push to open the review process for mergers and reorganizations, it said.　

In what was seen as a contrasting move, the authority declared last week it plans to strengthen supervision over listed companies, with a new department specifically be in charge of regulating companies trading stocks on the ChiNext Board, China's Nasdaq-style growth enterprise board, on the Shenzhen Stock Exchange.