Chinese Stock Markets: A Research Handbook by Dongwei Su

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By Dongwei Su

The exponential development of China’s inventory markets some time past decade has attracted worldwide awareness from lecturers and practitioners. The practitioner’s curiosity in chinese language markets stems from firms; traders and monetary associations foresee giant merits from making an investment in China in the end. notwithstanding, the educational literature at the improvement of securities markets and reform of nation businesses in China continues to be in its infancy and fragmented. This instruction manual goals to bridge that hole by means of featuring a large spectrum of study within the leading edge of economic functions. It integrates thought and perform with cutting-edge statistical strategies and gives a number of insights into the most demanding situations confronting chinese language markets within the new millennium.

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The strategic corporatization and reorganization of SOEs will not weaken the state sector, but rather concentrate limited state funds in the areas of real need. Reducing government control over thousands of enterprises in China will help to create a more efficient and modern financial system. This in turn will help to develop a more competitive economy, bolster fledgling capital markets and speed China's integration into the global economy. In revamping the ownership structure of SOEs and achieving success in enterprise reform, the government has been developing a flexible and market-driven financial system to ensure that capital resources are channeled toward efficient uses, and away from hopeless causes backed by political clout.

With an economy that is increasingly linked to the globe (external trade has accounted for approximately 38% of GDP in 1999) and on the brink of joining the WTO, China must rapidly reform its state enterprises and banking sectors to enable these to compete with foreign firms on a global footing. State-owned enterprises still accounts for roughly one-third of GDP and employment. State-owned banks also account for 75% of total banking assets. What are urgent now are to set up a new investment mechanism in which the roles of the government and the enterprises are separated, to reform and improve the financial system to make the cost of capital small, and to establish and improve the social security system.

The State Council has subsequently promulgated detailed implementing measures to bring the Company Law into force. C. Company Law, to reform the IPO system, to gradually abolish the political approval system and to allow market force to come into play, and to introduce educational programs to train and examine senior management and directors of listed companies. All these efforts, hopefully, will pay off to make China's corporate legal framework and practice more conducive to the new environment and to the fast growth of the securities market.

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