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China pledges to push ahead with capital market reforms

China pledged on Friday to push ahead with a broad range of capital market reforms as it seeks to encourage more efficient capital allocation, increase foreign investment and improve transparency of its markets. In a wide-ranging statement of policy principles, the State Council said it would develop a system for direct bond issuance by local governments, streamline the approval process for initial public offerings (IPOs), and remove some restrictions on the use of financial derivatives. Separately on Friday, the Securities Association of China issued new rules governing IPOs. Quotas would be increased for both inward and outward foreign investment under the Qualified Foreign Institutional Investor (QFII) and Qualified Domestic Institutional Investor (QDII) programs, the cabinet said.