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China issues draft rules on securities supervision

The executive meeting of the State Council, presided by Premier Wen Jiabao on Wednesday, has approved in principle draft regulations on the supervision and risk handling at securities firms.


The meeting ordered efforts to boost basic system construction and market supervision and to safeguard the open, equal and just market order amid efforts to further promote stable and healthy development of the capital market.


The market, after more than ten years of reform and development, has become an important part of the national economy and also boosted the economic vigor, said the meeting.


The market, still immature in many aspects, needs urgent improvement for transparent, efficient, and safe operation, according to the meeting.


The Chinese government on Wednesday announced it is to cut the share trading stamp tax from 0.3 percent to 0.1 percent from April 24 in an effort to boost the equities market, which has fallen 46 percent from its record high on October 16.


The meeting also agreed to launch scientific research projects to develop core electronic parts, high-end general-purposed chips, and basic software as well as large-scale integrated circuits and complete sets of technology.


The projects would help to facilitate the nation's industry restructuring and boost its core competitiveness, the meeting said.