,
mercurial vapor"Some of the firms may be more suitable for stock or bond financing but they can't get sufficient financial support because direct financing remains small-scale,
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The regulator is also working to further open the securities market to foreign investors by raising the investment quota for Qualified Foreign Institutional Investors (QFII) in the A-share market, Guo said.
"The development of the bond market is a key part in reducing over-reliance on the banking system,
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franklin marshall, a senior analyst at Moody's Investor Service, said.
Analysts expect that the regulator may boost the current quota by as much as $50 billion and another 50 billion yuan for QFII investors using overseas yuan deposits.
Guo also noted that China needs to accelerate the development and opening of domestic market intermediaries and introduce advanced technology and personnel from developed markets.
China should be "highly cautious" about systemic risk in the banking sector and needs to substantially boost the scale of direct financing, such as stocks,
burberry soldes, to diversify the risk, Guo Shuqing, chairman of the China Securities Regulatory Commission (CSRC), said.
Guo made the remarks at the regulator's annual work conference which concluded on Monday.
Three of the world's top 10 banks, judged by assets, are Chinese. However, cash-strapped small businesses are still experiencing difficulty in raising capital.
Analysts said a vibrant bond market could help diversify risks and reduce over-reliance on the fast-expanding banking sector. But a healthy credit rating system and a mature credit culture are vital to expanding the bond market,
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It was reported that the regulator has approved US bank Citigroup Inc to set up a joint-venture securities firm in China.
The total assets of China's securities industry stood at 4.7 trillion yuan ($744 billion) by the end of 2011, according to the regulator. This accounts for only 3.9 percent of the total assets of the country's financial industry. The banking sector accounts for more than 90 percent.
2012-01-10 07:30:02.0Li Xiang and Li TaoMeasures to boost financial marketsfinancial market,systemic risk,securities industry,banking system11020264Economy2@webnews/enpproperty-->
Analysts said that the acceleration in approving the launch of joint-venture securities firms is part of the regulator's preparation for the long-awaited international board in Shanghai. The board will allow overseas companies to raise capital in the A-share market.
Institutional investors in the Chinese stock market only hold 15.6 percent of stocks, according to the regulator. The ratio is much lower than that for developed countries.
BEIJING / HONG KONG - Financial markets will be developed and the securities industry opened further to foreign participants in a bid to diversify risk in the banking sector,
casque beats, a leading financial official said.
"The board failed to debut in 2011 due to global turbulence," Banny Lam,
abercrombie, economist with CCB International Securities Ltd, said. "I believe the board will be launched in the second half of this year when the global economy should improve."
Lam said that facilitating long-term funds into the securities market will generate returns and stabilize the market as they are less prone to wild fluctuations.
The regulator plans to launch several new products, including high-yield corporate, municipal and government agency bonds, in order to boost direct financing. The regulator will also reduce administrative procedures regarding the issuing of bonds,
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At the annual conference,
mercurial, Guo also called for a greater role for long-term institutional investors such as pension and public housing funds in investing in the country's stock market which fell more than 20 percent in 2011.
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