a级毛片av无码,久久精品人人爽人人爽,国产r级在线播放,国产在线高清一区二区

(Shanghai Daily)
Updated: 2007-01-24 15:53

China's capital-market foundation is still not strong after recent reforms, and the country will only unveil derivatives such as stock-index futures when conditions mature, the securities regulator said yesterday in a published speech.

The authority's comments come at a time when booming domestic bourses enjoy huge capital inflows, causing regulatory concerns over potential bubbles in the market.

"Recent positive shifts in the market are only preliminary," said Shang Fulin, chairman of the China Securities Regulatory Commission (CSRC) in the speech carried in major finance newspapers. "Internal and external factors that could hinder the long-term healthy development of the market have yet to change, and the foundation for stable growth is still not sound."

China's benchmark Shanghai Composite Index jumped 130 percent in 2006, and extended its gains early this year partly due to a string of market revamps, which have made all equities tradable and bolstered corporate governance.

In May 2005, the regulator started a campaign to convert non-tradable shares at listed companies, which accounted for two-thirds of total market value and were mostly held by state institutions, into free-floating entities. As most domestic public firms have wrapped up share conversions, Shang depicted the reform as a turning point for the market, but indicated foundations are not solid enough for quicker and bigger overhauls.

For example, CSRC has postponed the launch of stock-index futures, which had originally been scheduled to debut late last year, citing immature market conditions.

Shang said in the speech that the stock regulator will introduce stock-index futures when "preparations are sufficient and conditions mature," without giving a timetable. He had previously said the launch might come as early as this month.

Stock-index futures are derivatives that could let investors bet on an equity barometer's performance, a practice now banned by the watchdog, which fears rampant speculation and greater market volatility.

Shang's speech was delivered over the weekend at the annual national securities and futures conference in Beijing. The meeting's guidelines are designed to provide a framework for regulatory work this year.

Authorities will urge listed firms to adopt new accounting rules, boost the market's risk-management system, and clamp down on dodgy profit figures.