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Securities firms would be encouraged to develop
new businesses tied to the booming online financial services
market, and would be expected to help create an industry-wide
payment system, the China Securities Regulatory Commission said
in a statement on its website, without further details.
Firms would be allowed to broaden their financing channels by
raising capital through bond or share sales. Mergers and
acquisitions would be encouraged and they can also tap new
financing instruments.
Chinese securities firms should also participate more in a pilot
plan for cross-border stock investment between Hong Kong and
Shanghai and offer a bigger range of financial services to
assist two-way investment, the regulator said.
New products that firms can offer include private equity funds,
real estate investment trusts and products linked to foreign
exchange and commodities.
On its part, the regulator said it would simplify and streamline
approval procedures, and lower barriers to entry into the
industry for both private and foreign investors.
The measures follow last week's announcement from the government
that China would push ahead on a broad range of capital market
reforms to better allocate capital, increase foreign investment
and improve market transparency.
(Reporting by Aileen Wang; Editing by Robert Birsel)
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