Measures to boost financial markets
<p><span word="Financial">Financial</span> <span word="markets">markets</span> <span word="will">will</span> <span word="be">be</span> <span word="developed">developed</span> <span word="and">and</span> <span word="the">the</span> <span word="securities">securities</span> <span word="industry">industry</span> <span word="opened">opened</span> <span word="further">further</span> <span word="to">to</span> <span word="foreign">foreign</span> <span word="participants">participants</span> <span word="in">in</span> <span word="a">a</span> <span word="bid">bid</span> <span word="to">to</span> <span word="diversify">diversify</span> <span word="risk">risk</span> <span word="in">in</span> <span word="the">the</span> <span word="banking">banking</span> <span word="sector">sector</span>, <span word="a">a</span> <span word="leading">leading</span> <span word="financial">financial</span> <span word="official">official</span> <span word="said">said</span>.</p><p><span word="China">China</span> <span word="should">should</span> <span word="be">be</span> "<span word="highly">highly</span> <span word="cautious">cautious</span>" <span word="about">about</span> <span word="systemic">systemic</span> <span word="risk">risk</span> <span word="in">in</span> <span word="the">the</span> <span word="banking">banking</span> <span word="sector">sector</span> <span word="and">and</span> <span word="needs">needs</span> <span word="to">to</span> <span word="substantially">substantially</span> <span word="boost">boost</span> <span word="the">the</span> <span word="scale">scale</span> <span word="of">of</span> <span word="direct">direct</span> <span word="financing">financing</span>, <span word="such">such</span> <span word="as">as</span> <span word="stocks">stocks</span>, <span word="to">to</span> <span word="diversify">diversify</span> <span word="the">the</span> <span word="risk">risk</span>, <span word="Guo">Guo</span> <span word="Shuqing">Shuqing</span>, <span word="chairman">chairman</span> <span word="of">of</span> <span word="the">the</span> <span word="China">China</span> <span word="Securities">Securities</span> <span word="Regulatory">Regulatory</span> <span word="Commission">Commission</span> (<span word="CSRC">CSRC</span>), <span word="said">said</span>.</p><p><span word="The">The</span> <span word="regulator">regulator</span> <span word="plans">plans</span> <span word="to">to</span> <span word="launch">launch</span> <span word="several">several</span> <span word="new">new</span> <span word="products">products</span>, <span word="including">including</span> <span word="high">high</span>-<span word="yield">yield</span> <span word="corporate">corporate</span>, <span word="municipal">municipal</span> <span word="and">and</span> <span word="government">government</span> <span word="agency">agency</span> <span word="bonds">bonds</span>, <span word="in">in</span> <span word="order">order</span> <span word="to">to</span> <span word="boost">boost</span> <span word="direct">direct</span> <span word="financing">financing</span>. <span word="The">The</span> <span word="regulator">regulator</span> <span word="will">will</span> <span word="also">also</span> <span word="reduce">reduce</span> <span word="administrative">administrative</span> <span word="procedures">procedures</span> <span word="regarding">regarding</span> <span word="the">the</span> <span word="issuing">issuing</span> <span word="of">of</span> <span word="bonds">bonds</span>, <span word="he">he</span> <span word="added">added</span>.</p><p><span word="Three">Three</span> <span word="of">of</span> <span word="the">the</span> <span word="world">world</span>'<span word="s">s</span> <span word="top">top</span> 10 <span word="banks">banks</span>, <span word="judged">judged</span> <span word="by">by</span> <span word="assets">assets</span>, <span word="are">are</span> <span word="Chinese">Chinese</span>. <span word="However">However</span>, <span word="cash">cash</span>-<span word="strapped">strapped</span> <span word="small">small</span> <span word="businesses">businesses</span> <span word="are">are</span> <span word="still">still</span> <span word="experiencing">experiencing</span> <span word="difficulty">difficulty</span> <span word="in">in</span> <span word="raising">raising</span> <span word="capital">capital</span>.</p><p><span word="Guo">Guo</span> <span word="said">said</span> <span word="at">at</span> <span word="a">a</span> <span word="regulator">regulator</span>'<span word="s">s</span> <span word="annual">annual</span> <span word="work">work</span> <span word="conference">conference</span> <span word="that">that</span> "<span word="Some">Some</span> <span word="of">of</span> <span word="the">the</span> <span word="firms">firms</span> <span word="may">may</span> <span word="be">be</span> <span word="more">more</span> <span word="suitable">suitable</span> <span word="for">for</span> <span word="stock">stock</span> <span word="or">or</span> <span word="bond">bond</span> <span word="financing">financing</span> <span word="but">but</span> <span word="they">they</span> <span word="can">can</span>'<span word="t">t</span> <span word="get">get</span> <span word="sufficient">sufficient</span> <span word="financial">financial</span> <span word="support">support</span> <span word="because">because</span> <span word="direct">direct</span> <span word="financing">financing</span> <span word="remains">remains</span> <span word="small">small</span>-<span word="scale">scale</span>."</p><p>"<span word="This">This</span> <span word="structural">structural</span> <span word="problem">problem</span> <span word="can">can</span> <span word="damage">damage</span> <span word="the">the</span> <span word="economy">economy</span> <span word="seriously">seriously</span>," <span word="he">he</span> <span word="added">added</span>.</p><p><span word="The">The</span> <span word="total">total</span> <span word="assets">assets</span> <span word="of">of</span> <span word="China">China</span>'<span word="s">s</span> <span word="securities">securities</span> <span word="industry">industry</span> <span word="stood">stood</span> <span word="at">at</span> 4.7 <span word="trillion">trillion</span> <span word="yuan">yuan</span> ($744 <span word="billion">billion</span>) <span word="by">by</span> <span word="the">the</span> <span word="end">end</span> <span word="of">of</span> 2011, <span word="according">according</span> <span word="to">to</span> <span word="the">the</span> <span word="regulator">regulator</span>. <span word="This">This</span> <span word="accounts">accounts</span> <span word="for">for</span> <span word="only">only</span> 3.9 <span word="percent">percent</span> <span word="of">of</span> <span word="the">the</span> <span word="total">total</span> <span word="assets">assets</span> <span word="of">of</span> <span word="the">the</span> <span word="country">country</span>'<span word="s">s</span> <span word="financial">financial</span> <span word="industry">industry</span>. <span word="The">The</span> <span word="banking">banking</span> <span word="sector">sector</span> <span word="accounts">accounts</span> <span word="for">for</span> <span word="more">more</span> <span word="than">than</span> 90 <span word="percent">percent</span>.</p>
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