国内英语资讯:China prolongs preparation period for IPO reform
<p><span word="BEIJING">BEIJING</span>, <span word="Feb">Feb</span>. 24-- <span word="China">China</span>'<span word="s">s</span> <span word="top">top</span> <span word="legislature">legislature</span> <span word="decided">decided</span> <span word="to">to</span> <span word="prolong">prolong</span> <span word="a">a</span> <span word="mandate">mandate</span>, <span word="which">which</span> <span word="allows">allows</span> <span word="the">the</span> <span word="State">State</span> <span word="Council">Council</span> <span word="to">to</span> <span word="prepare">prepare</span> <span word="for">for</span> <span word="reforms">reforms</span> <span word="that">that</span> <span word="will">will</span> <span word="change">change</span> <span word="the">the</span> <span word="stock">stock</span> <span word="listing">listing</span> <span word="system">system</span> <span word="from">from</span> <span word="approval">approval</span>-<span word="based">based</span> <span word="to">to</span> <span word="registration">registration</span>-<span word="based">based</span>, <span word="for">for</span> <span word="another">another</span> <span word="two">two</span> <span word="years">years</span> <span word="to">to</span> <span word="Feb">Feb</span>. 29, 2020.</p><p><span word="A">A</span> <span word="session">session</span> <span word="of">of</span> <span word="the">the</span> <span word="Standing">Standing</span> <span word="Committee">Committee</span> <span word="of">of</span> <span word="the">the</span> <span word="National">National</span> <span word="People">People</span>'<span word="s">s</span> <span word="Congress">Congress</span> (<span word="NPC">NPC</span>), <span word="the">the</span> <span word="top">top</span> <span word="legislature">legislature</span>, <span word="passed">passed</span> <span word="the">the</span> <span word="draft">draft</span> <span word="decision">decision</span> <span word="submitted">submitted</span> <span word="Friday">Friday</span> <span word="for">for</span> <span word="review">review</span>.</p><p><span word="The">The</span> <span word="Standing">Standing</span> <span word="Committee">Committee</span> <span word="of">of</span> <span word="the">the</span> <span word="NPC">NPC</span> <span word="authorized">authorized</span> <span word="the">the</span> <span word="State">State</span> <span word="Council">Council</span> <span word="on">on</span> <span word="Dec">Dec</span>. 27, 2017 <span word="to">to</span> <span word="adjust">adjust</span> <span word="rules">rules</span>, <span word="based">based</span> <span word="on">on</span> <span word="the">the</span> <span word="securities">securities</span> <span word="law">law</span>, <span word="to">to</span> <span word="allow">allow</span> <span word="stock">stock</span> <span word="listings">listings</span> <span word="to">to</span> <span word="be">be</span> <span word="changed">changed</span> <span word="from">from</span> <span word="an">an</span> <span word="approval">approval</span>-<span word="based">based</span> <span word="to">to</span> <span word="registration">registration</span>-<span word="based">based</span> <span word="system">system</span>. <span word="The">The</span> <span word="mandate">mandate</span> <span word="will">will</span> <span word="expire">expire</span> <span word="on">on</span> <span word="Feb">Feb</span>. 28, 2018.</p><p><span word="Under">Under</span> <span word="the">the</span> <span word="current">current</span> <span word="IPO">IPO</span> <span word="system">system</span>, <span word="new">new</span> <span word="shares">shares</span> <span word="are">are</span> <span word="subject">subject</span> <span word="to">to</span> <span word="approval">approval</span> <span word="from">from</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="the">the</span> <span word="top">top</span> <span word="securities">securities</span> <span word="regulator">regulator</span>.</p><p><span word="China">China</span> <span word="is">is</span> <span word="gradually">gradually</span> <span word="switching">switching</span> <span word="from">from</span> <span word="an">an</span> <span word="approval">approval</span>-<span word="based">based</span> <span word="IPO">IPO</span> <span word="system">system</span> <span word="to">to</span> <span word="a">a</span> <span word="more">more</span> <span word="market">market</span>-<span word="oriented">oriented</span> <span word="system">system</span> <span word="based">based</span> <span word="on">on</span> <span word="registration">registration</span>.</p><p><span word="The">The</span> <span word="new">new</span> <span word="decision">decision</span>, <span word="which">which</span> <span word="will">will</span> <span word="take">take</span> <span word="effect">effect</span> <span word="on">on</span> <span word="Feb">Feb</span>. 25, <span word="pointed">pointed</span> <span word="out">out</span> <span word="that">that</span> <span word="the">the</span> <span word="State">State</span> <span word="Council">Council</span> <span word="must">must</span> <span word="bring">bring</span> <span word="up">up</span> <span word="opinions">opinions</span> <span word="for">for</span> <span word="revising">revising</span> <span word="related">related</span> <span word="laws">laws</span> <span word="before">before</span> <span word="the">the</span> <span word="extension">extension</span> <span word="period">period</span> <span word="expires">expires</span>.</p><p><span word="The">The</span> <span word="State">State</span> <span word="Council">Council</span> <span word="also">also</span> <span word="should">should</span> <span word="enhance">enhance</span> <span word="guidance">guidance</span> <span word="in">in</span> <span word="the">the</span> <span word="IPO">IPO</span> <span word="system">system</span> <span word="reform">reform</span> <span word="and">and</span> <span word="submit">submit</span> <span word="detailed">detailed</span> <span word="reform">reform</span> <span word="plans">plans</span> <span word="to">to</span> <span word="the">the</span> <span word="Standing">Standing</span> <span word="Committee">Committee</span> <span word="of">of</span> <span word="the">the</span> <span word="NPC">NPC</span>.</p><p><span word="The">The</span> <span word="securities">securities</span> <span word="watchdog">watchdog</span> <span word="was">was</span> <span word="asked">asked</span> <span word="to">to</span> <span word="keep">keep</span> <span word="promoting">promoting</span> <span word="IPO">IPO</span> <span word="system">system</span> <span word="reform">reform</span> <span word="and">and</span> <span word="enhance">enhance</span> <span word="coordination">coordination</span> <span word="with">with</span> <span word="other">other</span> <span word="agencies">agencies</span> <span word="to">to</span> <span word="prevent">prevent</span> <span word="and">and</span> <span word="address">address</span> <span word="financial">financial</span> <span word="risks">risks</span> <span word="and">and</span> <span word="protect">protect</span> <span word="investors">investors</span> <span word="interests">interests</span>, <span word="according">according</span> <span word="to">to</span> <span word="the">the</span> <span word="decision">decision</span>.</p>
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