--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates


Hot Links
China Development Gateway
Chinese Embassies


High-level Meeting to Revive Stock Market

Top executives from China's 60 leading brokerage houses will meet with senior securities regulators during a three-day session that starts today in Beijing to discuss ways to resurrect the beleaguered securities industry.

The meeting, convened by the China Securities Regulatory Commission, is the first of its kind since former-banker Shang Fulin was named chairman of the securities regulator in a massive reshuffle of the government's financial team at the end of last year.

Shang, who has kept a low profile since taking office, is expected to chair the meeting, which media reports said would focus on the corporate governance and risk control of securities firms.

Brokers, however, seem more interested in talking about steps that can be taken to cut their losses, such as allowing them to begin selling bonds.

"Brokers want to make their voices heard by Shang and they hope very much that Shang will be able to understand their situation and work out favorable policies," said analyst Dai Ming of Citic Securities Co Ltd.

The session comes at a time when many brokers are drowning in red ink due to a massive decline in the mainland's two stock markets last year.

The industry lost nearly 2.6 billion yuan (US$313.25 million) last year amid a 17 percent drop on the Chinese equities market, according to a report by Industrial Securities Co Ltd. Fifty-one of the country's 124 brokerage houses lost money last year.

A recent policy change by the People's Bank of China could make the situation even worse this year.

The central bank's new rule would prevent investors from keeping cash in deposit accounts set up by brokers, instead forcing them to deposit the money in commercial banks.

Brokers earn income from money kept in their savings accounts, as they only pay investors an interest rate of 0.72 percent, well below the 1.98 percent they earn from the cash they keep in commercial banks.

As a result, brokers earn the difference of 1.26 percentage points, which accounts for roughly one third to 40 percent of their profits.

Analysts expect the securities regulator to raise several incentive programs during the meeting, particularly a plan that would allow them to sell bonds.

The securities commission circulated a draft policy on bond sales to brokers in April. That plan would allow brokerage houses to sell one-year to five-year bonds provided the brokers meet certain requirements on profitability, registered capital and have a clean business record.

Share prices in securities firms trading on the Shanghai and Shenzhen markets received a lift yesterday from news of the meeting.

Citic Securities, the brokerage unit of China International Trust & Investment Corp, rose 3.60 percent to 7.76 yuan and Hongyuan Securities grew 4.45 percent to 8.91 yuan.

(Shanghai Daily August 12, 2003)

Central Bank's New Rules for Cashing Stocks
New Draft Law Allows Buyers to Convene on Securities
Securities Companies Considering Issue of Warrant
Foreign Firms Get Securities Licenses
Unlocking Securities Market
Print This Page | Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688
主站蜘蛛池模板: 又黄又骚的网站| 在线亚洲小视频| 野花日本免费观看高清电影8| 欧美xxxxx性视频| 国产SM主人调教女M视频| 999久久久无码国产精品| 日本爽爽爽爽爽爽在线观看免| 免费动漫人物扑克软件网站| 免费能直接在线观看黄的视频| 成人动漫在线播放| 亚洲国产一成人久久精品| 美女毛片在线看| 国产精品天干天干| 中文在线免费观看| 欧美日韩国产区在线观看| 四虎电影免费观看网站| 2021麻豆剧果冻传媒入口永久| 抱着cao才爽| 亚洲国产第一页| 精品人妻一区二区三区四区在线| 国产精品东北一极毛片| 一级一级特黄女人精品毛片 | 奇米影视777色| 性xxxxbbbb| 九九99re在线视频精品免费| 狠狠精品干练久久久无码中文字幕| 国产午夜精品1区2区3福利| 91精品91久久久久久| 成人a一级试看片| 中文字幕精品一区二区精品| 欧美不卡视频在线| 免费大片在线观看网站| 精品韩国亚洲av无码不卡区| 国产成人久久精品一区二区三区| a级毛片高清免费视频在线播放| 日本黄页网站免费| 亚洲最新视频在线观看| 精品亚洲A∨无码一区二区三区| 台湾香港澳门三级在线| 老司机亚洲精品| 国产成人3p视频免费观看|