Zhu has in principle agreed to slow down the pace of setting up a growth enterprise market (GEM) in Shenzhen after assessing a risk report, the Chinese-language Hong Kong Economic Times said, citing market sources.
A "technology board" will be set up within the Shenzhen main board instead, the paper said.
They said that since the hi-tech stock bubble burst in the United States, many in the central government had voiced opposition to the establishment of a Shenzhen GEM market.
The sources added it was unlikely that the planned GEM market would open in the next two years.
The paper said the delay would be good news for the development of neighbouring Hong Kong's GEM as more mainland enterprises were expected to list on it.
(Agencies 07/11/2001)
