Zhou Xiaochuan, chairman of the China Securities Regulatory Commission (CSRC), said here Thursday that the CSRC needs to reposition itself and shed some functions to adapt to the development of China's capital market.
Speaking at The China Conference: The Year of Capital, Zhou said that with the growth of the capital market, all parties in the market needed to pay attention to professional divisions and reposition themselves, and the CSRC was no exception.
The CSRC was easing its controls on operations where its supervision was no longer necessary, he noted. "Deregulation is an inevitable trend, let the market do what it can do."
He said some redundant regulations would be scrapped, some of the CSRC's functions would be transferred to self-disciplinary organizations, and the CSRC would concentrate on supervision.
The CSRC has abolished 32 administrative regulations, and a number of other regulations are being scrutinized and would be abolished soon, said Zhou.
(Xinhua News Agency December 6, 2002)
