Shanghai stock exchange chief sees improving corporate governance |
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Published
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Thu, 29 Mar 2007 10:06
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SHANGHAI (XFN-ASIA) - Corporate governance is improving in China and the Shanghai stock exchange will benefit, exchange chairman Geng Liang said.'We believe that corporate governance will be improved (in China) and the Shanghai stock exchange will benefit from better corporate governance,' Geng said in a speech at an Organisation for Economic Co-operation and Development conference on corporate governance.He did not give any specific examples of plans for improving corporate governance, long a problem area for the nation's market regulators as well as investors.But China has been trying to boost market transparency as the nation's capital markets become more open to foreign investors.Geng said the exchange has noticed that international investors are participating more in China's capital markets and that institutional investors are playing a larger role.China has allowed foreign investors to trade domestic currency A-shares on a limited basis through the qualified foreign institutional investor program under which investment quotas are issued.In addition to tightening regulatory requirements, China has been encouraging its better companies to list on a domestic stock market instead of having their shares trade exclusively offshore.Big state run banks such as the Bank of China and the Industrial and Commercial Bank of China as well as Air China have all listed on the Shanghai exchange.randall.jensen@xinhuafinance.com
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