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THE PRC SECURITIES MARKET



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THE PRC SECURITIES MARKET AN OVERVIEW OF ITS REGULATORY CAPABILITY AND EFFICIENCY Yujun Zhang President and CEO Shenzhen Stock Exchange To be presented at the Conference on Financial Sector Reform in China September 11 13 2001 Hkg 1 316730 01 S5863 hk 00002 HK The PRC Securities Market An Overview of its Regulatory Capability and Efficiency By Yujun Zhang Ph D SUMMARY Over the past ten years Chinese securities market has been developing at a rapid and steady pace And after repeated experiments a relatively complete securities legal framework and securities regulatory framework have been established However how can one assess the regulatory capability and efficiency of the PRC securities market What are the factors that affect the regulatory capability and efficiency of the PRC securities market How do these factors affect the regulatory capability and efficiency of the PRC securities market The author believes that the regulatory capability and efficiency of the PRC securities market depend not only on the establishment of market mechanism and regulatory framework but to a large extent also on the social environment cultural tradition structure of property rights policy objectives regulatory mechanism regulatory devices and other factors The paper provides a detailed description of the factors affecting the regulatory capability and efficiency The first factor affecting the regulatory capability and efficiency is the objective of regulation and policy So far the objective of regulation has never ceased to waver between development and regularity in the actual operation of the PRC securities market As changes in policy are frequent and there is a lack of variation in regulatory means if development is chosen as the objective of regulation regulation will be ignored and relaxed and standardisation of market practices will be compromised On the other hand if regularity is set as objective the foundation for normal development of the market will be hurt and stagnation



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