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'Positive period' in financial growth

By Zi Ben (China Daily)
Updated: 2007-04-27 09:10

The past year was a "positive period" in China's financial development, particularly in banking, the derivative markets and insurance.

So said the AmCham in its annual White Paper, released yesterday.

AmCham commended China's financial regulators for encouraging industry consolidation, both within and across sectors, and welcomed initiatives announced at the Third National Working Meeting on the Financial Industry held in January.

The decision to reform China's policy banks, the commitment to develop rural financial services and the initiation of the Agricultural Bank of China's long-overdue restructure were also praised. But AmCham said serious concerns over the securities sector remained, as do issues including non-bank financial institutions and credit card issuers.

"Broadly speaking, the key issue for Chinese authorities is how to improve financial intermediation and services in China in the post-WTO transition year, and what role foreign institutions should play in that process," it said. AmCham also suggested China consider ways to better coordinate its regulators, as the country's financial innovation and cross-sector cooperation develops.

AmCham said the China Securities Regulatory Commission has made considerable progress in the past year in developing China's equity markets. It said the expedient and effective completion of the non-tradable share reform initiative was well-received by investors, both foreign and domestic.

New regulations on greenshoe options, short selling and securities lending as well as greater transparency in the IPO approval process combined to drive the value of the A-share market up 131 percent in 2006.