China’s amended Securities Law, passed by parliament Thursday, allows financial derivatives for the first time and permits select firms to mix banking, insurance and securities businesses, a senior lawmaker said.
Zhou Zhengqing, a former head of the country’s securities watchdog, said in Beijing that the amended law would also allow state enterprises to buy and sell shares in China’s 1,400-plus listed firms – upon approval.
Zhou, now vice head of the financial committee of the National People’s Congress, said the law would take effect on January 1.
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