Beijing vows to lay down law on corporate directors

From The Standard:

China’s chief securities regulator has vowed to better legislate the country’s ailing stock markets, acknowledging that much work lay ahead to restore investor confidence.

“There will be more legislative efforts put in place soon,” said Shang Fulin, chairman of the China Securities Regulatory Commission, Thursday.

He said Beijing would increase the accountability of corporate directors and senior executives so as to impart sorely lacking fiscal discipline and financial transparency. Key objectives of the legislative moves include amending corporation laws and securities laws. Shang also acknowledged that one of the greatest hurdles facing the stock market is the ongoing problem of non-tradable state shares, in which the government owns two-thirds of stock in listed companies.

“This unique phenomenon has contained the further growth potential of the Chinese capital market,” he said.

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