Abstract
This chapter sets the background for this volume and outlines the questions to be discussed, describes the methodology used, and provides a roadmap of the content.
Similar content being viewed by others
Notes
- 1.
IOSCO, Objectives and Principles of Securities Regulation (June 2010), https://www.iosco.org/library/pubdocs/pdf/IOSCOPD323.pdf accessed on 18/05/2017.
- 2.
IOSCO, Objectives and Principles of Securities Regulation (June 2010), https://www.iosco.org/library/pubdocs/pdf/IOSCOPD323.pdf accessed on 18/05/2017.
- 3.
For a contrary view, see, for example, SM Bainbridge, ‘Mandatory Disclosure: A Behavioural Analysis’, University of Cincinnati Law Review, 68, pp. 1023–60, summer, 2000, which summarizes academic debate in the USA about the market failure case for mandatory disclosure I securities markets.
- 4.
Brian Levy and Pablo T. Spiller , ‘The Institutional Foundations of Regulatory Commitment: A Comparative Analysis of Telecommunications Regulation’ (1994) 10(2) Journal of Law, Economics, & Organization 242.
- 5.
CSRC, CSRC Annual Report 2015, 12.
- 6.
CSRC, CSRC Annual Report 2015, 13.
- 7.
CSRC, CSRC Annual Report 2015, 14.
- 8.
The World Bank, China Between Plan and Market, (1990) XVII.
- 9.
The World Bank, China Between Plan and Market, (1990) XVII.
- 10.
Such as postponement of loans to China: see DECLARATION ON CHINA, G 7 Summit, Paris, July 15, 1989. http://www.g8.utoronto.ca/summit/1989paris/china.html accessed on 10/03/2015.
- 11.
OECD (2000), “Main Determinants and Impacts of Foreign Direct Investment on China’s Economy”, OECD Working Papers on International Investment, 2000/04, OECD Publishing. https://doi.org/10.1787/321677880185 accessed on 10/03/2015.
- 12.
Gong Haocheng , Shanghai Jinrong Gaige Wangshi, Financial Reform in Shanghai, Zhongxi Shuju (Zhongxi Publishing) 2013, 50.
- 13.
Fan Zhonghou , State-owned Listed Companies Problems and Responses, Sci-Tech Information Development & Economy, 2005, 15 (13):203–204.
- 14.
Zhao Ju , UBS Securities, Speech 5th Year Anniversary of Boyuan Foundation Academic Forum, Beijing, 30/06/2016.
- 15.
Wang jiangyu , “Regulatory Competition and Cooperation between Securities Markets in Hong Kong and Mainland China” (2009) 4:3 Capital Markets Law Journal 383–404. and “Financial Liberalization in East Asia: Lessons from Crises and the Chinese Experience of Controlled Liberalization”, (2007) 41:1 Journal of World Trade 211–241.
- 16.
Securities Laws (2014), S 2.
- 17.
On Kit Tam , ‘Capital Market Development in China’ (1991) 19(5) World Development.
- 18.
He Xin , Speech on the Chinese People’s Political Consultative Conference March 2015.
- 19.
Qiu Ben , State Intervention and its Legalization, Finance Law, 4, 2016, p. 25.
- 20.
State-owned Assets Supervision and Administration Commission of the State Council, Notice on Strengthening SOEs’ Management of Major Projects 2014.
- 21.
Jiangyu Wang , ‘The Political Logic of Corporate Governance in China’s State-owned Enterprises’ (2014) Cornell International Law Journal.
- 22.
State Council, Suggestions on SOEs Reform and Development in 1997.
- 23.
Wang Jingyuan , He Hangzhou , Wang Liya , Legal Issues on Joint Stock Limited Companies, Law Review, 2, 1995, p. 64. The Company Law recognizes two types of business companies: limited liability companies (LLCs), and joint stock limited companies (JSLCs) limited by shares, also called companies limited by shares (CLSs) in other contexts.
- 24.
Shang Fulin , The Turning Point of China’s Stock Markets, Beijing Youth, 2015, issue 0516.
- 25.
Wei Junhui , the impact of non-tradable shares on the stock markets and listed companies, China Economic Quarterly, Vol. 3, No. 2, January 2004, p. 475.
- 26.
Xu Minggui , Xia Xin , Ping Changchang , Controlling Shareholders, Proxy, and Dividend Policy, China Finance, 1, p. 1.
- 27.
Reducing State Shareholding Rejected by the Markets, 28/02/2012, http://www.ftchinese.com/story/001043379 accessed 30/12/2015.
- 28.
Wu Xiaoqiu , The Chairman of the CBRC, People Review, 2012, issue 6.
- 29.
Reducing State Shareholding, http://q.stock.sohu.com/news/cn/877/600877/4284012.shtml 30/12/2015.
- 30.
The State Council Suspending Reducing state shareholding http://www.china.com.cn/chinese/2002/Jun/163429.htm accessed on 30/12/2015.
- 31.
In 2001, the CSRC established the China Securities Depository and Clearing Corporation , setting up a unified, efficient, safe, and central securities registration and settlement system.
- 32.
Shanghai Stock Exchange, Rules on Trading non-tradable Shares of Listed Companies, S2.
- 33.
Shanghai Securities News, 16/05/2005.
- 34.
Notice on Pilot Reform on Listed Companies’ Non-tradable Shares S1.
- 35.
The non-tradable shares accounted for 75% of the issued shares of the company. See Plans on Sanyi Heavy Industry Shareholding Reform, http://quotes.money.163.com/f10/ggmx_600031_94751.html accessed on 30/12/2015.
- 36.
Regulation on Reform of Non-tradable Shares of Listed Companies S2.
- 37.
Regulation on Reform of Non-tradable Shares of Listed Companies 16.
- 38.
Regulation on Reform of Non-tradable Shares of Listed Companies S27.
- 39.
Guidelines on Reform of Non-tradable Shares of State Controlled Listed Companies (2005) S3.
- 40.
State shareholders transfer Their Shares (Pilot) (2007) section 8: ‘When the total capital of the listed company is no more than 1 billion shares, and the percentage of shares transferred within three consecutive financial years by a state-controlled shareholder is less than 5% of the total capital of the listed company; or the total capital of the listed company is more than 1 billion shares, and the number of net shares transferred within three consecutive financial years by the state-controlled shareholder is no more than 50 million shares or the percentage is less than 3% of the total capital of the listed company’; and section 2: ‘The share transfer will not shift the controlling right of the listed company’.
- 41.
CSRC, News Conference on 11/09/2015, http://www.csrc.gov.cn/pub/newsite/zjhxwfb/xwfbh/201509/t20150911_283880.html accessed on 27/01/2017.
- 42.
China Securities Finance, http://www.csf.com.cn/publish/main/1001/1002/index.html accessed on 30/01/2017; Central Huijin Investment,http://www.huijin-inv.cn/wps/portal/!ut/p/a1/pZFNC4JAEIZ_iz8gZlJZ7bhp-ZGbB5FsL7JE6kKuEtKhX59KV9eguQ08D-87DHAogCvxkrUYZKfEY9o5Kc9IcOtlGCOjR6QuHlhqxaabkRG4joAX0NB2EkS0XRMjfx_6zo4hRkTnp8T6-rgwFH_zF4DAtv7yJ2Dl_ngGNP3HAPPJPFYD78XQbKSqOiiarr2XNwUX4LqE4GSuANOFM6B7wVrHlQ4W9G2e58U7qbJIRtQwPnoMz_c!/dl5/d5/L2dBISEvZ0FBIS9nQSEh/ accessed on 30/01/2017.
- 43.
Since 1996, the market has adopted a single stock circuit breaker rule where if a stock falls or rises more than 10% within a trading day from the closure of the last day, the stock will be suspended from trading for the day.
- 44.
Securities Association of China, Announcements of 21 Securities Companies, http://www.sac.net.cn/tzgg/201507/t20150704_123599.html accessed on 17/02/2017.
- 45.
CITIC Annual Report 2015.
- 46.
Daqing News, CITIC Securities, http://www.dqdaily.com/shishi/2015-08/28/content_2773197.htm accessed on 17/02/2017.
- 47.
Xing Huiqiang , Three Institutional Conditions of Successful Implementation of Stock Offering Registration System, Finance Law, 2016,5, p. 5.
Author information
Authors and Affiliations
Copyright information
© 2018 The Author(s)
About this chapter
Cite this chapter
Weiping, H. (2018). Introduction. In: The Regulation of Securities Markets in China. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-56742-0_1
Download citation
DOI: https://doi.org/10.1057/978-1-137-56742-0_1
Published:
Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-137-56741-3
Online ISBN: 978-1-137-56742-0
eBook Packages: Economics and FinanceEconomics and Finance (R0)