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Large Medium SmallAuthorities have formulated proposals for the development of securities, futures and funds following a call from the China Securities Regulatory Commission to reform the capital market, according to a report in the China Securities Journal.
The purpose of the reform is to create a more market-based mechanism while drawing on international practices, said Xiao Gang, chairman of CSRC, in a recent meeting.
Securities will achieve "10 times' growth within the next 10 years," according to people familiar with the proposals, the journal reported.
This could mean that the growth scale of securities in China will hit an annual rate of about 26 percent from 2012 to 2022.
Intermediary agencies will embrace a "golden period" as major moves toward marketization, including the initial public offering registration mechanism and tighter regulations on the bond market, are implemented, the report said.
Securities will attract more foreign investment and cross-border business will benefit from more preferential policies, it added.
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