Xiao Gang, former Chairman of the China Securities Regulatory Commission (CSRC), speaking at a financial forum in Shanghai about the development of China’s capital markets, said he had a message from the leaders in Beijing. According to him, they said: “The Party has never attached so much importance to capital markets as it does today.” Xiao Gang added that finance and technology are at the heart of the economic competition between China and the US. He observed that the development of capital markets is indicative of a nation’s economic power. To achieve financial competitiveness, Xiao Gang called for reforms in the areas of The registration-based IPO system; Corporate governance; Financial opening; The legal system; and Fintech development. Chinese analysts assess that as the US-China competition intensifies, the pace of China’s financial reforms will continue to accelerate.

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