It is the high time for unveiling the financial derivatives
market, said Cheng Siwei, vice chairman of the Standing Committee
of the National People's Congress (NPC), at the ongoing 2007 China
Financial Derivatives Conference held in Beijing on October 27.
According to Cheng and other high-level financial officials from
the central bank, China Banking Regulatory Commission (CBRC), China
Securities Regulatory Commission (CSRC), and China Insurance
Regulatory Commission (CIRC), financial derivatives including stock
index futures, interest rate futures, foreign exchange rate
futures, and bond futures will come to the market as soon as
preconditions are met.
Cheng pointed out that the efficiency of China's financial
system lags far behind developed countries. For example, the
per-capita profit of the banking industry is much lower than those
in developed countries. Moreover, there are pending problems in
China's stock and futures markets.
Developing financial derivatives can enhance the nation's
financial efficiency and capacity for risk prevention and
strengthen international competitiveness, noted Cheng. He also
called the steady development of a healthy financial derivatives
market based on the demands of economic development and enhancement
of supervision, following the principle of opening up under
governance.
For more details, please read the full story in Chinese. (
http://jjckb.xinhuanet.com/caijing/2007-10/29/content_71546.htm)
(China.org.cn October 29, 2007)
