Beijing (Reuters) – The highest Chinese financial market regulator said on Saturday that “stabilizing the market, stabilizing trust and stabilizing expectations” priorities because the Government is working to provide a better approach to the capital by leading technology.
Wu Qing, who took over the head of the Chinese Regulatory Commission a year ago, when the Chinese shares were sliding, said regulators were working to restore confidence from late September, when Beijing dropped a number of incentive measures.
These measures, WU said, support the aim of President XI Jinping for China to become “financial power” and create the capabilities of capital funding for companies with innovative technology.
“In today’s world, the finance is a battlefield for great forces,” Wu said in the remarks published by Qiushi, an official publication of the Chinese Communist Party.
The Chinese Index of the CSI300 Blue Chip has increased more than 20% since Beijing discovered monetary and fiscal stimuli in late September, although the market spilled over half of its initial profit.
Many investors abroad want greater clarity plans for US President Donald Trump for China and Beijing’s response.
Trump said on Friday that he was imposing 10% of tariffs to goods from China, as well as 25% of imports from imports from Canada and Mexico. However, in an interview with Fox News, it was aired, however, that he believed he could make an agreement with China on a store.
Wu said in his essay that the focus for capital markets in China switched from “expanding proportion” to the target support of key technologies, in accordance with Xi’s priority to develop industry such as artificial intelligence, biosciences, robotics and others, the President marked “new productive forces. “
The regulator said that despite the extent of the Chinese markets of shares and bonds – the second largest in the world – and the number of companies containing the list, there was not enough financial support for innovation.
“The structure is not reasonable. The scientific and technological content of these companies is too low, and the market has not completely played its role in supporting innovation and industrial innovation,” he said.
(Reporting Kevin Krolicki; Mounting William Mallard)
