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This unique book examines the re-emergence of a securities market in the People's Republic of China, providing a comprehensive analysis of the market forces that are transforming China's centrally planned economy. The authors provide answers to the key issues such as: Why did a securities market develop in China? How do market practices compare with those in other countries? What are the major difficulties encountered in the development process of the securities market, and what growth potential does the Chinese securities market have? Based on Dr. Xia's comprehensive survey of officials at Chinese securities issuing companies, government policy agencies, and stock exchange centers, the authors offer a comprehensive report on the investment climate in China and its future.
After reviewing briefly the emerging securities markets of other developing countries and the impact of the international debt crisis, the authors examine the economic reforms in China and their impact on China's business climate. An in-depth discussion of financial sector developments, the regulatory framework and scope of the securities market, and a profile of market participants precedes a comprehensive examination of the type and nature of bond and stock issuing activities. The operations of securities trading centers, including secondary markets and, in particular, the Shanghai Exchange, is explained in detail with the conclusion offering unique insights into the development prospects of these markets. Essential to all investors in China, this book is also an important source of information for academics, researchers, and business executives.
List of contents
Introduction
Economic Reforms and their Impact on the Emergence of the Emergence of the Securities Market
Financial Sector Developments
The Emergence of the Securities Market
Securities Market Participants
Bond Issuing Activities
Stock Issuing Activities
Securities Trading Activities and Exchanges
Prospects of Future Development
Appendix I: Equity Markets in Economic Development
Appendix II: A Survey on Bond and Stock Issuances
Appendix III: Interim Regulations on the Administration of Bonds and Enterprises
Bibliography
Index
About the author
Mei Xia, Jian Hai Lin, Philip D. Grub
