China will speed up financial reform this year to promote a market economy, Shanghai Securities News reported Thursday, citing regulators. It will further liberalize interest rates and free up the renminbi, the People’s Bank of China was quoted as saying. Meanwhile, the China Securities Regulatory Commission said it will shift to post-listing oversight of new listings from the present approval-based process. Also,it will abolish a further 21 administrative approval procedures in the next three years and step up a crackdown on illegal activities in the stock market, the report said.
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