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|A security guard stands outside the headquarters of the China Securities Regulatory Commission in Beijing in September 2015. Photo: CFP Govt intervention should be reduced: analysts
After the appointment of Liu Shiyu as the new chairman of China's securities regulator nike air max 2017 heren sale , how and whether he can push forward with reform while maintaining stability is the new focus of attention in the capital market, analysts said Sunday.
A brief report from the Xinhua News Agency on Saturday said that the State Council, China's cabinet, had appointed Liu to replace Xiao Gang as head of the China Securities Regulatory Commission (CSRC).
Liu, who resigned Sunday as chairman of Agricultural Bank of China, previously spent most of his career at the People's Bank of China, the central bank nike air max 2017 kpu kopen , and is thus highly experienced in overseeing the financial market, according to media reports.
Some investors already appear enthusiastic about the new appointment, with a pun in which Liu's name sounds like "bull market rain" in Chinese circulating on social media.
However, Pi Haizhou, a financial commentator, pointed out that a personnel change alone cannot solve all the problems in China's stock market.
"It is naive to place high hopes on a new CSRC head after the previous replacements," Pi wrote on his Sina Weibo account on Saturday.
Since the establishment of the CSRC nike air max 2017 flyknit dames , the securities watchdog has had eight chairmen, including Liu. Except Shang Fulin, who served for nearly nine years, the tenures of the others were all less than three years.
The reform tasks facing Liu will be full of challenges, analysts said, especially after the market slump last summer, which saw the benchmark Shanghai Composite Index plunge from 5 nike air max 2017 flyknit kopen ,178.19 points in June to 2,850.17 points in August.
"The market remains quite fragile, so how to carry out the reforms while still maintaining stability or at least avoiding volatility is a big concern," a securities analyst surnamed Li, who preferred not to give his full name, told the Global Times on Sunday.
The move to a new registration-based IPO system is the most pressing mission for Liu, said Guo Feng nike air max 2017 rood dames , chief investment advisor with Northeast Securities, citing the central government's long-term pledge to facilitate direct financing for the real economy from the securities market.
At the end of last year, the Standing Committee of the National People's Congress, China's legislature, passed a proposal to replace the current approval-based listing mechanism with a registration-based system, Xinhua reported.
"Nevertheless, considering last summer's market rout nike air max 2017 rood , a registration-based system won't be implemented in just one step," Guo told the Global Times on Sunday. "It requires a gradual process … and the final version of the mechanism may even have certain Chinese characteristics [to suit the A-share market]."
Moreover, from the perspective of building a healthy capital market in the long run, amending the Securities Law is considered another important part of the reforms Liu will need to pursue, analysts said.
The regulations and penalties for securities-related crimes are no longer suitable for the current market situation, and there are a lot of controversial problems these days such as how to punish people involved in such crimes and whether there may be a need to introduce class-action lawsuits, said Dong Dengxin nike air max 2017 wit dames , director of the Finance and Securities Institute at Wuhan University of Science and Technology.
Also, the policy-driven characteristics of China's stock market should be changed, Dong said, while noting that the government intervenes from time to time for the purposes of protecting the interests of individual retail investors.
With too much regulatory intervention the market cannot play its role, and it should not rely on the authorities to adjust everything, Guo said.
Liu's other reform tasks may also include improvements to the delisting mechanism and investor protection, as well as certain internationalization efforts such as the Shenzhen-Hong Kong Stock Connect scheme nike air max 2017 wit , Li noted.
by Zheng Jianghua, Shuai Rong
BRUSSELS, April 17 (Xinhua) -- The cooperation between the European Union (EU) and China has never been so important in a moment when multilateral global governance is open to doubt, EU's High Representative for Foreign affairs and Security Policy and European Commission Vice Presdent Federica Mogherini told Xinhua in an exclusive written interview ahead of her visit to China.
China will be Mogherini's first stop of her seven-day diplomatic trip kicking off from April 18, followed by India and Russia.
In China, Mogherini will co-chair the 7th EU-China Strategic Dialogue with Chinese State Councillor Yang Jiechi on April 19, in order to lay the groundwork for the 19th EU-China Summit in Brussels scheduled for June.
"The European Union and China share the view of a global order based on multilateralism and on the UN system: our cooperation has never been so important nike air max 2017 roze paars , in a moment when multilateral global governance is put in question from many sides," Mogherini said.
She underscored that a greater engagement from China in world affairs can "open so many opportunities, on so many issues of common interest," noting that a Chinese special envoy attended the international conference on supporting the future of Syria and the region earlier this month, and praising China's crucial role in the Afghanistan peace process.
"I know there are people in the world who have concerns about a more confident and outward-looking China. I don't share this view," she said, adding nike air max 2017 roze , "China can play a very positive role on so many fields, from Afghanistan to Syria, and we Europeans are ready to step up our cooperation in all these fields."
Even in the area of defence, Mogherini also saw deepened cooperation between t.