The capitalization of China's stock market will account for 20 percent of the global total by 2030, supported by the privatization of State-owned enterprises, British bank Standard Chartered Plc has forecast. That share will put China just behind the United States, which is forecast to account for 21 percent of the world's total equity market value.
China will allow unfettered exchange of its yuan currency in its first free trade zone, a draft plan seen by AFP Thursday showed, in a bold push to reform the world's second largest economy.
The free trade zone (FTZ) in Shanghai is intended to make the city into a true international trade and financial centre and challenge the free economy of Hong Kong, a special administrative region of China, analysts and government officials said.
Chinese credit rating company Dagong launched a new venture with Russian and US partners yesterday to challenge the dominance of the major rating agencies that were blamed for contributing to the global financial crisis.
Officials said the Universal Credit Rating Group is aimed at "providing some balance" to the industry, traditionally cornered by Moody's, Standard & Poor's and Fitch.
China is stepping up the expansion of its new over-the-counter equity exchange system in its efforts to create a multi-level capital market.
The National Equities Exchange and Quotations - the so-called "third board", an equity exchange system for small- and medium-sized enterprises - is to expand its pilot sites this year, an official told China Daily on Friday. It is China's third national equity exchange after Shanghai Stock Exchange and Shenzhen Stock Exchange the only over-the-counter market regulated by China Securities Regulatory Commission.
China's trust industry saw its assets surge 64.72% YoY to RMB 8.73 trillion (USD1.4trln) at the end of the first quarter, according to figures from the China Trustee Association. The figure reflected a 16.87% increase from the end of last year.
The trust asset realized RMB 11.07 billion in gross profit in the first quarter, 43.41% more than in the same period of 2012.
The latest Hurun Global Rich List reveals that 1,453 people worldwide have a personal wealth of US$1 billion or more as of January 17, 2013. The U.S. and China share half of the world's billionaires, with 408 and 357 respectively, followed by Russia, Germany and India.