China will continue its policy of developing the capital market and expand direct financing, said Premier Wen Jiabao at a press conference in Beijing Monday.
Wen listed some specific measures to achieve that goal, including enhancing efforts to improve the quality of listed firms, which he said is "fundamental" to the country's endeavors in developing the securities market.
China will also build an open, fair and transparent securities market, intensify supervision and crack down on any behaviors in violation of laws and regulations, the premier said in response to a question raised by an Economic Daily reporter on China's measures to develop its stock market that has been plummeting in recent years despite a decision adopted by the State Council last year on the further reform, opening up and stable development of the stock market.
Wen said China will also regulate the securities market with rules and regulations and better protect the interests of investors, particularly that of public investors.
The premier said China's securities market, which took shape in the early days of the Chinese socialist market economy, has made important contributions to China's economic development.
"But we have to admit that the stock prices have been plummeting in recent years, due to our lack of know-how and experience, inadequate stock market regulations and immature market," the premier said, adding that he is attentive to the stock prices every day.
He said the stock price has probably received the highest click rate from China's Internet population and is one of the major issues arousing concerns from Chinese audiences who watch the Premier Wen's press conference, broadcast live at China Central Television.
(Xinhua News Agency March 14, 2005)
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