China completes draft plan for stock issuance reform.docx

China completes draft plan for stock issuance reform.docx

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Chinacompletesdraftplanforstockissuancereform

BEIJING-China'stopsecuritiesregulatorhascompletedadraftplantoreformthenation'sstockissuanceregime.

Thedraftplan,seenasmajormoveinintroducingaregistration-basedsystemforstockissuance,replacingthecurrentsystemofadministration,willbesenttotheStateCouncilforreviewbeforetheendofthismonth,saidZhangXiaojun,spokesmanoftheChinaSecuritiesRegulatoryCommission（CSRC）.

CSRCledthedraftingofthereformplan,withparticipationbymultiplesagenciesincludingtheNationalDevelopmentandReformCommission,MinistryofFinance,andthecentralbank,Zhangsaid.

Underthecurrentapproval-basedIPOsystem,newlylistedcandidatesoftenexperienceacomplicatedapplicationprocessthatcantakemultipleroundsofreviewsandseveralyearstoreceiveapprovalfromtheCSRC,whiletheregistration-basedIPOsystemwillfocusoncompanies'compliancereviewandbemarket-orientedandmoretransparent.

BEIJING-China'stopsecuritiesregulatorhascompletedadraftplantoreformthenation'sstockissuanceregime.

Thedraftplan,seenasmajormoveinintroducingaregistration-basedsystemforstockissuance,replacingthecurrentsystemofadministration,willbesenttotheStateCouncilforreviewbeforetheendofthismonth,saidZhangXiaojun,spokesmanoftheChinaSecuritiesRegulatoryCommission（CSRC）.

CSRCledthedraftingofthereformplan,withparticipationbymultiplesagenciesincludingtheNationalDevelopmentandReformCommission,MinistryofFinance,andthecentralbank,Zhangsaid.

Underthecurrentapproval-basedIPOsystem,newlylistedcandidatesoftenexperienceacomplicatedapplicationprocessthatcantakemultipleroundsofreviewsandseveralyearstoreceiveapprovalfromtheCSRC,whiletheregistration-basedIPOsystemwillfocusoncompanies'compliancereviewandbemarket-orientedandmoretransparent.

ToyotaMotorCorpsaidonThursdayitwouldrecall57,000vehiclesgloballytoreplacepotentiallydeadlyairbagsmadebyTakataCorp,asasafetycrisisaroundtheJapaneseautopartsmakerlooksfarfrombeingcontained.

Toyota'sactionfollowsarecallbyrivalHondaMotorCoameproblemtwoweeksagoafterrevelationsofafifthdeath,inMalaysia,linkedtoTakata'sairbaginflator.Morethan16millionvehicleshavebeenrecalledworldwidesince2008overTakata'sairbaginflators,whichcanexplodewithtoomuchforceandspraymetalfragmentsintothecar.

ToyotaisrecallingsomeVitzsubcompacts,calledYarisinsomemarkets,andRAV4crossovermodelsmadebetweenDecember2002andMarch2004.About40,000areinJapan,6,000inEuropeandtherestinothermarketsoutsideNorthAmerica.Toyotasaiditwasnotawareofanyinjuryordeathrelatedtotherecall.

Separately,Toyota'ssmall-carsubsidiaryDaihatsuMotorCoalsoissuedarecall,inJapan,of27,571MiraminivehiclesproducedbetweenDecember2002andMay2003forthesamereason-itsfirstrecallinvolvingTakatainflators.

About2.6millionvehicleshavebeenrecalledinJapansofarforTakata'sairbaginflators,atransportministryofficialsaid.

Takata-relatedrecallsarealmostcertaintoballoonafterUSsafetyregulatorsonWednesdayorderedthecompanytoexpandaregionalrecallofdriver-sideairbagstocovertheentireUnitedStates,notjusthotandhumidareaswheretheairbaginflatorsarethoughttobecomemorevolatile.

Takatahassofarresistedexpandingtherecall,sayingthatcoulddivertreplacementpartsawayfromthehigh-humidityregionsthatneedthemmost.

AvisitorisreflectedinaToyotaMotorCorp'svehicledisplayedatthecompany'sshowroominTokyoSept26,2012.[Photo/Agencies]

ToyotaMotorCorpsaidonThursdayitwouldrecall57,000vehiclesgloballytoreplacepotentiallydeadlyairbagsmadebyTakataCorp,asasafetycrisisaroundtheJapaneseautopartsmakerlooksfarfrombeingcontained.

Toyota'sactionfollowsarecallbyrivalHondaMotorCoameproblemtwoweeksagoafterrevelationsofafifthdeath,inMalaysia,linkedtoTakata'sairbaginflator.Morethan16millionvehicleshavebeenrecalledworldwidesince2008overTakata'sairbaginflators,whichcanexplodewithtoomuchforceandspraymetalfragmentsintothecar.

ToyotaisrecallingsomeVitzsubcompacts,calledYarisinsomemarkets,andRAV4crossovermodelsmadebetweenDecember2002andMarch2004.About40,000areinJapan,6,000inEuropeandtherestinothermarketsoutsideNorthAmerica.Toyotasaiditwasnotawareofanyinjuryordeathrelatedtotherecall.

Separately,Toyota'ssmall-carsubsidiaryDaihatsuMotorCoalsoissuedarecall,inJapan,of27,571MiraminivehiclesproducedbetweenDecember2002andMay2003forthesamereason-itsfirstrecallinvolvingTakatainflators.

About2.6millionvehicleshavebeenrecalledinJapansofarforTakata'sairbaginflators,atransportministryofficialsaid.

Takata-relatedrecallsarealmostcertaintoballoonafterUSsafetyregulatorsonWednesdayorderedthecompanytoexpandaregionalrecallofdriver-sideairbagstocovertheentireUnitedStates,notjusthotandhumidareaswheretheairbaginflatorsarethoughttobecomemorevolatile.

Takatahassofarresistedexpandingtherecall,sayingthatcoulddivertreplacementpartsawayfromthehigh-humidityregionsthatneedthemmost.

China'scross-bordertradesettledintheyuanwilllikelydoubleinthenextfivetosevenyears,whichwillgenerateopportunitiesforfinancialinstitutionsinoffshoremarketsforthecurrency,aseniormonetaryofficialfromHongKongsaidonFriday.

ChanTak-lam,chiefexecutiveoftheHongKongMonetaryAuthority,saidthatheexpectedfinancialinstitutionsinHongKongtointroducemoreyuan-denominatedproductstomeetinvestors'demandfortheyuan.

Salesofproductssuchasexchange-tradedfundsassociatedwiththeChinesemainland'sA-sharemarketaregrowingrapidly,hesaid.

Yuan-denominatedforeigntradeaccountsfor15to20percentofthecountry'stotaltradeandthatpercentagewilllikelyriseto40to50percent,indicatingmoreacceptanceoftheyuanamonginternationaltradersandinvestors,ChantoldanewsconferenceinBeijingaftermeetingwithmainlandregulators.

FromJanuarytoOctober,yuan-denominatedtradesettlementinHongKonggrewsignificantly.Offshoreyuantradingdoubledtotheequivalentof$30billioninthesameperiod,Chansaid.

DemandforoffshoreyuanincreasedafterlastMonday'slaunchofthelandmarkstocktradingprogramthatlinksShanghaiandHongKong.Tomeetrisingdemand,theHongKongregulatorremovedthedailyconversionlimitof20,000yuan（$3,262）foritsresidents.

Chancalledforanexpansionofquotasfortherenminbiqualifiedinstitutionalinvestorprogram,whichallowscertainoverseasinstitutionstouseyuantoinvestinthemainland'scapitalmarket.

Thecurrentquotaof270billionyuanallocatedtoHongKongcannolongermeetdemandandtheregionhopedthatmainlandregulatorswouldraisethequotaassoonaspossible,hesaid.

ChansaidtheHKMAhadreceived"apositiveresponse"ontheissuefromthemainland'smonetaryauthorities.

InHongKong,theworld'slargestoffshoreyuanmarket,depositsofthecurrencyhaveexceeded1.1trillionyuan,abouthalfofthetotaloffshoreyuanglobally.

ChansaidHongKongdidnotanticipateadirectthreatfromtheriseofotherinternationalyuanclearingandsettlementcenterssuchasLondonandSingapore.

"Ourrelationshipwithotheroffshoreyuancentersisamutuallybeneficialoneasweintendtojointlygrowthepieofyuanbusiness,"hesaid.

RandallKroszner,aprofessorattheUniversityofChicago'sBoothSchoolofBusiness,saidthatChinaneedstocontinuetoliberalizeitscapitalmarketinthedirectionoffullconvertibilityofitscurrency.

Thenationalsoneedstoimprovethetransparencyandpredictabilityofitsfinancialinstitutionstofosterlong-terminvestmentratherthanshort-termspeculationinvolvingitscurrency.

AcurrencyexchangeboothinHongKong.Thespecialadministrativeregionistheworld'slargestoffshoreyuanmarket,wheredepositsofthecurrencyhaveexceeded1.1trillionyuan,abouthalfofthetotaloffshoreyuanglobally.

China'scross-bordertradesettledintheyuanwilllikelydoubleinthenextfivetosevenyears,whichwillgenerateopportunitiesforfinancialinstitutionsinoffshoremarketsforthecurrency,aseniormonetaryofficialfromHongKongsaidonFriday.

ChanTak-lam,chiefexecutiveoftheHongKongMonetaryAuthority,saidthatheexpectedfinancialinstitutionsinHongKongtointroducemoreyuan-denominatedproductstomeetinvestors'demandfortheyuan.

Salesofproductssuchasexchange-tradedfundsassociatedwiththeChinesemainland'sA-sharemarketaregrowingrapidly,hesaid.

Yuan-denominatedforeigntradeaccountsfor15to20percentofthecountry'stotaltradeandthatpercentagewilllikelyriseto40to50percent,indicatingmoreacceptanceoftheyuanamonginternationaltradersandinvestors,ChantoldanewsconferenceinBeijingaftermeetingwithmainlandregulators.

FromJanuarytoOctober,yuan-denominatedtradesettlementinHongKonggrewsignificantly.Offshoreyuantradingdoubledtotheequivalentof$30billioninthesameperiod,Chansaid.

DemandforoffshoreyuanincreasedafterlastMonday'slaunchofthelandmarkstocktradingprogramthatlinksShanghaiandHongKong.Tomeetrisingdemand,theHongKongregulatorremovedthedailyconversionlimitof20,000yuan（$3,262）foritsresidents.

Chancalledforanexpansionofquotasfortherenminbiqualifiedinstitutionalinvestorprogram,whichallowscertainoverseasinstitutionstouseyuantoinv