China is proceeding with a series of market reforms aimed at reviving its shares markets, which remain mired in a four-year slump.

　　In mid-2005, China suspended new IPOs in domestic markets in an effort to prop up sagging stock prices, weighed down by investor concerns over the share-reform plan to sell more than US$250 billion in State-held shares.

　　"We will look at allowing listed companies to sell shares before approving any new IPOs," the Financial News quoted Shang Fulin, the top securities regulator, as saying at a conference.

　　Reforms in state-held shares need to be built upon solid capital markets, said Shang, adding that the last mile of reforms would be the most difficult.

　　Last month, China scrapped capital gains taxes for foreign stock investors.

　　The government is intensifying efforts to lure foreign cash into its main stock market, via a Qualified Foreign Institutional Investor (QFII) scheme that lets overseas firms invest in primary stock and debt markets.

　　The index was Asia's worst performing major market benchmark stock index in both 2005 and 2004.

　　While trying to reform inefficient capital markets to give domestic firms another fund-raising option besides banks, China is also trying to enhance corporate transparency and boost profitability.

　　Shang's comments come after a leading economic official said Saturday that efforts to revive its sickly stock markets are likely to work only if "poor quality" listed companies are eliminated from trading.

　　"Raising the quality of China's listed companies is the only permanent cure that can ensure public investors' fundamental interests," said Cheng Siwei, a vice chairman of the Standing Committee of the National People's Congress.

Notes

regulator n.监管者

listed firms 上市公司

share n.股份

lift vt.取缔

suspension n.暂停

timetable n.时间表

market reform市场改革

revive vt.复兴

mire v.陷入

slump n.衰退；下跌

to prop (up) vt.支撑；维持

sagging stock prices不断下跌的股票价格

weigh down受压抑；心情沉重

investor n.投资者

concern (over)对......关心

the share-reform plan股改计划

State-held shares国有股

top securities regulator最高证券监管者

scrap vt.废弃；抛弃

capital gains taxes资本所得税

stock investor股票投资者

intensify vt.强化

lure吸引，诱惑

Qualified Foreign Institutional Investor (QFII)合格境外机构投资者

scheme n.计划

primary stock原始股

debt markets债券市场

index n.指数

worst performing经营效率低下

benchmark基准

stock index 股票指数

inefficient a.效益低的

capital market资本市场

fund-raising option融资选择

to enhance corporate transparency增强公司透明度

to boost profitability提高盈利水平

comment n.评论

listed companies上市公司

eliminate vt.消除，去除

Raising the quality of... 提高......质量

permanent a.永久的, 持久的

cure n.治疗

public investors' fundamental interests公众投资者的根本利益

the Standing Committee of the National People's Congress.全国人民代表大会常务委员会