China will draft new rules and regulations to supplement the current Securities Law to maintain the healthy development of the securities market, said Li Peng, chairman of the Standing Committee of the National People's Congress (NPC).
Li made the remarks when chairing a lecture on law for legislators of the NPC Standing Committee on Saturday.
The current Securities Law, adopted on December 29, 1998 by the NPC Standing Committee, has played a key role in maintaining and promoting the development of China's securities market, Li said.
With China's entry into the World Trade Organization around the corner and the development of securities market well on its way, the Securities Law has some loopholes, demanding some amendments, he said.
Zhou Zhengqing, former chairman of the China Securities Regulatory Commission, briefed the legislators on the development and content of China's securities law and regulations.
As the situation has changed, more laws and regulations must be promulgated to supplement the Securities Law to deal with such problems as insufficient corporate governance, the trading of B shares and problems that will come after China's accession of the WTO, he said.
(China Daily July 2, 2001)
