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BEIJING, Aug. 3 (Xinhua) -- Securities regulators on Friday confirmed that the State Council, or China's cabinet, has approved a plan to expand pilot zones for the "new third board," a new over-the-counter (OTC) equity1 market, to shore up emerging businesses.
The new market is designed to be a platform for fledgling high-tech2 and growth enterprises to transfer shares and raise funds for specified3 use.
Pilot areas will be expanded to the Zhangjiang High-tech Industrial Development Zone in Shanghai, East Lake High-Tech Development Zone in central China's city of Wuhan and the Tianjin Binhai High-Tech Industrial Development Area, an unnamed official with the China Securities Regulatory Commission (CBRC) said.
"The move will be conducive4 to strengthening support for private, small- and medium-sized businesses," the official said.
The OTC board is one of a series of recent measures by Chinese policymakers to expand access to credit for small and private firms that have largely been shut out of China's financial system, which is dominated by state-owned banks lending to state-owned companies.
China has already established two regional OTC stock markets in Shenzhen and Shanghai. In 2006, it added Beijing's Zhongguancun Science Park as a pilot zone.
Commenting on whether the new markets will leech5 capital from the main trading board and dampen investor6 enthusiasm, the official said the impact will be "very limited" due to the small scale of the funds raised.
He cited Zhongguancun Science Park as an example. In the past six years, 100 companies participating in the trial program raised 1.73 billion yuan (272.87 million U.S. dollars).
点击收听单词发音
1 equity | |
n.公正,公平,(无固定利息的)股票 | |
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2 high-tech | |
adj.高科技的 | |
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3 specified | |
adj.特定的 | |
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4 conducive | |
adj.有益的,有助的 | |
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5 leech | |
n.水蛭,吸血鬼,榨取他人利益的人;vt.以水蛭吸血;vi.依附于别人 | |
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6 investor | |
n.投资者,投资人 | |
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7 stabilize | |
vt.(使)稳定,使稳固,使稳定平衡;vi.稳定 | |
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