Illustration: iStock
Illustration: iStock

China is facing an opportunity to push forward capital market reform, as the market has largely shed risks and now boasts long-term investment value, said the People’s Bank of China in a statement on its website, Economic Information Daily reported.

According to the statement, a meeting held by the PBOC and the Financial Stability and Development Committee under the State Council has decided to accelerate reform.

In the next stage, capital market reform should pay more attention to improving the quality of listed companies and the de-listing system.

The authorities also pledged to reduce administrative intervention in transactions, actively develop mid and long-term investors and unblock access for all types of asset management products.

Shen Jianguang, vice president and chief economist of JD Finance, believes the statement is a positive signal to speed up market-oriented reform in the financial sector, and will also boost market confidence during the economic downturn.