SecuritiesMarketsinChina.pptVIP

Stephen Cheung Securities Markets in China Securities Markets in China Stephen Cheung Securities Markets in China Prof. Stephen Y. L. Cheung Department of Economics Finance City University of Hong Kong February 2003 Content Brief on Economic Development in China Private Sector Development Stock Markets in China China’s Listed Companies Problems and Regulation Case Studies Corporate Governance Case Studies Country Profile: National Flag Country Profile: Brief History I In 1949, Communist Party under leadership of Mao Tse Dong founded People’s Republic of China (PRC) Political movements through 1950s to early 1970s e.g. Great Leap Forward, the Cultural Revolution Economic growth was slow Country Profile: Brief History II Deng Xiao Ping came to power and introduced a number of economic liberalization programmes “No matter whether it is a black cat or a white black, it is a good cat as long as it catches mice.” Reform in agricultural sector Open-door policy to foreign investors Special economic zones Rapid economic growth which led to overheating and social unrest Country Profile: Brief History III In 1993, introduced austerity measures to curb inflation which dampened economic activities Maintained stability of Renminbi after Asian currency crisis in 1997 and economic slowdown prompted pump-priming measures to boost domestic demand Country Profile: Brief History IV Growth due to Modernization programmes Open-door policy Changed incentive system towards market-oriented economy Country Profile: Economic Structure Country Profile: Country Risk China’s Emerging Private Enterprise Importance of the private sector in China More than half of economic activity More than 2/3 if agricultural and collectives enterprises are counted During 1991-1997, output ? 71% and employment ? 41% China’s Emerging Private Enterprise China’s Emerging Private Enterprise China’s Emerging Private Enterprise China’s Emerging Private Enterprise China’s Emerging Private Enterprise Major t