国务院关于推进资本市场改革开放和稳定发展的若干意见 Some Opinions of the State Council on Promoting the Reform, Opening and St

must be created. Prevention of risks on capital markets bears on the financial security of the nation and the healthy growth of the national economy. All localities and departments should care for and support the re

gulated development of capital markets， take into full consideration the sensitivity， complexity and uniqueness of capital markets during the formulation of capital markets-related policies and measures， and establish a coordination and co-operation mechanism featuring sharing of information， easy communication and specified duties and responsibilities， so as to create a sound environment and conditions for the steady growth of the market.

　　Market risks must be prevented and defused with common efforts. All localities and departments shall earnestly perform duties and responsibilities specified in the relevant laws and regulations such as the Company Law， and take effective measures to prevent and rectify in good time acts such as feigned capital contribution by initiators and encroachment on assets of listed companies by major shareholders or de facto controllers. All localities and the administrative departments concerned shall enhance the administration of companies disqualified from the market， and ensure the disqualification process to be smooth. For those securities and futures companies that involve major operation risks and thus must withdraw from capital markets or are subject to other administrative disposal measures， the local people's governments， the financial regulatory departments and the departments of public security， justice， etc. shall enhance coordination and co-operation， follow the laws， regulations and the relevant policies and take positive and effective measures to do a good job on risk disposal. All localities and departments shall establish a quick reaction mechanism against capital markets emergencies as well as a long-term mechanism for preventing and defusing risks.

　　Illegal acts on securities and futures markets shall be subject to harsh crackdown. All localities shall implement the State Council's guidelines concerning rectification and regulation of the market economic order， and strictly prohibit under their jurisdiction illegal issuance of securities， illegal establishment of business institutions on securities and futures， illegal proxy of securities and futures trading， illegal or disguised establishment of securities and futures exchanges， and other illegal acts connected with securities and futures. The government departments in charge of finance， public security， audit， industry and commerce， etc. and the institutions for the supervision and administration of state-owned assets should enhance coordination and co-operation in their efforts to sharpen the crackdown and maintain the order of capital markets.

　　IX. Earnestly Summing Up Experiences and Promoting Opening in a Positive and Reliable Manner

　　China will strictly carry out the commitments it has made on opening the sector of securities services during its accession to the World Trade Organization （WTO）。 Qualified foreign securities institutions are encouraged to hold shares of securities companies and fund management companies. The system of qualified foreign institutional investors will continue to be trial-operated.

　　Foreign capital markets should be vigorously utilized. Qualified domestic enterprises are encouraged to issue securities and get listed overseas by following the law of market and international common practice. Qualified domestic institutions and personnel are encouraged to conduct capital markets investment-related services and futures hedging overseas. The system of qualified domestic institutional investors will be earnestly studied.

　　Exchange and cooperation should be enhanced. We should implement the Closer Economic Partnership Arrangement with Hong Kong and Macao and further enhance ties and cooperation with the relevant international organizations and foreign securities regulatory agencies.

　　Developing capital markets is an important decision made by the CPC Central Committee and the State Council from an overall and strategic perspective. All local

ities and departments must pay sufficient attention to capital markets development， foster concepts by having the overall situation in view， fully understand the importance of such development， enhance confidence， seize opportunities， make innovations in a pioneering spirit， work together to create conditions for developing capital markets， vigorously promote their reform， opening and steady growth， and contribute to the great goal of building a well-off society in an all-round way

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