Wen addresses press conference (full text)

(China Daily)
Updated: 2005-03-15 02:11

Economic Daily: The State Council has issued a nine-point guideline on reform, opening-up and stable development of the capital market. Despite this issue, the stock market has been haunted and the prices of stocks have continued plummeting. Many investors have been trapped in the stock market. Will the government take strong measures to revert such a situation? What expectations do you think investors can have of the stock market?

Wen: The question you just asked probably has the highest click rate on the Internet. It is also one of the biggest concerns of the people.

The stock market in China has developed in tandem with the development of the socialist market economy. The securities market has made an important contribution to the economic growth of China. However, we should admit, that regarding how to establish an all-around securities market, we are not knowledgeable or experienced enough.

Moreover, the infrastructure of such a market is weak and the market mechanism is imperfect.

This has resulted in the plummeting of stock prices for years running.

Although I seldom speak on the stock market, I am watching it every day. Let me say here, China will continue the policy of developing the capital market and increasing direct financing. We are going to take measures to strengthen work in this respect.

First, we should improve the quality of the listed companies, which, I think, is most fundamental.

Second, we should establish an open, fair and transparent securities market.

Third, we should tighten oversight, and fight flaws and crime.

Fourth, we should enhance infrastructure for the securities market, centring on putting an appropriate system in place.

Fifth, we should protect the interests of investors, especially those non-government investors.

Thank you. Although we meet every year, it is not enough.

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