Experts sees 'tough' capital market reform
China DailyReforms need to be deepened urgently to preempt rule violations and further develop an investor-oriented capital market, said a leading financial expert and senior economist. Wu Xiaoqiu, former vice-president of the Renmin University of China and dean of the university's National Academy of Financial Research, said in an exclusive interview with China Daily that China's capital market is undergoing a fundamental transformation, shifting its focus from serving the financing needs of listed companies to helping investors manage their wealth. In April, the State Council, China's Cabinet, released a guideline that rolled out nine measures to promote high-quality development of the capital market, drawing up a blueprint for the market and featuring an intensified crackdown on securities violations and strengthened investor protection. Wu said the guideline has set the right tone for future capital market reform, urging "tough laws and harsh punishments" to stem violations and address the prominent issues of fraudulent listings and false disclosures.