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Chinese equity markets are beginning to crackdown on loss-making companies. The Shenzhen Stock Exchange recently delisted two loss-making companies – Jiangsu Chinese Online Logistics and Powerwise Information Technology Co. These were the first two companies be delisted from mainland exchanges since December 2007. The delisting procedures were part of efforts by the China Securities Regulatory [...]
Why China’s command and control equity markets are no fun When Guo Shuqing took over as head of the China Securities Regulatory Commission (CSRC) in October, there was great hope that he would push forward more reforms to make equity markets – only accounting for 3.6 percent of total financing today – a better source [...]
Although we have been critical of the pace of reform in China in recent years, it is important to acknowledge the flurry of activity that has taken place in the first half of this year. The Chinese and Western press have been chock-full of new financial initiatives pushed forward by policymakers. Most of these initiatives [...]
The People’s Bank of China (PBoC) released a report (Chinese language) this week that focused on prospects for capital account liberalization. Opening up the capital account would be a major reform, perhaps the most significant in a more than a decade. It would give Chinese savers an escape hatch from financial repression and force the [...]
The Economist had a great article last month on why professional soccer in China continues to face so many problems. Despite a tremendous amount of interest in the game, Chinese professional leagues have struggled to succeed. Game fixing and institutionalized corruption have undermined belief in the fairness of matches. Fans have become disgusted with the [...]
Continuing on last week’s theme of expectations, let’s take a look at ongoing developments in the offshore renminbi market. Despite breathless predictions of continued growth by the investment banks, the offshore market has hit a rough patch and deposits in Hong Kong actually declined in October. What’s at work here? Well it seems that expectations [...]