English 中文网 漫画网 爱新闻iNews 翻译论坛
中国网站品牌栏目(频道)
当前位置: Language Tips> 天天读报> 每日播报

Second board to help tiny companies access funds

[ 2009-04-10 13:36]     字号 [] [] []  
免费订阅30天China Daily双语新闻手机报:移动用户编辑短信CD至106580009009

进入英语学习论坛下载音频

After nearly a decade in gestation, the Chinese second board, or the Growth Enterprises Board, has got regulatory approval.

Although the securities regulator has yet to disclose a timetable for its launch, it issued a road map last week laying down, for the first time, the rules and procedures that will help in the unveiling of the NASDAQ-style board.

The idea of a NASDAQ-like market on the mainland was first mooted in the mid-1990s. After a few false starts, it was put on the back burner and nearly forgotten until 2007, when the stock markets boomed. The buoyancy led to increased demand, by many private sector entrepreneurs, for an appropriate channel to raise funds directly from the investment public.

Indeed, quite a few private sector enterprises, especially those in the technology sector, had successfully obtained listings on the NASDAQ or the growth enterprise market in Hong Kong.

Despite fervent discussions over setting up such a market on the mainland, the regulator was widely perceived as taking a decidedly slow approach to its formation, until now.

GEB came back into the reckoning in August 2007 when the country's State Council approved a plan to develop a multi-level capital market system.

In March 2008, Shang Fulin, chairman of the China Securities Regulatory Commission, said the regulator would "try to roll out the GEB in the first half" of that year. A few days later, on March 22, the CSRC released draft regulations for the GEB and began to solicit public feedback. But the early days of the US mortgage crisis forced the regulator to take a cautious approach.

This year, as China's proactive monetary and fiscal policies started to yield results, things looked different for the establishment of a second board. Since the beginning of the year, the country's benchmark Shanghai Composite Index has rallied by over 30 percent despite occasional hiccups, catapulting the Chinese stock market to second place after Peru among the best performing stock markets in the world.

To be sure, the country's capital market is more mature than what it was 10 years ago, and investors and VC firms are keen to invest in the country now than before. Coupled with the recovery of the stock market, the GEB launch roadmap comes at a time when meeting the funding needs of many cash-strapped private sector enterprises has become an integral part of the government's stimulus efforts.

According to China Association of Small and Medium Enterprises, SMEs account for 99.8 percent of the country's companies, and contribute about 60 percent to the GDP and offer 75 percent of all manufacturing jobs. However, only 2 percent of the capital raised by SMEs comes from direct financing. Most of it is from banking loans and other lenders.

(英语点津 Helen 编辑)

Second board to help tiny companies access funds

Second board to help tiny companies access fundsBrendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op’Ed pieces with a China focus that feature in the Daily’s Website opinion section.

He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.

 
中国日报网英语点津版权说明:凡注明来源为“中国日报网英语点津:XXX(署名)”的原创作品,除与中国日报网签署英语点津内容授权协议的网站外,其他任何网站或单位未经允许不得非法盗链、转载和使用,违者必究。如需使用,请与010-84883631联系;凡本网注明“来源:XXX(非英语点津)”的作品,均转载自其它媒体,目的在于传播更多信息,其他媒体如需转载,请与稿件来源方联系,如产生任何问题与本网无关;本网所发布的歌曲、电影片段,版权归原作者所有,仅供学习与研究,如果侵权,请提供版权证明,以便尽快删除。
 

关注和订阅

人气排行

翻译服务

中国日报网翻译工作室

我们提供:媒体、文化、财经法律等专业领域的中英互译服务
电话:010-84883468
邮件:translate@chinadaily.com.cn