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Regulations for overseas stock exchanges' agencies
Xinhua Jan. 14, 2006 - China will not approve the establishment of overseas bourses' agencies before regulations on the management of the business are made, a senior securities regulatory official said Saturday. The country is mulling over measures to regulate overseas bourses' agencies in the country, Tu Guangshao, vice chairman of the China Securities Regulatory Commission (CSRC) said. Applications of overseas stock exchanges to set agencies in China will be examined and approved only after the regulations come out, said Tu, without elaboration. Earlier reports said that China has granted applications of the New York Stock Exchange and the Nasdaq Stock Market. Stock exchanges from the United States, Britain, Singapore and the Republic of Korea have launched a series of promotions in China over recent years, encouraging local enterprises to go public there. However, analysts worry that overseas listing of domestic companies, especially those report outstanding performance and with high-growth potentials, will slower the growth of China's capital market.

China's foreign debts exceed US$300 billion
At the end of September this year, China's outstanding foreign debts amounted to US$304.976 billion (excluding those of Hong Kong, Macao and Taiwan regions), which is $23.931 billion or 8.52 percent more than at the end of 2005, the State Administration of Foreign Exchange announced in Beijing on Thursday. Medium and long-term debts accounted for $136.387 billion, an increase of $11.485 billion. Short-term debts comprised $168.589 billion or 55.28 percent of the total. Of the total $207.876 of registered debts, sovereign debt ¨C borrowed by ministries under the State Council ¨C was $33.888 billion, 16.3 percent of the total, while the amount borrowed by financial institutions was $66.041 billion, or 31.77 percent. Foreign-funded enterprises borrowed $57.227 billion, accounting for 27.53 percent, and debt owed by foreign financial institutions in China reached $46.707 billion, 22.47 percent. Domestic enterprises borrowed $3.746 billion, or 1.8 percent of the total; leasing companies borrowed $97.1 billion and other institutions $267 million.

China relaxes QFII rules to attract more overseas investment
BEIJING, Aug. 25 (Xinhua) -- China announced Friday its revised rules on qualified foreign institutional investors (QFII) in a bid to attract more non-speculative overseas investment for its stock markets. Under the new rules, more overseas foreign institutional investors will be eligible as qualified investors in the Chinese A-share markets as the threshold for QFII was slashed significantly. The China Securities Regulatory Commission, which made public the rules in cooperation with the country's foreign exchange watchdog and the central bank, said it will also increase the quota of foreign investment in the Chinese stock markets.

Half of China's listed companies exaggerate profits
China Daily, Nov. 10, 2006 - More than half of China's listed companies would have exaggerated profits in their 2005 annual reports if certified accountants had not stopped them, the China Institute of Certified Public Accountants (CICPA) said. In a report released Thursday, the CICPA said 776 Chinese listed firms out of a total of 1,371 were ready to declare 38.8 billion yuan (4.9 billion U.S. dollars) of fictive profits in their 2005 draft annual reports if accountants had not intervened. (Click for full report)

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