The "Third Board," China's OTC stock market, is still small and illiquid. However, October 2009 sees the establishment of a "Second Board" (or "Growth Enterprise Board") that will fill the gap between the Main Board and the OTC market. We expect the role of the Third Board to become clearer and...

The recent period of radical change in the environment for China's securities firms has exposed a number of problems those firms are facing. In 2004, China's government responded by embarking on a serious effort of reorganizing and restructuring securities firms. Owing in part to a recovery in...

China's private equity market has been growing mainly as a result of recent reforms, with investments totaling US$14.46 billion in 2006. Institutional investors from around the globe have responded by increasing their investments in Chinese private equity. These investments are vulnerable to...

China's pension system comprises three pillars: the compulsory basic pension insurance, voluntary corporate pensions, and personal savings.The regulatory framework for corporate pensions has been put in place over the past few years, and this important second pillar of China's pension system is...

With China in the process of altering its approach to economic development, government bonds and the government bond market have become an important source of funding for Chinese government programs aimed at achieving greater equality in the provision of public services. A deeper government bond...

Under the current tendency toward excess liquidity, China's monetary policy is becoming more difficult to manage. This paper explains the specific monetary policy tools available to China's central bank, the People's Bank of China (PBC), and also examines how those tools have been used over the...

After a long wait, China's "Second Board" market (or ChiNext) for venture businesses was finally established in 2009. The significance of this development is twofold: first, it gives "innovative enterprises and other growing start-ups" the opportunity to raise capital and investors such as...