Calls for further market reform

A four-year slump in mainland stock markets has pushed many Chinese brokerages towards bankruptcy, Reuters reported. "Stock markets are not an engine of growth," said Shan Weijian, a managing partner of Newbridge Capital. "In fact, they are a drag on the economy." Speaking at a Hong Kong conference, Charles Li, chairman and chief executive of JPMorgan Chase China called on regulators to follow the example of successful banking reforms and allow more foreign investment in domestic brokerages.