The restructuring of China's brokerage industry and the launch of more bank-managed stock funds are expected to help lift the country's ailing stock market, state media reported. Following a government bailout that included a loan from China's central bank, the restructuring of the country's brokerage industry is expected to be completed by October, and will "play a big role in promoting the development of the stock market", said Liu Shiyu, assistant governor of the People's Bank of China. Within two months, two new bank-run fund management companies are expected to launch their first funds, joining ICBC Credit Suisse Asset Management Co, which became operational yesterday after 10 months of preparation, Liu said.
Categories