China to promote innovative securities businesses

China's Securities Regulatory Commission (CSRC) announced on Thursday that it has issued a guideline to stimulate innovation in securities businesses.

Securities institutions should support the real economy while exploring new services and products, the guideline said.

They should also give priority to help medium-sized, small and micro enterprises and the modern service industry, while improving competitiveness of the securities sector, the commission said.

The guideline urged full use of the market in upgrading business operations and encouraged the spirit of initiative.

The CSRC warned of financial difficulties ahead and stressed the importance of risk controls.

The guideline set three main targets. These are building modern investment banks with broader channels and cross-border banking, supporting new products in asset management, bulk stock, derivatives and private equity, as well as upgrading supervision with easier access.