China's Securities Regulatory Commission (CSRC) announced on Thursday that it has issued a guideline to stimulate innovation in securities businesses.
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Securities institutions should support the real economy while exploring new services and products, the guideline said.
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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.
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The guideline urged full use of the market in upgrading business operations and encouraged the spirit of initiative.
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The CSRC warned of financial difficulties ahead and stressed the importance of risk controls.
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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.Â