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Brain storm hits summit
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RATHER than worrying about the possible negative influence of a downturn in the world economy, China is very confident of economic growth in the forthcoming years, a senior official said on Wednesday.
When asked if the US economic slowdown would affect China's growth, Vice-Premier Wu Bangguo said China's economy will rely heavily on the growth of the domestic market, which enjoys substantial domestic demand.
Wu made the remarks at the China Business Summit co-sponsored by China Enterprise Confederation and World Economic Forum.
The summit, which was closed yesterday, attracted more than 600 government and corporate officials who offered their opinions about “The Chinese Economy in a New Era: Reform and Innovation" in a three-day “brain storm".
SZ delegation
Shenzhen Mayor Yu Youjun headed a delegation comprised of executives of more than 40 enterprises.
Yu also hosted a banquet at the summit on Wednesday night where he presented the city's investment environment to the guests.
Vice-Mayor Wang Suiming also gave a speech at the summit where she told participants that mixed ownership will be introduced to State-owned enterprises in the city in the coming reforms.
Corporate governance
Laura Cha, the newly-appointed vice-chairman of the China Securities Regulatory Commission (CSRC), said at the summit that the securities watchdog is making the improvement of corporate governance of listed companies its main task this year.
It is necessary to improve the public firms' corporate governance, which is crucial to ensuring the quality of the companies and the market and maintaining the confidence of investors, she said.
The 51-year-old woman attracted a lot of attention at the three-day meeting partly because she was the first overseas professional to take a post in China's Central Government.
She said CSRC is working on a set of principles and standards of corporate governance.
Under the principles and standards, CSRC will “mandate transparency and focus on the behaviour and accountability of the board and the management of the listed companies.''
Cha said the CSRC will also require listed companies to publish financial reports quarterly.(SD News)
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