China Securities Regulatory Commission (CSRC)
| Chair: | Shang Fulin [Biography of Shang Fulin ] | ||
| Vice Chairs: | Liu Xinhua Gui Minjie Zhuang Xinyi Yao Gang |
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| Address: | 19 Fukai Dasha A, Jin Rong Dajie, Xicheng Qu, Beijing 100140 | ||
| Telephone: | 86-10-6621-1188 | ||
| Website: | www.csrc.gov.cn | ||
| Shenzhen Stock Exchange www.szse.cn | |||
| Shanghai Stock Exchange www.sse.com.cn | |||
| Departments: | General Office; Public Offering Supervision; Non-Listed Public Company Supervision; Market Supervision; Intermediary Supervision; Office of Risk Control; Listed Company Supervision; Investment Fund Supervision; Futures Supervision; Enforcement Bureau; Comprehensive Enforcement Division; Legal Affairs; Administrative Sanctions Committee; Accounting; International Cooperation; Personnel and Education; Coordinating Committee for Regional Offices; Propaganda; Compliance Bureau; CCP Committee; Research Center; Information Center; Administrative Office | ||
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CSRC Structure Chart [pdf] Summary of CSRC's 2010 Work Plan [pdf] |
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Responsibilities
CSRC is China's sole market regulator for stocks, bonds, futures, and mutual funds. CSRC has 18 functional departments or offices, 3 subordinate centers, and 2 special committees. It also has 10 regional offices set up in key cities around the country and administrative offices in every province, autonomous region, city directly under the jurisdiction of the State Council, and city with provincial-level status. CSRC
- Controls the issuance, trading, and clearing of stocks, convertible bonds, and mutual funds, approves the listing of corporate bonds, supervises the trading of listed state debt and corporate bonds, manages securities and futures exchanges, and oversees the circulation of information on securities and futures;
- Processes applications for asset management companies, futures companies, Sino-foreign securities joint ventures (including any initial public offering underwriters and advisors), qualified domestic institutional investor (QDII) quotas, and qualified foreign institutional investor (QFII) quotas;
- Manages and approves appointments of high-ranking managerial personnel of stock and futures market participants including PRC securities firms and fund management companies;
- Administers and safeguards the stability of equity, debt, and futures markets;
- Supervises how enterprises within China directly or indirectly issue and market their shares outside of China; supervises how organizations outside China set up securities institutions and deal in securities within China; and
- Approves new open- and closed-ended funds and other financial products issued by securities and mutual fund companies.
Priorities
CSRC has been perhaps the most active of China's financial regulators in attempting to clean up markets, improve transparency, and instill good corporate governance. Vested with QDII and QFII approval responsibilities, CSRC closely follows central government planners' leads for signals on tightening and loosening foreign exchange flows into and out of mainland China. On numerous occasions in bilateral negotiations with the United States, CSRC has pushed back on calls from foreign investors to lift existing restrictions on foreign investment in China's securities market. In doing so, CSRC appears to have been tasked by central authorities to keep China's domestic securities market protected from what it perceives as foreign dominance in this market, globally. It is also CSRC's task to regulate any company raising funds in China's capital markets, including foreign companies that want to list on China's equity markets.
CSRC Chair Shang Fulin stressed the need for regulators to strengthen market potential and national economic vitality. Shang pointed out action items implemented in 2008 that will remain instrumental in meeting growth objectives and instilling confidence in 2009. These tasks include:
- Strengthening financial sector system basics to safeguard the market;
- Upgrading financial markets and improving information security;
- Bolstering market governance and cracking down hard on illegal practices; and
- Cooperating actively with international parties to open doors further for market openings.
Return to PART VI: State Council Directly Administered Offices