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China to step up controls on funds entering stock market

(XFN-Asia)
Updated: 2007-04-23 16:23

China will step up efforts to rein in rapid growth in the stock market, with controls intended to bar those funds that should not be invested in stocks, said Zhang Yutai, deputy director of the State Council's Development and Research Center.

Zhang added that a short term correction is "unavoidable" if the market grows at its current pace.

"Regulators will tighten their grip on banking funds that are forbidden in the market as well as on stock price manipulation... to prevent market volatility," he said.

Zhang said he expects several negative factors to kick in towards the second half that may lead to economic growth easing slightly, adding that the slowdown will be good for the economy.

Zhang said more controls are needed on credit growth, pollution, and the property market.