Market head to China

The head of China's securities regulator said the country should do more to improve its capital markets, including its system for approving initial public offerings, the Shanghai Securities News reported Thursday. China Securities Regulatory Commission Chairman Guo Shuqing told a financial summit in Beijing that reform would help simplify administrative processes, including the procedure for delisting companies from the country's stock exchanges, according to the report. He also said the cabinet plans to approve the trading of bond and crude oil futures and listed companies should be encouraged to distribute dividends. Mr. Guo has been a vocal advocate of efforts to open China's capital markets since he became chairman of the CSRC in October. He recently gave local markets a boost when he said foreign investment in the country's stock and bond markets could be sharply increased