Chapter 5: The Role of Law and Governance in Financial Markets: The Case of the Emerging Chinese Securities Market
Sanzhu Zhu INTRODUCTION In March 2009, the Chinese government endorsed a plan to establish Shanghai as an international financial centre and shipping hub by 2020, ten years earlier than was previously planned.1 This was good news for Shanghai where, together with numerous banks, insurance and securities establishments, China’s three major securities and futures exchanges are located: the Shanghai Stock Exchange,2 the Shanghai Futures Exchange3 and the China Financial Futures Exchange.4 Anticipating a 1 See The Opinion of the State Council on Promoting Shanghai to Speed up the Development of Modern Services Industry and Advanced Manufacture Industry and Construction of an International Financial Centre and an International Shipping Centre (Guowuyuan Guanyu Tuijin Shanghai Jiakuai Fazhan Xiandai Fuwuye and Xianjin Zhizhaoye Jianshe Guoji Jinrong Zhongxin he Guoji Hangyun Zhongxin de Yijian) (Guofa  No. 19), issued by the State Council on 14 April 2009. 2 The Shanghai Stock Exchange was established on 26 November, 1990 and the trading started on 19 December 1990. By the end of 2007, there were 860 listed companies. 3 The Shanghai Futures Exchange was established in 1998 by merging the Shanghai Commodity Exchange, the Shanghai Metal Exchange, and the Shanghai Grain & Oil Exchange and business started in December 1999. Futures products currently include copper, aluminium, natural rubber, fuel oil, zinc and gold futures contracts. See Shanghai Futures Exchange Home Page (follow ‘About the Futures Exchange’ (‘Guan Yu Qi Jiao Suo’) hyperlink). 4 The China Financial Futures Exchange (CFFEX) was established jointly by the five current securities...
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