China plans to launch registration-based IPO system in two years- state radio

BEIJING Dec 9 China’s plans to launch a registration-primarily based program on initial public offerings (IPOs) at Shanghai and Shenzhen stock exchanges inside two years, state radio reported on Wednesday.

The State Council is awaiting approval from the National People’s Congress, the parliament, on the proposal, state radio stated, citing a normal cabinet meeting chaired by Premier Li Keqiang.

The cabinet also pledged to take steps to tackle excess factory capacity and deal with so-called zombie firms, although enabling banks to create off far more poor loans, state radio said. (Reporting by China Monitoring Group and Kevin Yao Editing by Robert Birsel)