The invisible hand vs. the iron-fist in the Chinese capital market
The Securities Law of the People’s Republic of China (SL) has gone through four revisions since its launch in 1999. The first and only comprehensive review and revision (xiuding) became effective on 1 January 2006. However, more than 10 years later, the second xiuding is still underway with no clear timeline for its completion. The protracted revision process signals that the government priorities for the Chinese capital market might have shifted towards a more conservative and cautious direction.