| BUSINESSWEEK ONLINE : JUNE 14, 1999 ISSUE | ||||||||
| ||||||||
 | ||||||||
| INTERNATIONAL -- ASIAN COVER STORY
Liu Hong, Gen. Counsel, China Sec. Reg. Commission, China (int'l edition) LIU HONG, 35, LEFT A HIGH-paying job as a New York lawyer and came back to China with a mission: Tame the country's chaotic stock markets and create a more reliable source of capital for Chinese companies. The Harvard law graduate is now a lot closer to his goal. On July 1, China's first securities law will take effect, setting heavy penalties for insider trading and stricter requirements for disclosure. When Liu returned to Beijing in 1995, bureaucratic infighting had delayed a securities law for several years, leaving many skeptical that it could be pulled off. But then the Asian crisis and financial scandal brought a new urgency to regulation. Liu spearheaded a full-court press. Next, Liu wants to improve oversight of listed companies by encouraging investors to bring class-action lawsuits. ''Shareholders have to become the police of the securities markets,'' says Liu. Just what China's markets need. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ |
|  |
 | |
 The Stars of Asia INTERACT E-Mail to Business Week Online | |||
