BEIJING, March 10 (Xinhua) -- The Chinese Premier Wen Jiabao said China should work hard to develop its financial market and press ahead with financial innovations, in his government work report delivered during the opening ceremony of the 11th National People's Congress last week.
He also called for more efforts to boost direct financing, develop a multi-tier capital market system and expand the volume of equity and securities financing in a bid to meet diversified demands for investment and financing.
The Chinese authorities have achieved some major innovations and reforms in improving China's capital markets.
Growth Enterprise Market (GEM)
GEM, also known as the second board market, refers to a Nasdaq-style stock exchange market engaged in providing financing channels for the medium, small and start-up enterprises, especially high-tech ones.
Key dates on ChiNext's route to launch
In August 1999, China's State Council, the cabinet, proposed setting up a Nasdaq-style second board for high-tech start-ups.
In May 2004, the State Council agreed in principle to set up the board and base it in Shenzhen.
In March 2009, the China Securities Regulatory Commission (CSRC) published provisional rules for second board IPOs.
In September 2009, the CSRC approved seven firms for second board listing and the Shenzhen Stock Exchange officially named the second board ChiNext.
On Oct. 23, ChiNext was launched and shares of 28 firms started trading on it from Oct. 30.
