Zhou Xiaochuan: China's Growth Enterprise Market
Address by Mr Zhou Xiaochuan, Governor of the People's Bank of China, at the ceremony
marking the first listing on the Growth Enterprise Market (GEM), Shenzhen, 30 October
2009.
* * *
Distinguished guests,
Dear friends,
Ladies and Gentlemen,
Good morning!
It is a great pleasure to attend this gathering at the invitation of Shenzhen Stock Exchange
and the 28 companies. Today, the Growth Enterprise Market will see the listing of the first
28 companies, which is an event long awaited by the financial community, the scientific and
technological circle and entrepreneurs. On this occasion, I would like to extend sincere
congratulations to the successful launch of the GEM in my own name and on behalf of the
People's Bank of China.
In the 1970's, the Growth Enterprise Market was designed to accommodate vigorous
scientific and technological innovation and the boom of start-ups around the world. After
three decades of development and especially after the test of this international financial
crisis, the GEM is again, showing great vitality.
The GEM in China does not come easy. Years of comparison and analysis of international
experiences, policy and system and repeated feasibility studies have finally led to the
successful listing of the first 28 companies on the GEM. Therefore, my thanks go to everyone
who contributed to this long process.
The PBC and the financial community have been watching and actively supporting the
development of the capital market and the launch of GEM. Direct financing should accelerate
its pace of development to account for a larger share in financing. We advocate healthy
development of the market and have been supportive of reforming the issuance and pricing
mechanism on the capital market. The whole financial community attaches great importance
to the role of capital market in financing by SMEs and innovative enterprises, especially
hitech enterprises and growth enterprises. The development of GEM is consistent with the
scientific outlook of development. The PBC and the financial community will continue to
support the advancement of the GEM in the future.
At present, China's economy is at the key juncture of stabilization and recovery. In
accordance with the overall arrangements of the CPC Central Committee and the State
Council, we will try to strike a balance between maintaining stable and relatively rapid
development of the economy, economic restructuring and managing inflationary expectation.
In order to keep the consistency and stability of macroeconomic policies, we will continue to
implement the relatively loose monetary policy. The intensity and pace of the monetary policy
conduct will be carefully handled to enhance the flexibility and sustainability of the monetary
policy.
After the hard work in spring, we have welcomed a harvest - the long awaited launch of the
GEM - in the golden autumn. We sincerely hope that the newly-launched GEM will grow in
an orderly and healthy manner!
Thank you.