In a recent interview with BusinessWeek Beijing Bureau Chief Dexter Roberts and Asia Regional Editor Mark L. Clifford, Wu ticked off the financial sector's shortcomings. The biggest shortcoming is government interference in the listing process. We changed the listing system from government approval to registration. The system still has problems. There is still intervention from the government.
Chinese companies listed abroad disclose more than domestic companies.
There are more than 90 investment banks and security houses. We will need 5 to 10 years to restructure according to the market. It is very regrettable that the CEOs of China's securities houses don't think about the importance of this trend. They don't know that the opening of China's securities industry is only a matter of time. Restructuring has met a lot of interference from China's provincial governments.