Officials say the authorities are considering allowing local pension funds –– now limited to putting their money into bank deposits and government bonds –– to buy shares, and have already allowed foreign institutional investors greater access to the stock market, but foreign investors –– who are often more positive about Chinese shares –– still have to abide by a quota system.
“The market had been expecting new policies last year, but in fact there were not any good policies,” Shen said.
Vague government affirmations of support for financial reform were meaningless without concrete action, he said.
“Some policies were just like ‘old wine in new bottles’ –– nothing new there,” he said.
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