People walk outside the headquarters of the China Securities Regulatory Commission in Beijing. File photo: VCG

 
China Securities Regulatory Commission (CSRC) recently launched a new department for science and technological supervision, which aims to build a big data system encompassing a variety of capital market information resources.

The introduction of the department on the CSRC website says its tasks will include building a big data platform, improving supervision data sharing, and organizing research and development (R&D) for financial and supervision technologies.

The groundwork for the department began in April this year. An official from the CSRC said during this year’s two sessions convened in May that the country’s capital market supervision will focus on aspects including realizing more widespread connectivity and building a cloud platform for technological supervision.

The move came as China’s listed companies are playing an important role in the country’s economic development.

Yan Qingmin, File Photo: Xinhua

 
Yan Qingmin, Vice Chairman of CSRC, said at the China Association for Public Companies’ annual conference on Thursday that almost 4,000 companies have been listed on the Chinese mainland by the end of May, with a total market evaluation reaching 59.61 trillion yuan ($8.41 trillion), making it the second largest market in the world in terms of market evaluation.

Global Times