CRI听力：Experts Calls for Cooperation and Reform on Capital Market

Reporter:
The number of listed companies in Asia has surpassed 20,000 this year. They account for about 45 percent of the total number of listed companies in the world, according to the China Securities Regulatory Commission.

Even though the number has grown here, the global economic downturn has taken its toll on capital markets in both China and the rest of Asia. (www.hXen.com)

Yao Gang, vice chairman of the CSRC, the country's stock market watchdog, says Asia's capital markets may first recover from the global economic downturn, but the immediate task is for leaders to further promote regional cooperation.

"Asia's capital markets have some advantages in cooperation, such as closed geographic locations, similar cultural backgrounds, as well as phases of economic development. With the growth of Asia's capital markets, Asia will not only have a greater say in the global financial market, but also reduce outside risks and achieve an orderly development."

Yao says the global financial crisis has had little impact on China's capital markets, because listed companies have limited investments in foreign financial products.

He also says China is willing to strengthen its relations with other Asian countries in financial regulation and innovation.

Daniel Tsai is the chairman of Fubon Holding, a diversified financial holding company based in Taiwan. He says that capital market leaders in Asia should have a more open mind when it comes to cooperation.

"Markets in Taiwan, Hong Kong and the mainland have their own specialties, and we should think of how to combine these specialties together. For example, Taiwan is strong in electronic products, and Hong Kong has powerful real estate and finance, while the mainland is strong in domestic demands, because it has a huge market."

Xu Weiyi, CRI news, Boao.