On Mon, 27 Dec 1999, Chris Burford wrote:
> Xinhua's announcement yesterday of new laws against leaking inside
> information about securities or futures is a significant step in
> regularising China's capital market.
>
> Punishments may be as much as 10 years with fines of two to five time the
> amount of any profit from such activities (the latter seems low to me).
>
> This suggests a qualitative step has been reached with requires tighter
> boundaries on the ownership of capital what is private to the owners and
> what is public to the market. Otherwise everything would be in total flux
> and the private ownership of the means of production could not operate. It
> illustrates the problems of corruption as the economy moves from a state
> regulated one to a private enterprise one, which nevertheless retains many
> of the old connections and networks of mutual favours.
>
> However this step does not necessarily mean that China has relinquished
> control over the highest form of capital, finance capital which may still
> be under social control.
>
> Chris Burford
>
> London
>
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