Planning Commission approved the development of multi-level marketing.

<P>: Http:// News, China Securities Regulatory Commission on the development of multi-level capital market system plan approved late last month, four-level capital market system is ready for enactment. .</ P> <P> December 1 last year, China Securities Regulatory Commission Chairman Shang Fulin, proposed the establishment of the first public capital market structure of four levels, namely: actively cultivate blue chip market; to develop the SME board; actively and timely .launched the Growth Enterprise Market; integrated agency share transfer system, explore and improve the transfer of shares under the supervision of a unified system. .</ P> <P> and multi-level capital market as an important part --- GEM, the person confirmed, is currently awaiting reunification of the comments made by the Commission under the relevant plans and arrangements, choose the formal launch. .And, according to the relevant provisions of the Securities Act, the GEM board audit procedures on the enterprise is likely to "continue issuance examination committee of the relevant procedures." .Therefore, if the regulatory authorities to support the launch of the GEM, to give "special treatment" to accelerate the review process, then, the GEM early stages of development, is expected to launch the first batch of dozens of companies on the board. .</ P> <P> The source also revealed that the rules of perspective from the GEM Board listing requirements compared to the standard must be left with a considerable space, but the master's point of view of resources to be listed, companies to be listed .Company financial indicators and small plates "difference is not great." .In addition, the transfer board mechanism, also requires the companies time to meet the continued listing requirements of the GEM, and the listing standards of financial indicators in line with the motherboard, you can switch board, but in order to maintain the stability of plates, switch plates will make some time .restrictions, "such as the Daily News after the end of the period of time." .</ P> <P> Shenzhen Stock Exchange launched the GEM level of preparation has been largely in place. .</ P> <P> Song Liping deputy general manager of the Shenzhen Stock Exchange yesterday, the Eleventh Asia-Pacific Central Securities Depository institutions and organizations, said at the annual meeting, currently includes the "GEM Listing management issue," the "GEM Listing Rules" and entrepreneurship .board sponsor, information disclosure rules, including 4 GEM has basically developed a system of rules shape. .</ P> <P> She said that the current path of choice of SME market, there are two ideas: first, directly to the motherboard, including the listing of small plates; second is from the lower market access to capital markets and business growth based on the situation, .improve the corporate governance structure of the perfect situation and investors, by way of gradual transfer plates, the lower the market is gradually transferred from a high-level market, "I am afraid that the path to more robust." .</ P> <P> Song Liping said that last year, after the reorganization of the Nasdaq Global Select the formation of the global market, the Nasdaq capital market and off-sale market, for example, the Shenzhen Stock Exchange also can learn from this framework, .including high standards of the market forming, small board for approval as soon as possible and the Growth Enterprise Market share transfer agent in the current system of Zhongguancun developed based on the OTC market, including 4 multi-level marketing system. .</ P> <P> she said, to the end of last year, more than 20 million of industrial enterprises above designated size, 20% of the enterprises are limited liability companies or limited; Ministry statistics also show that, to the end of last year, the National .private enterprises has reached 130,000, of which 50% of a limited liability company or limited; more than 50 high-tech development zones in the country's 4 million more than companies in more than 100 million yuan annual revenue of more than 3,000 .company. ."These data show that China has very rich resources to be listed on GEM and the ... ... to speed up construction of the OTC market is imperative." </ P>.