China approves IPO reform proposal; new system could start by March

Beijing

CHINA's top legislature on Sunday approved a proposal to revamp the country's initial public offering (IPO) system, authorising the government to implement changes to the system that could be in place as early as next March, the official Xinhua news agency said.

The State Council, or Cabinet, had been awaiting approval on its plans to shift to a US-style registration system for stockmarket flotations.