Vice Chairman Tu Guangshao of the China Securities Regulatory Commission (CSRC) addressed at the recent International Symposium on Standardization of Securities and Futures Industry (Symposium) in Beijing that, upon constantly deepened opening-up in China's capital market, an international vision is a must for the standardization of the securities and futures industry. China has begun its formulation of 6 new industry standards after the issuance of the first 8 standards for the securities and futures industry in 2005.

According to Tu, much importance has been attached to the standardization work in the capital market construction. Since the founding of the China Finance Standardization Technical Committee Securities Sub-Committee in 2003, marked progress has been made in the standardization of the securities and futures industry, with the support from relevant state departments and with the adequate reference to foreign experience and joint efforts of each unit in the securities and futures industry.

Tu pointed out that, with a higher degree of opening-up in China's capital market, an international vision of standardization presents an indispensable part of our work, and we should also actively participate in international standardization to share its advanced achievements. Meanwhile, experience in standardization construction of the international market should be referred to for our job.

The Symposium, the first international conference convened for the demand of application in the industry and on the basis of the standardization status in China, marked a new development phase in terms of the standardization of the securities and futures industry. During the Symposium, in-depth discussions were held on securities and futures industry-related questions, such as the selection and adoption of international standards in formulating industry standards, the upgrading of ISO15022 into ISO20022, the application of XBRL in supervision over the securities industry, and the analysis on application trend of worldwide standardization of financial data exchange in the securities depository and clearing field.