You've expressed doubts about the relevance of a stock market to a developing economy in the past. What is your view now
Stephen Green The stock market is still not especially significant in China. In terms of total funds raised, it represented only 4% last year, the same as in 2002, but sharply down on 8% in 2001. The banking system is still far more important. Also, the listing process is still bureaucratic. The China Securities Regulatory Commission is in charge of the process, and despite some reforms there is a still a very long queue of companies waiting to list.
Why does this back-log exist
The problem is...