The market capitalization of the technology sector accounts for more than a quarter of China’s A-share market, said Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), on Monday.
Wu made the statement at a press briefing held in Beijing, noting that the market capitalization of the technology sector in A-shares has surpassed that of the banking, non-bank financial, and real estate industries combined.
"In recent years, over 90 percent of the newly listed companies have been tech companies or those with high technological content. The market capitalization of the technology sector currently accounts for over a quarter of China’s A-share market. The number of tech companies among China’s top 50 companies by market capitalization has increased from 18 at the end of the 13th Five-Year Plan (2016-2020) to 24 today," Wu said.
Technology sector accounts for over a quarter of China's A-share market: CSRC
U.S. Federal Reserve (Fed) Chair Kevin Warsh said on Wednesday that "prices are too high" in the United States, reiterating the Fed's commitment to restoring price stability.
Speaking at the European Central Bank Forum on Central Banking in Sintra, Portugal, Warsh declined to say whether the Fed would raise interest rates at its July policy meeting. He said the central bank would "chart a new course" in conducting monetary policy, but gave no further details. He also stressed that the Fed would not provide forward guidance on future interest rate decisions.
Warsh said the Federal Reserve is establishing a number of task forces to review issues including monetary policy communications, economic data, productivity, inflation frameworks and balance sheet policy. He said reforms should be pursued if the current policy framework hinders effective policymaking.
U.S. Fed chair signals "new course" in monetary policy as prices remain "too high"
