Industry In China Reaches Its Summit

Guo Shuqing, Chairman of the China SecuritiesRegulatory Commission (CSRC) at the

Innovation and Development Conference ofChina's Securities Companies held on May 8, said that China's securities companies and securities industries currently are in the bestdevelopment period in history and the whole industry should keep improving theirabilities of serving customers and their core competitiveness to satisfy internaldemands of the real economy.

The oil industry is a good example, as we all know that China is the world's second-largest oil consumer. Recently, it has used 470 million tons of oil in 2011. It has accelerated its pace of exploring for oil and gas in deepwater areas in the South China Sea, which is estimated to contain up to 30 billion tons of oil and 16 trillion cubic meters of gas, or a third of the country's oil and gas resources.China has yet to commercially produce oil and gas in domestic deepwaters. CNOOC said the country may be capable of mass production next year in the Liwan 3-1 gas field, which is part of the South China Sea's 29/26 block in the Pearl River Mouth Basin. The field could have an annual output of "several billion" cubic meters of gas.

Elements that contribute to this achievement

A. China's industrial structural adjustment and development mode transition are gradually deepening.

B. the wealth management has turned into an urgent requirement of the whole society.

C. the interest rate and exchange rate reforms are accelerating, and the financial product pricing and risk management have turned into general requirements of enterprises and families.

D. people from all walks of life have quite high expectations on the new round of reform on the security industry.

E. the rise of China's overall opening-up level will create better conditions for the financial innovation.

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