Chinese securities cos. warned re Y2K remediation : LUSENET : TimeBomb 2000 (Y2000) : One Thread

South China Daily, 4/30/99:

Companies warned on Y2K problem

CHINA'S securities watchdog is calling on listed companies to step up their efforts to address the "Year 2000" problem. In a letter to listed firms, the China Securities Regulatory Commission (CSRC) urged them to conduct careful inspection of their computer systems and make necessary modifications to programmes to avoid being troubled by the "millennium bug." The companies are also instructed to work out plans to deal with emergencies the problem might cause, CSRC said in the letter to be published in major securities newspapers today. Experts have said China's listed companies have underestimated the "Year 2000" problem. One survey reported less than half of listed firms' executives thought the problem could pose a threat to their computer systems. The experts say the problem could cause difficulties in almost all industries, and to computer companies in particular.

and on 5/1/99:

HONG KONG _ China is moving towards creating more securities investment funds and investment banks in a joint-venture format.

The China Securities Regulatory Commission is working closely with lawmakers to set legal standards for joint venture securities-investment funds, according to its Chairman Zhou Zhengqing. . . . [Big Snip]

Zhou also said that, to make the mainland brokerage industry more aware of the Y2K problem, his commission has decided to strip firms of their trading licences if a forthcoming national probe finds they have not taken the necessary measures to be year 2000 compliant.

-- Old Git (, May 01, 1999

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