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SHANGHAI, May 9 (Reuters) - China on Friday pledged to move ahead with a broad range of reforms to the country's capital markets in a bid to increase transparency, encourage more efficient capital allocation and increase openness to foreign investment.
In a broad statement of policy principles, State Council, China's cabinet, pledged to develop a system for direct bond issuance by local governments, push ahead with reforms to streamline the approval process for equity initial public offerings (IPOs) and remove restrictions on the use of financial derivatives.
The government has discussed many of the policy reforms mentioned in the cabinet statement previously, but Friday's statement signals a fresh commitment to pushing ahead with capital-market reform. (Reporting by Gabriel Wildau; Editing by Richard Borsuk)