- China: The China Securities Regulatory Commission (CSRC) has adopted rules authorising the sale of securities it holds in quoted companies. State holdings in China are numerous: almost two thirds of equity in the 1200 quoted companies controlled by the state, which represents the equivalent of EUR 331 bn in total. Reforms remain limited: only a small number of companies were chosen to take part in a pilot programme for selling state securities. What kind of companies and how many of them, was left unmentioned. China wants to avoid speculation: buyers will in effect have to wait a year before selling their securities and are restricted to sales of a maximum of 5% of a company's equity in each twelve month period. The CSRC and two thirds of the shareholders also have to approve conversion of state shares into those quoted on the stock exchange.