Beijing to step aside, allow more IPOs

The Chinese government will be taking itself out of the decision-making process over which companies can launch initial public offerings, letting companies decide on their own merits. The move is part of Third Plenum reforms announced Friday. "It's definitely a positive development, as China is moving in line with international norms in this regard, which is certainly the right path to take," said Steve Wang, research director at Reorient Financial Markets in Hong Kong.

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