China to push IPO reform

China is set to speed up its establishment of a multi-layered capital market, which will stimulate the real economy and help prevent financial risks, according to a State Council meeting chaired by Premier Li Keqiang on Tuesday.

The country will steadily push forward a reform on its existing approval-based IPO system to a registration system, and encourage market-oriented mergers and acquisitions, and improve its delisting mechanism, said a statement posted on the central government's website.