Capital market regulator may relax approval requirements for IPOs, corporate refinancing

China's securities watchdog vowed on Friday to streamline its regulatory powers in an attempt to eradicate power abuse and corruption within the agency.

The China Securities Regulatory Commission said it was considering removing the approval requirements for initial public offerings and refinancing plans of companies that are outside the purview of the country's Securities Law, to reduce administrative controls and boost market efficiency, Zhang Xiaojun, a CSRC spokesman, told a news conference on Friday.