CHINA

Stock Markets Come Closer to Reality: Arthur Levitt, chairman of the U.S. Securities and Exchange Commission, said he will sign a memorandum of understanding with Chinese officials this week for the the SEC to provide assistance in developing Chinese stock markets. The agreement will also encourage the listing of Chinese companies on U.S. exchanges and encourage more disclosure by Chinese companies and regulatory access to them, Levitt said. Calling the accord a major initiative, Levitt said, “The Chinese appear to be very anxious to make this a fundamental part of their development program.” It will be the first such agreement signed between the U.S. and China.