China to revamp tech-focused stock market as U.S. still dominates

SHANGHAI -- New measures by China to reshape its market for technology stocks reflect the country's drive for self-sufficiency, as the gap with U.S. tech titans continues to widen.

The China Securities Regulatory Commission has released eight steps to "deepen reform" of the Shanghai Stock Exchange's tech-focused STAR market. They include strengthening its focus on "hard science and technology," such as supporting unprofitable but high-quality companies that have key scientific advantages. Other measures include supporting merger-and-acquisition activity and cracking down on fraudulent behavior.