If China's stock markets are to attract capital for the battered corporate sector, then they must meet internationally accepted standards. No one knows that better than Liu Hong. At 34, he recently was named director general of legal affairs at the China Securities & Regulatory Commission, which oversees the nation's bourses. His new job is to draft regulations for the securities and futures markets to ensure their credibility.

Liu holds law degrees from Harvard and Beijing universities and gave up a princely salary in New York to return home as a regulator in 1995. He is the youngest person to climb the ranks at CSRC--and no one expects him to stop there.

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